Market Overview

Mid-Afternoon Market Update: Nasdaq Gains 1.6%; Five Prime Therapeutics Shares Jump

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Toward the end of trading Wednesday, the Dow traded down 0.29% to 29,335.50 while the NASDAQ rose 1.6% to 11,738.47. The S&P also rose, gaining 0.52% to 3,564.05.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 10,258,090 cases with around 239,690 deaths. India confirmed a total of at least 8,636,010 confirmed cases and 127,570 deaths, while Brazil reported over 5,699,000 COVID-19 cases with 162,800 deaths. In total, there were at least 51,548,260 cases of COVID-19 worldwide with over 1,273,640 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares climbed 2.3% on Wednesday. Meanwhile, top gainers in the sector included Brooks Automation, Inc. (NASDAQ: BRKS), up 12%, and O2Micro International Limited (NASDAQ: OIIM), up 10%.

In trading on Wednesday, materials shares fell by 1.5%.

Top Headline

Air Products & Chemicals, Inc. (NYSE: APD) reported weaker-than-expected earnings for its fourth quarter, while sales exceeded views.

Air Products posted quarterly earnings of $2.19 per share, missing analysts’ expectations of $2.21 per share. The company reported sales of $2.32 billion, surpassing estimates of $2.27 billion.

 

Equities Trading UP

Five Prime Therapeutics, Inc. (NASDAQ: FPRX) shares shot up 240% to $18.16 in reaction to a positive data readout. Bemarituzumab, a targeted therapy, in combination with FOLFOX6 chemotherapy, met all three efficacy endpoints in the Phase 2 study dubbed FIGHT in patients with fibroblast growth factor receptor 2b-positive, non HER2 positive, front-line advanced gastric or gastroesophageal junction cancer, the South San Francisco, California-based company said, citing topline results.

Shares of Fuel Tech, Inc. (NASDAQ: FTEK) got a boost, shooting 71% to $1.30 after the company posted upbeat Q3 results.

Performance Shipping Inc. (NASDAQ: PSHG) shares were also up, gaining 22% to $5.56 after the company agreed to acquire fifth Aframax tanker.

 

Equities Trading DOWN

eGain Corporation (NASDAQ: EGAN) shares tumbled 29% to $11.99 after the company reported Q1 results and issued weak Q2 forecast.

Shares of Pareteum Corporation (NASDAQ: TEUM) were down 35% to $0.3049 after the company was notified by Nasdaq that its stock will be delisted.

AMC Entertainment Holdings, Inc. (NYSE: AMC) was down, falling 12% to $3.085. AMC Entertainment is issuing 20 million shares to raise $70 million in gross proceeds, the company said in an SEC filing.

 

Commodities

In commodity news, oil traded up 0.4% to $41.54, while gold traded down 0.8% to $1,862.30.

Silver traded down 0.8% Wednesday to $24.265 while copper fell 1% to $3.1245.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 1.08%, the Spanish Ibex Index climbed 1.07%, while Italy’s FTSE MIB Index gained 0.68%. Meanwhile, the German DAX 30 climbed 0.40%, French CAC 40 gained 0.48% and London’s FTSE 100 rose 1.35%.

Germany’s economic sentiment declined to 39 for November, versus the consensus of 41.7.

Economics

On the economics calendar Wednesday, there is no important data due out..

 

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