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Mid-Morning Market Update: Markets Mostly Lower; Cal-Maine Foods Reports Mixed Q3 Results

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Following the market opening Monday, the Dow traded down 0.04% to 33,058.90 while the NASDAQ fell 0.98% to 13,010.45. The S&P also fell, dropping 0.59% to 3,951.03.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 30,262,590 cases with around 549,330 deaths. Brazil reported over 12,534,680 COVID-19 cases with 312,200 deaths, while India confirmed a total of at least 12,039,640 cases and 161,840 deaths. In total, there were at least 127,258,170 cases of COVID-19 worldwide with more than 2,785,280 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer staples shares rose 0.5% on Monday. Meanwhile, top gainers in the sector included RLX Technology Inc. (NYSE: RLX), up 14%, and Rite Aid Corporation (NYSE: RAD), up 3%.

In trading on Monday, information technology shares fell 1%.

Top Headline

Cal-Maine Foods, Inc. (NASDAQ: CALM) reported better-than-expected earnings for its third quarter, while sales missed views.

Cal-Maine posted quarterly earnings of $0.28 per share, exceeding analysts’ estimates of $0.07 per share. The company’s quarterly sales came in at $359.10 million, versus expectations of $368.66 million.

 

Equities Trading UP

Universe Pharmaceuticals INC (NASDAQ: UPC) shares shot up 101% to $8.19. Universe Pharmaceuticals, last week, priced its IPO at $5 per share.

Shares of Humanigen, Inc. (NASDAQ: HGEN) got a boost, shooting 71% to $23.91 after the company reported topline data from Phase 3 study evaluating its lead drug candidate, lenzilumab, in patients hospitalized with COVID-19.

Elite Education Group International Limited (NASDAQ: EEIQ) shares were also up, gaining 41% to $21.80 after climbing more than 287% on Friday. The company, on Thursday, priced its 750,000 unit offering at $8 per unit.

Check out these big movers of the day

Equities Trading DOWN

Orphazyme A/S (NASDAQ: ORPH) shares tumbled 33% to $8.32 after the company's Phase 2/3 trial evaluating armioclomol for treatment of inclusion body myositis did not meet its primary and secondary endpoints.

Shares of Millendo Therapeutics, Inc. (NASDAQ: MLND) were down 30% to $1.5278. Millendo Therapeutics agreed to merge with privately-held Tempest Therapeutics Inc in an all-stock transaction.

Celldex Therapeutics, Inc. (NASDAQ: CLDX) was down, falling 27% to $17.31 after the company reported interim data from the ongoing Phase 1b trial, evaluating CDX-0159 in patients with antihistamine refractory cold contact urticaria (ColdU) and symptomatic dermographism (SD), the two most common forms of chronic inducible urticaria (CIndU).

Commodities

In commodity news, oil traded up 0.8% to $61.48, while gold traded down 0.4% to $1,724.80.

Silver traded down 1% Monday to $24.86 while copper fell 0.3% to $4.0540.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.4%, the Spanish Ibex Index fell 0.1% and the German DAX 30 gained 0.5%. Meanwhile, the French CAC 40 rose 0.5%, London’s FTSE 100 rose 0.1% and Italy’s FTSE MIB gained 0.2%.

Consumer credit in the UK dropped by GBP 1.2 billion in February following a GBP 2.3 billion decline in the earlier month, while number of mortgage approvals for house purchase fell to 87.67 thousand in February.

Economics

The Dallas Fed manufacturing index for March is scheduled for release at 10:30 a.m. ET. The index is expected to decline to 12.5 in March from February’s reading of 17.2.

Fed Governor Christopher Waller will speak at 11:00 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Check out the full economic calendar here

 

Related Articles (CALM + CLDX)

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