Market Overview

Mid-Morning Market Update: Markets Mixed; Campbell Soup Profit Tops Views

Share:

Following the market opening Wednesday, the Dow traded up 0.07% to 30,194.82 while the NASDAQ fell 0.10% to 12,570.09. The S&P also rose, gaining 0.06% to 3,704.53.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 15,172,600 cases with around 286,330 deaths. India confirmed a total of at least 9,735,850 confirmed cases and 141,360 deaths, while Brazil reported over 6,674,990 COVID-19 cases with 178,150 deaths. In total, there were at least 68,321,800 cases of COVID-19 worldwide with over 1,559,700 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 2.3% on Wednesday. Meanwhile, top gainers in the sector included Centennial Resource Development, Inc. (NASDAQ: CDEV), up 14%, and Northern Oil and Gas, Inc. (NYSE: NOG), up 10%.

In trading on Wednesday, real estate shares fell 1.1%.

Top Headline

Campbell Soup Company (NYSE: CPB) reported stronger-than-expected earnings for its first quarter, but issued weak guidance for the second quarter.

Campbell Soup reported quarterly earnings of $1.02 per share, beating analysts’ estimates of $0.91 per share. The company’s sales came in at $2.34 billion, versus expectations of $2.32 billion. The company also raised its quarterly dividend from $0.35 to $0.37 per share.

Campbell Soup said it expects Q2 adjusted earnings of $0.81 to $0.83 per share on sales growth of 5% to 7% year over year.

 

 

Equities Trading UP

Greenwich LifeSciences, Inc. (NASDAQ: GLSI) shares shot up 158% to $13.41 after the company reported data showing 0% breast cancer recurrences following surgery and Herceptin treatment over median 5 years of follow-up.

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ: RCKT) got a boost, shooting 81% to $58.09 after the company announced preliminary data from its open-label, Phase 1 clinical trial of its AAV-based gene therapy candidate RP-A501 for the treatment of Danon Disease, showing the gene therapy was generally well tolerated and provided early evidence of clinical benefit. The company also announced a $175 million public offering of common stock.

Intec Pharma Ltd (NASDAQ: NTEC) shares were also up, gaining 76% to $6.09 after the company announced a cannabinoid research collaboration with GW Pharma.

Equities Trading DOWN

Pluristem Therapeutics Inc. (NASDAQ: PSTI) shares tumbled 41% to $6.71 after the company said following interim review of dataset from the pivotal Phase 3 study of PLX-PAD in critical limb ischemia, the independent Data Monitoring Committee said the study is unlikely to meet the primary endpoint by the time of the final analysis.

Shares of Sino-Global Shipping America, Ltd.. (NASDAQ: SINO) were down 38% to $2.3886 after the company reported pricing of $4.8 million registered direct offering priced at-the-market.

Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) was down, falling 34% to $1.8277 after the company reported presentation of front-line triple negative breast cancer data from ongoing Phase 2 MARIO-3 Trial at San Antonio Breast Cancer Symposium.

Commodities

In commodity news, oil traded up 0.3% to $45.73, while gold traded down 0.6% to $1,863.60.

Silver traded down 1.4% Wednesday to $24.39 while copper rose 0.5% to $3.5170.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.5%, the Spanish Ibex Index rose 0.2%, while Italy’s FTSE MIB Index rose 0.1%. Meanwhile, the German DAX 30 gained 0.9%, French CAC 40 rose 0.2% and London’s FTSE 100 rose 0.4%.

The eurozone GDP rose 12.5% quarter-over-quarter during the third quarter, but declined 4.3% year-over-year. Spain's industrial production declined 1.6% year-over-year in October. German trade balance surplus increased to €18.2 billion in October.

Economics

The number of job openings rose by 158,000 to 6.652 million in October.

US wholesale inventories increased 1.1% for October.

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 Treasury will auction 10-year notes at 1:00 p.m. ET.

 

Related Articles (CPB + CDEV)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com