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Mid-Day Market Update: Nasdaq Down 100 Points; NanoViricides Shares Spike Higher

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Midway through trading Tuesday, the Dow traded down 0.18% to 31,478.24 while the NASDAQ fell 0.77% to 13,483.57. The S&P also fell, dropping 0.40% to 3,886.37.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 28,664,600 cases with around 514,660 deaths. India confirmed a total of at least 11,124,520 confirmed cases and 157,240 deaths, while Brazil reported over 10,587,000 COVID-19 cases with 255,720 deaths. In total, there were at least 114,499,550 cases of COVID-19 worldwide with over 2,540,340 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 0.8% on Tuesday. Meanwhile, top gainers in the sector included The Energy Fuels Inc. (NYSE: UUUU), up 12%, and TORM plc (NASDAQ: TRMD), up 8%.

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

Top Headline

Target Corporation (NYSE: TGT) reported better-than-expected earnings for its fourth quarter.

Target posted quarterly adjusted earnings of $2.67 per share, beating analysts’ estimates of $2.54 per share. The company reported sales of $28.34 billion, versus expectations of $27.48 billion.

Target’s comparable sales climbed 20.5%, while digital comparable sales jumped 118% last quarter.

 

Equities Trading UP

NanoViricides, Inc. (NYSE: NNVC) shares shot up 59% to $6.72 following a positive data readout. Two NanoViricides COVID-19 clinical drug candidates — NV-CoV-2 and NV-CoV-2-R — have shown "strong pan-coronavirus effectiveness" in preclinical studies, the company said. NanoViricides is engaged in the development of antiviral therapies based on its nanomedicine technology platform.

Shares of Communications Systems, Inc. (NASDAQ: JCS) got a boost, shooting 63% to $8.72 after the company reported an agreement to merge with Pineapple Energy, LLC.

Perion Network Ltd. (NASDAQ: PERI) shares were also up, gaining 24% to $26.80 after the company raised FY21 sales guidance.

Check out these big movers of the day

Equities Trading DOWN

FibroGen, Inc. (NASDAQ: FGEN) shares tumbled 31% to $34.99. FibroGen and AstraZeneca announced FDA's Cardiovascular and Renal Drugs Advisory Committee will hold an advisory committee meeting to review the new drug application for roxadustat in the U.S. The companies have not received a confirmed AdCom meeting date from the FDA. The company also reported a wider-than-expected net loss for the fourth quarter.

Shares of Inseego Corp. (NASDAQ: INSG) were down 23% to $11.55 after the company reported Q4 earnings results. Stifel and Canaccord Genuity downgraded the stock to Hold.

RedHill Biopharma Ltd. (NASDAQ: RDHL) was down, falling 14% to $7.95 after the company increased its previously announced bought deal offering to $35 million.

Commodities

In commodity news, oil traded up 0.2% to $60.75, while gold traded down 0.1% to $1,720.70.

Silver traded down 0.8% Tuesday to $26.455 while copper rose 1.1% to $4.1580.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.42%, the Spanish Ibex Index rose 0.05% and the German DAX 30 gained 0.35%. Meanwhile, the French CAC 40 rose 0.46%, London’s FTSE 100 rose 0.78% and Italy’s FTSE MIB fell 0.49%.

UK’s annual house price growth increased to 6.9% in February from 6.4% in January. Retail sales in Germany fell 4.5% in January, while unemployment rate came in unchanged at 4.6% for January.

Economics

Federal Reserve Governor Lael Brainard is set to speak at 1:00 p.m.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 2:00 p.m. ET.

Check out the full economic calendar here

 

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