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Market Overview

Mid-Morning Market Update: Markets Mostly Lower; Cintas Profit Tops Views

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Following the market opening Wednesday, the Dow traded up 0.01% to 32,830.44 while the NASDAQ fell 0.66% to 13,382.09. The S&P also fell, dropping 0.41% to 3,946.61.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 29,549,550 cases with around 536,920 deaths. Brazil reported over 11,603,530 COVID-19 cases with 282,120 deaths, while India confirmed a total of at least 11,438,730 cases and 159,040 deaths. In total, there were at least 120,791,360 cases of COVID-19 worldwide with more than 2,672,480 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares rose 0.3% on Wednesday. Meanwhile, top gainers in the sector included RYB Education, Inc. (NYSE: RYB), up 10%, and Tuniu Corporation (NASDAQ: TOUR), up 11%.

In trading on Wednesday, real estate shares fell 0.9%.

Top Headline

Cintas Corporation (NASDAQ: CTAS) reported better-than-expected results for its third quarter.

Cintas posted quarterly earnings of $2.37 per share, beating analysts’ estimates of $2.21 per share. The company’s quarterly sales came in at $1.78 billion, exceeding expectations of $1.75 billion.

Cintas said it expects Q4 EPS of $2.20-$2.40 versus analysts’ estimates of $2.18. The company projects sales of $1.8 billion-$1.83 billion.

 

Equities Trading UP

Immatics N.V. (NASDAQ: IMTX) shares shot up 46% to $17.00 after the company announced a clinical data update from the dose escalation cohorts of the company's ongoing Phase 1 trials for its engineered Adoptive Cell Therapy.

Shares of Puyi Inc. (NASDAQ: PUYI) got a boost, shooting 36% to $7.09.

CPI Aerostructures, Inc. (NYSE: CVU) shares were also up, gaining 18% to $5.75 after the company received a $9.2 million follow-on order from Lockheed Martin for F-16 structural assemblies.

Check out these big movers of the day

Equities Trading DOWN

SunLink Health Systems, Inc. (NYSE: SSY) shares tumbled 28% to $3.5089. SunLink Health Systems shares jumped 151% on Tuesday after the company announced $2 million in expansion, capital and operating improvements at Trace Regional Hospital.

Shares of CHF Solutions, Inc. (NASDAQ: CHFS) were down 16% to $6.19 after the company priced its 3.3 million share common stock offering at $5.50 per share.

Plug Power Inc. (NASDAQ: PLUG) was down, falling 16% to $35.99 after the company reported there are errors in its accounting and will restate some of its previously issued financial statements. Truist Securities downgraded the stock from Buy to Hold and lowered its price target from $65 to $42.

 

Commodities

In commodity news, oil traded down 0.9% to $64.25, while gold traded up 0.2% to $1,734.00.

Silver traded up 0.4% Wednesday to $26.095 while copper rose 0.8% to $4.1045.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.3%, the Spanish Ibex Index fell 0.4% and the German DAX 30 gained 0.1%. Meanwhile, the French CAC 40 fell 0.1%, London’s FTSE 100 fell 0.3% and Italy’s FTSE MIB rose 0.2%.

Demand for new passenger cars in the European Union dipped 19.3% annually to 771,486 units in February.

Economics

Housing starts dropped 10.3% to an annualized rate of 1.421 million in February, while building permits dipped 10.8% to an annual rate of 1.682 million in February.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 8:30 a.m. ET.

The Federal Reserve will announce its policy decision at 2:00 p.m. ET.

The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

Check out the full economic calendar here

 

Related Articles (CTAS + CHFS)

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