Mid-Afternoon Market Update: Dow Jumps 190 Points; Altimmune Shares Plummet

Toward the end of trading Wednesday, the Dow traded up 0.55% to 34,482 while the NASDAQ fell 0.22% to 14,496.86. The S&P also rose, gaining 0.04% to 4,293.57.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,653,100 cases with around 604,470 deaths. India confirmed a total of at least 30,362,840 cases and 398,450 deaths, while Brazil reported over 18,513,300 COVID-19 cases with 515,980 deaths. In total, there were at least 181,856,800 cases of COVID-19 worldwide with more than 3,939,030 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares jumped by 1.3% on Wednesday. Meanwhile, top gainers in the sector included Vertex Energy, Inc. VTNR, up 34%, and Aspen Aerogels, Inc. ASPN, up 24%.

In trading on Wednesday, utilities shares fell 0.5%.

Top Headline

General Mills, Inc. GIS reported better-than-expected earnings for its fourth quarter.

General Mills reported quarterly adjusted earnings of $0.91 per share, beating analysts’ estimates of $0.84 per share. The company’s quarterly sales came in at $4.50 billion, versus analysts’ expectations of $4.36 billion.

General Mills said it sees FY22 organic net sales down 1% to 3%.

Equities Trading UP

Cuentas Inc. CUEN shares shot up 150% to $6.94. The stock spiked following a press release saying "WaveMax to Implement the World's First Shared Wifi6 Network." Cuentas signed a contract to rollout SharedFi in 170 test locations in the New York City-Tristate area.

Shares of Aerovate Therapeutics Inc AVTE got a boost, shooting 73% to $24.15 after the company priced its IPO at $14 per share.

Dingdong (Cayman) Limited DDL shares were also up, gaining 49% to $35.01. Dingdong (Cayman) Limited priced its initial public offering of 4 million American depositary shares (ADS) at $23.5 per ADS. The total offering size is $95.7 million.

Check out these big movers of the day

Equities Trading DOWN

Panbela Therapeutics, Inc. PBLA shares tumbled 28% to $2.76 after the company reported a $5 million bought deal offering of common stock.

Shares of Qumu Corporation QUMU were down 26% to $2.84 after the company reported weak preliminary revenue for the second quarter.

Altimmune, Inc. ALT was down, falling 39% to $9.77 after the company provided an update on the Phase 1 AdCOVID clinical trial evaluating the safety and immunogenicity of the intranasally administered vaccine candidate, showing lower than expected immune responses for each of the immune parameters tested. Moving forward, Altimmune will focus its resources on the development of ALT-801 and HepTcell, its novel peptide-based therapeutics for obesity and liver diseases, the company said.


In commodity news, oil traded up 0.9% to $73.63, while gold traded up 0.3% to $1,769.40.

Silver traded up 1.2% Wednesday to $26.205 while copper rose 0.4% to $4.2825.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 declined 0.77%, the Spanish Ibex Index fell 1.05% and the German DAX 30 dropped 1.02%. Meanwhile, the London’s FTSE 100 fell 0.71%, French CAC 40 declined 0.91% and Italy’s FTSE MIB declined 1.01%.

Annual inflation rate in the Eurozone declined to 1.9% in June from a 2-1/2-year high level of 2% in the previous month. French industrial producer prices increased 0.5% in May, while annual inflation rate rose to 1.5% in June from 1.4% in May. German unemployment rate slipped to 3.7% in May from 3.8% in the prior month.

The UK’s gross domestic product contracted by 6.1% year-over-year in the first quarter. Business investment in the UK dipped 10.7% on quarter during the first three months of the year, while current account deficit shrank to GBP 12.8 billion in the first quarter.


Private businesses hired 692,000 workers in June, versus a revised 886,000 gain in May, the ADP said.

The MNI Chicago Business Barometer declined to 66.1 in June from 75.2 in May.

US pending home sales surged 13.1% year-over-year in May following a record 51.7% increase in April.

US crude oil inventories fell by 6.718 million barrels in the June 25th week, the Energy Information Administration said.

Federal Reserve Bank of Richmond President Thomas Barkin will speak at 1:00 p.m. ET.

Data on farm prices for May will be released at 3:00 p.m. ET.

Check out the full economic calendar here

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!