Mid-Day Market Update: Crude Oil Down Over 1%; Cinedigm Shares Spike Higher

Midway through trading Thursday, the Dow traded down 0.04% to 34,918.42 while the NASDAQ fell 0.52% to 14,568.88. The S&P also fell, dropping 0.30% to 4,361.05.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,947,230 cases with around 608,110 deaths. India confirmed a total of at least 30,987,880 cases and 411,980 deaths, while Brazil reported over 19,209,720 COVID-19 cases with 537,390 deaths. In total, there were at least 188,477,290 cases of COVID-19 worldwide with more than 4,060,290 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares rose by 0.6% on Thursday. Meanwhile, top gainers in the sector included Grupo Simec, S.A.B. de C.V. SIM, up 3%, and Olympic Steel, Inc. ZEUS, up 4%.

In trading on Thursday, energy shares fell 1%.

Top Headline

Morgan Stanley MS reported better-than-expected results for its second quarter on Thursday.

Morgan Stanley reported quarterly earnings of $1.85 per share, exceeding analysts’ estimates of $1.65 per share. The company’s revenue came in at $14.80 billion, versus expectations of $13.96 billion.


Equities Trading UP

FVCBankcorp, Inc. FVCB shares shot up 16% to $20.10. Blue Ridge Bankshares, Inc. BRBS and FVCBankcorp announced plans to combine in an all-stock merger of equals.

Shares of Cinedigm Corp. CIDM got a boost, shooting 17% to $1.26 after the company reported preliminary fourth-quarter FY21 revenue growth of 197% year-on-year to $8.3 million, above the analyst consensus of $7.7 million.

Quantum Computing Inc. QUBT shares were also up, gaining 26% to $7.20. Quantum Computing listed its shares to the Nasdaq Capital Market®.

Check out these big movers of the day

Equities Trading DOWN

IMV Inc. IMV shares tumbled 23% to $1.74 after the company priced its previously-announced underwritten public offering of 14.3 million shares at $1.75 per Unit, for gross proceeds of approximately $25 million.

Shares of Dogness (International) Corporation DOGZ were down 26% to $1.74 after the company announced it entered into an agreement for a registered direct offering of roughly $3.96 millionClass A common shares.

voxeljet AG VJET was down, falling 24% to $9.15 as the company reported a proposed offering of €1,770,175 ordinary shares.


In commodity news, oil traded down 1.2% to $72.23, while gold traded down 0.1% to $1,823.30.

Silver traded up 0.2% Thursday to $26.335 while copper rose 1.4% to $4.3265.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.81%, the Spanish Ibex Index fell 1.56% and the German DAX 30 dropped 1.03%. Meanwhile, the London’s FTSE 100 fell 0.78%, French CAC 40 declined 1.08% and Italy’s FTSE MIB dipped 1.23%.

Consumer prices in Italy increased 1.3% year-over-year in June. The unemployment rate in the UK rose to 4.8% in the three months to May.


US initial jobless claims dropped to 360,000 in the latest week, versus a revised reading of 386,000 in the prior period.

The Philadelphia Fed manufacturing index dropped to 21.9 in July from 30.7 in June.

The New York Empire State Manufacturing Index surged 26 points to a reading of 43.0 in July.

The price index for US imports rose 1.0% in June, while export prices increased 1.2%.

US industrial production rose 0.4% for June.

US natural gas supplies surged 55 billion cubic feet last week, the Energy Information Administration said.

Check out the full economic calendar here

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