Mid-Day Market Update: GasLog Partners Drops After Q2 Results; EyeGate Pharmaceuticals Shares Jump

Midway through trading Tuesday, the Dow traded down 0.51% to 34,963.96 while the NASDAQ fell 1.85% to 14,565.52. The S&P also fell, dropping 0.81% to 4,386.41.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 34,533,180 cases with around 610,950 deaths. India confirmed a total of at least 31,440,950 cases and 421,380 deaths, while Brazil reported over 19,707,660 COVID-19 cases with 550,500 deaths. In total, there were at least 194,778,390 cases of COVID-19 worldwide with more than 4,168,690 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Utilities shares climbed 1.2% on Tuesday. Meanwhile, top gainers in the sector included Middlesex Water Company (NASDAQ: MSEX), up 2% and National Fuel Gas Company NFG up 2%.


In trading on Tuesday, consumer discretionary shares fell 2%.


Top Headline

General Electric Company GE reported better-than-expected results for its second quarter.

GE reported quarterly adjusted earnings of $0.05 per share, missing analysts’ estimates of $0.04 per share. The company’s revenue came in at $18.30 billion, versus expectations of $18.13 billion.

GE boosted its industrial free cash flow outlook to $3.5 billion to $5 billion.

 

Equities Trading UP


EyeGate Pharmaceuticals, Inc. (NASDAQ: EYEG) shares shot up 36% to $4.25 after the company said it has entered a non-binding letter of intent to acquire Bayon Therapeutics, a private ophthalmic specialty pharmaceutical company focused on using light sensitive "photoswitch" small molecules, specifically designed to restore vision in patients with inherited and age-related degenerative retinal diseases. The company also announced that Brian Strem, co-founder and managing director of Bayon Therapeutics, was appointed as permanent president, CEO and board member, effective immediately.


Shares of Dyadic International, Inc. (NASDAQ: DYAI) got a boost, shooting 20% to $4.1450 after the company reported technology transfer and licensing agreement with South Africa's Rubic Consortium aiming to 'develop and commercialize vaccines for distribution throughout the African continent.'


Oragenics, Inc. OGEN shares were also up, gaining 62% to $1.0099 after the company announced it entered into a licensing agreement with the National Research Council of Canada that will enable it to pursue the rapid development of vaccines against SARS-CoV-2 and its variants.
Check out these big movers of the day


Equities Trading DOWN

SkyWater Technology, Inc. SKYT shares tumbled 40% to $17.39. SkyWater Technology reported that it will invest $56 million in capacity expansion and gallium nitride technology.

Shares of Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) were down 30% to $1.56 after the company highlighted the presentation of updated data from Phase 2 MARIO-275 trial in urothelial cancer and Phase 2 MARIO-3 trial in triple negative breast cancer.

GasLog Partners LP GLOP was down, falling 23% to $4.0750 after the company reported downbeat Q2 results.


Commodities


In commodity news, oil traded down 0.6% to $71.47, while gold traded up 0.2% to $1,802.20.


Silver traded down 2.7% Tuesday to $24.645 while copper fell 0.4% to $4.5650.


Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.52%, the Spanish Ibex Index fell 0.82% and the German DAX 30 dropped 0.54%. Meanwhile, the London’s FTSE 100 fell 0.37%, French CAC 40 fell 0.63% and Italy’s FTSE MIB declined 0.76%.

Producer prices in Spain rose 15.4% year-over-year in June. The Ifo Business Climate indicator for Germany fell to 100.8 in July from 101.7 a month ago.


Economics


The Federal Open Market Committee will begin its two-day policy meeting today.


US durable goods orders rose 0.8% for June.


The S&P CoreLogic Case-Shiller 20-city home price index rose 17% year-over-year in May.


The FHFA house price index rose 1.7% from the prior month in May.


The Conference Board’s consumer confidence index increased to 129.1 for July from previous reading of 128.9.


The Treasury is set to auction 5-year notes at 1:00 p.m. ET.


Data on money supply for the latest week will be released at 1:00 p.m. ET.

Check out the full economic calendar here

Posted In: Mid-Day Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

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