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Market Overview

Mid-Day Market Update: Sequential Brands Gains After Q3 Results; Brainstorm Cell Therapeutics Shares Plunge

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Midway through trading Tuesday, the Dow traded down 0.45% to 29,814.37 while the NASDAQ fell 0.05% to 11,918.36. The S&P also fell, dropping 0.29% to 3,616.42.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 11,214,230 cases with around 247,350 deaths. India confirmed a total of at least 8,874,290 confirmed cases and 130,510 deaths, while Brazil reported over 5,876,460 COVID-19 cases with 166,010 deaths. In total, there were at least 55,192,400 cases of COVID-19 worldwide with over 1,330,200 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares rose 0.2% on Tuesday. Meanwhile, top gainers in the sector included Phoenix Tree Holdings Limited (NYSE: DNK), up 59%, and IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP), up 19%.

In trading on Monday, utilities shares dipped 0.8%.

Top Headline

Walmart Inc. (NYSE: WMT) reported better-than-expected results for its third quarter.

Walmart posted quarterly earnings of $1.34 per share, beating analysts’ estimates of $1.18 per share. The company posted quarterly sales of $134.70 billion, surpassing expectations of $132.23 billion.

 

Equities Trading UP

Sequential Brands Group, Inc. (NASDAQ: SQBG) shares shot up 21% to $8.55 after the company swung to a profit in the third quarter.

Shares of Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) got a boost, shooting 45% to $1.865 after the company's SOLOIST and SCORED Phase 3 studies achieved their primary endpoints.

Miragen Therapeutics, Inc. (NASDAQ: MGEN) shares were also up, gaining 25% to $19.70 after the company’s 10%+ owner Logos Global Master Fund reported a 476,667 share purchase at an average price of $4.76 per share.

 

Equities Trading DOWN

Brainstorm Cell Therapeutics Inc. (NASDAQ: BCLI) shares tumbled 67% to $4.00 after the company reported topline results from NurOwn Phase 3 amyotrophic lateral sclerosis study. The study did not meet statistical significance in primary endpoint.

Shares of Cinedigm Corp. (NASDAQ: CIDM) were down 20% to $0.5279 after the company reported wider-than-expected Q2 loss.

GoodRx Holdings, Inc. (NASDAQ: GDRX) was down, falling 19% to $37.92 after Amazon announced Amazon Pharmacy, which will offer competing services.

 

Commodities

In commodity news, oil traded down 0.6% to $41.10, while gold traded down 0.1% to $1,885.60.

Silver traded down 0.8% Tuesday to $24.595 while copper fell 0.8% to $3.1955.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.24%, the Spanish Ibex Index fell 0.65%, while Italy’s FTSE MIB Index gained 0.55%. Meanwhile, the German DAX 30 declined 0.04%, French CAC 40 rose 0.21% and London’s FTSE 100 fell 0.87%.

Economics

Retail sales rose 0.3% in October, versus a revised 1.6% increase in September.

Export prices rose 0.2% in October versus a 0.6% rise in September. Import prices declined 0.1% in October.

Industrial production increased 1.1% in October.

US business inventories increased 0.7% for September.

The NAHB housing market index rose to 90 in November versus 85 in the prior month.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 1:00 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 1:25 p.m. ET.

Federal Reserve Bank of New York John Williams is set to speak at 2:00 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 2:35 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 2:35 p.m. ET.

Federal Reserve Bank of Boston President Eric Rosengren will speak at 2:35 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 2:50 p.m. ET.

Federal Reserve Bank of Boston President Eric Rosengren will speak at 2:50 p.m. ET.

Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 3:00 p.m. ET.

The Treasury International Capital for September is scheduled for release at 4:00 p.m. ET.

 

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