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Mid-Morning Market Update: Markets Open Higher; Coca-Cola Profit Beats Views

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Following the market opening Wednesday, the Dow traded up 0.24% to 31,452.00 while the NASDAQ rose 0.27% to 14,046.02. The S&P also rose, gaining 0.19% to 3,918.70.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 27,192,910 cases with around 468,200 deaths. India confirmed a total of at least 10,858,370 confirmed cases and 155,250 deaths, while Brazil reported over 9,599,560 COVID-19 cases with 233,520 deaths. In total, there were at least 106,981,240 cases of COVID-19 worldwide with over 2,343,070 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares rose 1.1% on Wednesday. Meanwhile, top gainers in the sector included KE Holdings Inc. (NYSE: BEKE), up 9%, and Seritage Growth Properties (NYSE: SRG), up 6%.

In trading on Wednesday, consumer discretionary shares fell by 0.3%.

Top Headline

Coca-Cola Co (NYSE: KO) reported better-than-expected earnings for its fourth quarter on Wednesday.

Coca-Cola reported quarterly earnings of $0.47 per share, exceeding analysts’ estimates of $0.42 per share. The company’s quarterly sales came in at $8.61 billion, versus expectations of $8.63 billion.

 

Equities Trading UP

Bio-Path Holdings, Inc. (NASDAQ: BPTH) shares shot up 290% to $20.47 after the company announced it received a third U.S. patent grant related to the manufacture of its platform technology.

Shares of Cancer Genetics, Inc. (NASDAQ: CGIX) got a boost, shooting 97% to $11.37 after the company's filings showed that it entered into a merger agreement with StemoniX.

The OLB Group, Inc. (NASDAQ: OLB) shares were also up, gaining 59% to $11.85. OLB Group announced plan to offer cryptocurrency payment options via blockchain technology on its OMNICOMMERCE platform and SecurePay TM gateway.

Check out these big movers of the day

Equities Trading DOWN

Panbela Therapeutics Inc. (NASDAQ: PBLA) shares tumbled 22% to $6.38. Independent data safety monitoring board (DSMB) has recommended a hold on Panbela Therapeutics’ ongoing Phase 1 trial to hold the administration of SBP-101 pending further investigation of visual disturbance adverse events. The company also announced research agreement with Johns Hopkins University School of Medicine.

Shares of Neovasc Inc. (NASDAQ: NVCN) were down 21% to $1.7994 after the company reported a $72 million registered direct offering priced at-the-market.

Aware, Inc. (NASDAQ: AWRE) was down, falling 20% to $4.80 after the company reported a loss for the fourth quarter.

Commodities

In commodity news, oil traded up 0.6% to $58.69, while gold traded up 0.3% to $1,842.30.

Silver traded down 0.1% Wednesday to $27.365 while copper rose 1.3% to $3.7665.

Euro zone

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

Industrial production in France dropped 0.8% in December versus a revised 0.7% decline in November. Germany’s annual inflation rate was confirmed at 1% for January.

Economics

The annual inflation rate came in steady at 1.4% in January.

Wholesale inventories rose 0.3% in December.

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 is set to auction 10-year notes at 1:00 p.m. ET.

Federal Reserve Chair Jerome Powell will speak at 2:00 p.m. ET.

The U.S. Treasury budget statement for January will be released at 2:00 p.m. ET.

Check out the full economic calendar here

 

Related Articles (AWRE + BEKE)

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