Mid-Afternoon Market Update: Patterson Companies Drops On Earnings Miss; Entera Bio Shares Gain

Toward the end of trading Wednesday, the Dow traded down 0.08% to 33,918.98 while the NASDAQ rose 0.16% to 14,276.41. The S&P also rose, gaining 0.05% to 4,248.47.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,566,050 cases with around 602,460 deaths. India confirmed a total of at least 30,028,700 cases and 390,660 deaths, while Brazil reported over 18,054,650 COVID-19 cases with 504,710 deaths. In total, there were at least 179,199,020 cases of COVID-19 worldwide with more than 3,883,480 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares rose by 0.6% on Wednesday. Meanwhile, top gainers in the sector included UP Fintech Holding Limited TIGR, up 10%, and GWG Holdings, Inc. GWGH, up 8%.

In trading on Wednesday, utilities shares fell 1%.

Top Headline

IHS Markit Ltd INFO reported upbeat results for its second quarter.

IHS Markit reported quarterly adjusted earnings of $0.81 per share, exceeding analysts’ estimates of $0.80 per share. The company’s quarterly sales came in at $1.18 billion, versus expectations of $1.13 billion.


Equities Trading UP

Entera Bio Ltd. ENTX shares shot up 43% to $6.44 after the company announced the topline Phase 2 clinical trial of EB613 met its primary and key secondary endpoints.

Shares of Bellerophon Therapeutics, Inc. BLPH got a boost, shooting 22% to $4.9850. Hearing Brookline Capital initiated coverage on the stock with a Buy rating and $26 price target.

Loop Industries, Inc. LOOP shares were also up, gaining 19% to $15.66 after the company announced SK Global Chemical is taking a 10% stake in the company. Loop Industries also announced a strategic partnership with SK Global Chemical.

Check out these big movers of the day

Equities Trading DOWN

Gemini Therapeutics, Inc. GMTX shares tumbled 29% to $6.92 after the company announced initial data from its Phase 2a ReGAtta study of GEM103 in patients with secondary to dry age-related macular degeneration.

Shares of Patterson Companies, Inc. PDCO were down 12% to $30.88 after the company reported worse-than-expected Q4 earnings and issued weak FY22 EPS guidance.

Second Sight Medical Products, Inc. EYES was down, falling 20% to $5.11 after the company reported the pricing of its underwritten public offering of 10,000,000 shares at $5.00 per share.


In commodity news, oil traded up 0.5% to $73.19, while gold traded up 0.4% to $1,783.60.

Silver traded up 1% Wednesday to $26.12 while copper rose 2.3% to $4.3285.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 dropped 0.73%, the Spanish Ibex Index fell 1.10% and the German DAX 30 dropped 1.15%. Meanwhile, the London’s FTSE 100 fell 0.22%, French CAC 40 fell 0.91% and Italy’s FTSE MIB fell 0.94%.

The IHS Markit Eurozone manufacturing PMI came in unchanged at 63.1 in June, while services PMI climbed to 58.0 in June. Germany’s composite PMI increased to 60.4 in June, recording its strongest reading since March 2011. French composite PMI increased to 57.1 in June from 57 in May.


The current account deficit increased to $195.7 billion in the first quarter from a revised $175.1 billion gap in the earlier period.

The IHS Markit services PMI slipped to 64.8 in June from 70.4 in the previous month, while manufacturing PMI rose to 62.6 in June from 62.1 in May.

Sales of new single family houses dropped 5.9% to an annualized rate of 769,000 in May.

US crude-oil supplies dropped around 8 million barrels last week, the Energy Information Administration said.

Federal Reserve Bank of Boston President Eric Rosengren is set to speak at 4:30 p.m. ET.

Check out the full economic calendar here

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Posted In: EarningsNewsEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsInformation TechnologyInternet Software & ServicesMid-Afternoon Market Update