Market Overview

Mid-Morning Market Update: Markets Open Lower; Pfizer's Covid-19 Vaccine Gets UK Approval


Following the market opening Wednesday, the Dow traded down 0.26% to 29,746.26 while the NASDAQ fell 0.45% to 12,298.62. The S&P also fell, dropping 0.18% to 3,655.87.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 13,726,300 cases with around 270,690 deaths. India confirmed a total of at least 9,499,410 confirmed cases and 138,120 deaths, while Brazil reported over 6,386,780 COVID-19 cases with 173,810 deaths. In total, there were at least 63,995,700 cases of COVID-19 worldwide with over 1,483,220 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 1.4% on Wednesday. Meanwhile, top gainers in the sector included QEP Resources, Inc. (NYSE: QEP), up 12%, and U.S. Silica Holdings, Inc. (NYSE: SLCA), up 6%.

In trading on Wednesday, consumer discretionary shares fell 0.8%.

Top Headline

Pfizer Inc (NYSE: PFE) and its German partner BioNTech SE (NASDAQ: BNTX) said Wednesday they have received regulatory approval in the United Kingdom for their COVID-19 vaccine..

The go-ahead from the Medicines and Healthcare Products Regulatory Agency (MHRA) means the U.K. has become the first country to approve a COVID-19 vaccine on an emergency basis ahead of the United States and the European Union.


Equities Trading UP

Sequential Brands Group, Inc. (NASDAQ: SQBG) shares shot up 31% to $12.36 after the company announced relaunch of broad review of strategic alternatives.

Shares of Tredegar Corporation (NYSE: TG) got a boost, shooting 25% to $20.74 after the company declared a special dividend of $5.97 per share.

Kingsway Financial Services Inc. (NYSE: KFS) shares were also up, gaining 24% to $3.7462. Kingsway Financial Services reported the closing of its acquisition of PWI Holdings, Inc.


Equities Trading DOWN

Ovid Therapeutics Inc. (NASDAQ: OVID) shares tumbled 55% to $3.025 after the company announced topline results from the Phase 3 NEPTUNE study of OV101 for the treatment of Angelman syndrome, showing the study did not meet the primary endpoint of change in overall score on the Clinical Global Impression-Improvement-Angelman syndrome. Citigroup downgraded Ovid Therapeutics from Buy to Neutral and lowered the price target from$10 to $4.

Shares of Auris Medical Holding Ltd. (NASDAQ: EARS) were down 36% to $3.33 after the company priced an $8 million offering at $4 per share.

FuelCell Energy, Inc. (NASDAQ: FCEL) was down, falling 26% to $6.66 after the company announced a common stock offering of 34.5 million shares at $6.50 per share.



In commodity news, oil traded down 0.8% to $44.21, while gold traded up 0.6% to $1,829.40.

Silver traded up 0.6% Wednesday to $24.24 while copper fell 0.6% to $3.4655.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.3%, the Spanish Ibex Index rose 0.1%, while Italy’s FTSE MIB Index declined 0.6%. Meanwhile, the German DAX 30 declined 0.4%, French CAC 40 fell 0.3% and London’s FTSE 100 gained 0.1%.

Retail sales in Germany climbed 2.6% in October versus a revised 1.9% decline in September.



US private sector created 307,000 jobs in November, the ADP reported. However, analysts were expecting an addition of 410,000 jobs.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

New York Fed President John Williams will speak at 1:00 p.m. ET.


Related Articles (EARS + BNTX)

View Comments and Join the Discussion!

Posted-In: Earnings News Penny Stocks Eurozone Commodities Small Cap Global Intraday Update