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Market Overview

Mid-Morning Market Update: Markets Open Higher; Campbell Soup Reports In-Line Earnings

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Following the market opening Wednesday, the Dow traded up 1.03% to 32,161.24 while the NASDAQ rose 1.15% to 13,224.51. The S&P also rose, gaining 0.81% to 3,906.77.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 29,096,450 cases with around 527,700 deaths. India confirmed a total of at least 11,262,700 confirmed cases and 158,060 deaths, while Brazil reported over 11,122,420 COVID-19 cases with 268,370 deaths. In total, there were at least 117,660,020 cases of COVID-19 worldwide with over 2,612,360 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares rose 1.5% on Wednesday. Meanwhile, top gainers in the sector included Koss Corporation (NASDAQ: KOSS), up 51%, and Express, Inc. (NYSE: EXPR), up 31%.

In trading on Wednesday, consumer staples shares rose by just 0.2%.

Top Headline

Campbell Soup Company (NYSE: CPB) reported in-line earnings for its second quarter, while sales missed views.

Campbell posted quarterly adjusted earnings of $0.84 per share, in-line with analysts’ estimates of $0.84 per share. The company’s sales came in at $2.28 billion, versus expectations of $2.30 billion.

Campbell said it sees FY21 adjusted EPS of $3.03-$3.11, versus analysts’ estimates of $3.03.

 

Equities Trading UP

MediciNova, Inc. (NASDAQ: MNOV) shares shot up 58% to $8.98 after the biopharmaceutical company announced a partnership with the Biomedical Advanced Research and Development Authority (BARDA) to repurpose MN-166 (ibudilast) as a potential medical countermeasure against lung damage induced by chlorine gas.

Shares of Enveric Biosciences, Inc. (NASDAQ: ENVB) got a boost, shooting 114% to $6.27 in reaction to acquiring an exclusive, perpetual license for novel molecules from Diverse Biotech. It is a biopharmaceutical company focused on developing new molecules for oncology.

Koss Corporation (NASDAQ: KOSS) shares were also up, gaining 54% to $27.57.

Check out these big movers of the day

Equities Trading DOWN

Just Energy Group Inc. (NYSE: JE) shares tumbled 45% to $2.19 as the company said it received creditor protection under Chapter 15 of the Bankruptcy Code in the United States.

Shares of INVO Bioscience, Inc. (NASDAQ: INVO) were down 30% to $6.61. The company’s stock jumped 202% on Tuesday after the company said it has amended its exclusive U.S. commercialization agreement with Ferring Pharmaceuticals.

Sundance Energy Inc. (NASDAQ: SNDE) was down, falling 23% to $1.82 after the company announced that it would file for Chapter 11 Bankruptcy.

 

Commodities

In commodity news, oil traded up 0.8% to $64.50, while gold traded down 0.5% to $1,709.10.

Silver traded down 1.6% Wednesday to $25.77 while copper rose 0.9% to $4.0425.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.2%, the Spanish Ibex Index rose 0.3% and the German DAX 30 gained 0.4%. Meanwhile, the French CAC 40 rose 0.7%, London’s FTSE 100 fell 0.2% and Italy’s FTSE MIB gained 0.2%.

Industrial production in France rose 3.3% in January, while Italy’s producer prices fell 0.3% year-over-year in January.

Economics

Annual inflation rate rose to 1.7% in February from 1.4% in January.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

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

The U.S. Treasury monthly statement for February will be released at 2:00 p.m. ET. Analysts expect Treasury's monthly deficit widening to $165.0 billion in February from a $162.8 billion deficit in January.

Check out the full economic calendar here

 

Related Articles (CPB + ENVB)

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