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Mid-Day Market Update: Gold Rises Over 2%; ACADIA Pharmaceuticals Shares Plunge

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Midway through trading Tuesday, the Dow traded up 0.82% to 32,061.95 while the NASDAQ rose 3.5% to 13,051.08. The S&P also rose, gaining 1.84% to 3,891.78.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 20,045,440 cases with around 525,810 deaths. India confirmed a total of at least 11,244,780 confirmed cases and 157,930 deaths, while Brazil reported over 11,051,660 COVID-19 cases with 266,397 deaths. In total, there were at least 117,206,910 cases of COVID-19 worldwide with over 2,601,400 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares rose 3.3% on Tuesday. Meanwhile, top gainers in the sector included Canaan Inc. (NASDAQ: CAN), up 32%, and Riot Blockchain, Inc. (NASDAQ: RIOT), up 28%.

In trading on Tuesday, energy shares fell 0.2%.

Top Headline

Dicks Sporting Goods Inc (NYSE: DKS) reported better-than-expected results for its fourth quarter, but issued weak earnings forecast for FY21.

Dick's Sporting posted quarterly adjusted earnings of $2.43 per share, exceeding analysts’ estimates of $2.28 per share. The company’s sales came in at $3.13 billion, versus expectations of $3.07 billion.

DICK'S Sporting said it sees FY21 adjusted EPS of $4.40-$5.20 versus expectations of $5.96. The company expects sales of $9.544 billion-$9.935 billion, versus market estimates of $9.53 billion.

 

Equities Trading UP

INVO Bioscience, Inc. (NASDAQ: INVO) shares shot up 252% to $10.94 after the company announced an amendment under its exclusive U.S. commercialization agreement with Ferring Pharmaceuticals.

Shares of AnPac Bio-Medical Science Co., Ltd. (NASDAQ: ANPC) got a boost, shooting 44% to $8.29 as the company said it has developed and completed evaluations for its CDA Pro Cancer Detection Sensor.

ReneSola Ltd (NYSE: SOL) shares were also up, gaining 34% to $13.40 after Raymond James initiated coverage on the stock with an Outperform rating and announced a $14.5 price target.

Check out these big movers of the day

Equities Trading DOWN

ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) shares tumbled 48% to $23.65. As part of its ongoing review of ACADIA Pharmaceuticals supplemental new drug application for pimavanserin, the FDA said in a March 3 letter it has identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time. Various analysts also downgraded the stock.

Shares of Graybug Vision, Inc. (NASDAQ: GRAY) were down 44% to $8.30 after the company reported preliminary topline results from Phase 2b ALTISSIMO trial. Piper Sandler downgraded Graybug Vision from Overweight to Neutral and lowered the price target from $27 to $10.

Stitch Fix, Inc. (NASDAQ: SFIX) was down, falling 30% to $48.12 after the company reported weaker-than-expected sales for its second quarter. The company also said its Q2 net revenue per active client declined 7% year-over-year. Deutsche Bank downgraded the stock from Buy to Hold.

 

Commodities

In commodity news, oil traded down 1% to $64.43, while gold traded up 2.2% to $1,715.10.

Silver traded up 3.2% Tuesday to $26.085 while copper fell 2.3% to $3.9975.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.76%, the Spanish Ibex Index rose 0.61% and the German DAX 30 gained 0.52%. Meanwhile, the French CAC 40 rose 0.46%, London’s FTSE 100 rose 0.24% and Italy’s FTSE MIB gained 0.6%.

The Eurozone economy contracted by 0.7% in the fourth quarter following a record 12.4% growth in the earlier three-month period. The German current account surplus widened slightly to €16.9 billion in January from €16.6 billion a year ago, while trade surplus rose to €14.3 billion from €13.7 billion.

French payroll employment in the private sector fell 0.1% to 19.4 million during the fourth quarter. Italy's industrial production increased 1% in January following a revised 0.2% rise in December.

Economics

The NFIB small business optimism index rose to 95.8 in February from 95.0 in January.

The Johnson Redbook Retail Sales Index rose 8% year-over-year during the first week of March.

The Treasury is set to auction 3-year notes at 1:00 p.m.

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 (ACAD + ANPC)

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