Skip to main content

Market Overview

Mid-Afternoon Market Update: Dow Gains 75 Points; GW Pharmaceuticals Shares Jump On Acquisition News

Share:

Toward the end of trading Wednesday, the Dow traded up 0.25% to 30,763 while the NASDAQ rose 0.5% to 13,680.71. The S&P also rose, gaining 0.45% to 3,843.70.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 26,436,590 cases with around 446,900 deaths. India confirmed a total of at least 10,777,280 confirmed cases and 154,590 deaths, while Brazil reported over 9,283,410 COVID-19 cases with 226,300 deaths. In total, there were at least 103,972,190 cases of COVID-19 worldwide with over 2,255,490 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 3.6% on Wednesday. Meanwhile, top gainers in the sector included Clean Energy Fuels Corp. (NASDAQ: CLNE), up 20%, and Centrus Energy Corp (NYSE: LEU), up 16%.

In trading on Wednesday, real estate shares fell by 0.6%.

Top Headline

Alphabet Inc. (NASDAQ: GOOGL) reported better-than-expected results for its fourth quarter.

Alphabet reported quarterly earnings of $22.30 per share, beating analysts’ expectations of $15.90 per share. The company posted revenue of $56.90 billion, versus estimates of $53.13 billion.

 

 

Equities Trading UP

Sino-Global Shipping America, Ltd. (NASDAQ: SINO) shares shot up 63% to $7.71
after the company announced a newly-appointed Chief Operating Officer and Chief Technology Officer to spearhead its efforts to enter Bitcoin mining.

Shares of GW Pharmaceuticals plc (NASDAQ: GWPH) got a boost, shooting 46% to $212.80 after the company announced it will be acquired by Jazz Pharmaceuticals for $7.2 billion.

Tyme Technologies Inc (NASDAQ: TYME) shares were also up, gaining 105% to $3.74 after the company was granted US patent claims covering the use of TYME-19 to treat COVID-19 infections.

Check out these big movers of the day

Equities Trading DOWN

Vaxart, Inc. (NASDAQ: VXRT) shares tumbled 59% to $9.65 after reporting that neutralizing antibodies were not detected in volunteers after a single dose of its experimental oral COVID-19 vaccine candidate, VXA-CoV2-1, in a Phase 1 trial of 35 healthy adults.

Shares of Moleculin Biotech, Inc. (NASDAQ: MBRX) were down 27% to $4.6450 after the company priced its 14,273,684 share common stock offering at $4.75 per share.

Iteris, Inc. (NASDAQ: ITI) was down, falling 15% to $6.01 after reporting downbeat quarterly results.

Commodities

In commodity news, oil traded up 1.9% to $55.80, while gold traded up 0.1% to $1,834.90.

Silver traded up 1.8% Wednesday to $26.885 while copper rose 1.2% to $3.5670.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.33%, the Spanish Ibex Index rose 0.78% and the German DAX 30 gained 0.71%. Meanwhile, the French CAC 40 slipped 0.01%, London’s FTSE 100 slipped 0.14% and Italy’s FTSE MIB surged 2.09%.

Annual inflation rate in the Eurozone increased to 0.9% in January, while producer prices rose 0.8% in December. The IHS Markit Eurozone services PMI rose to 45.4 in January versus a preliminary estimate of 45. UK services PMI declined to 39.5 in January from 49.4 in December.

Economics

US private businesses hired 174,000 workers in January versus a revised 78,000 drop in the previous month.

The IHS Markit services PMI rose to 58.3 in January from a preliminary reading of 57.8.

The ISM services PMI rose to 58.7 in January from 57.7 in December.

US crude oil inventories declined 1 million barrels last week, the Energy Information Administration said.

Federal Reserve Bank of Cleveland President Loretta Mester will speak at 5:00 p.m. ET.

Federal Reserve Bank of Chicago President Charles Evans is set to speak at 5:00 p.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:05 p.m. ET.

Check out the full economic calendar here

 

Related Articles (CLNE + GOOGL)

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