Mid-Morning Market Update: Markets Down; Alibaba Posts Downbeat Q1 Sales

Following the market opening Tuesday, the Dow traded down 0.20% to 34,767.20 while the NASDAQ fell 0.58% to 14,596.07. The S&P also fell, dropping 0.26% to 4,375.68.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 35,004,590 cases with around 613,220 deaths. India confirmed a total of at least 31,695,950 cases and 424,770 deaths, while Brazil reported over 19,938,350 COVID-19 cases with 556,830 deaths. In total, there were at least 198,392,550 cases of COVID-19 worldwide with more than 4,225,600 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Utilities shares climbed 1% on Tuesday. Meanwhile, top gainers in the sector included Sunnova Energy International Inc. NOVA, up 4% and Otter Tail Corporation OTTR up 4%.


In trading on Tuesday, communication services shares fell 1.2%.


Top Headline

Alibaba Group Holding Limited BABA reported better-than-expected earnings for its first quarter, while sales missed estimates.

Alibaba reported quarterly earnings of $2.57 per share, beating analysts’ estimates of $2.24 per share. The company’s adjusted net revenue came in at $31.86 billion, versus analysts’ expectations of $32.54 billion. Alibaba also added $5 billion to its buyback program.

 


Equities Trading UP


Wilhelmina International, Inc. WHLM shares shot up 64% to $7.12 after a Form 4 filing from the company showed 10% shareholder Retail Ecommerce Ventures purchased 237,500 shares of Wilhelmina.


Shares of Lixte Biotechnology Holdings, Inc. LIXT got a boost, shooting 35% to $3.81 as the company said its LB-100 elicits anti-tumor activity in small lung cancer models.


Outlook Therapeutics, Inc. OTLK shares were also up, gaining 30% to $2.9396 as the company announced positive clinical and highly statistically significant topline results from its pivotal Phase 3 safety and efficacy trial evaluating ONS-5010/Lytenava for treatment of neovascular age-related macular degeneration.

Check out these big movers of the day


Equities Trading DOWN

E-Home Household Service Holdings Limited EJH shares tumbled 38% to $12.65 after dropping over 28% on Monday.

Shares of Neuronetics, Inc. STIM were down 36% to $8.32 after the company reported downbeat Q2 results and issued weak sales forecast for the third quarter.

Bright Health Group, Inc. BHG was down, falling 17% to $9.01 after the company reported wider-than-expected Q2 loss. Bright Health said it sees FY21 sales of $4.0 billion to $4.2 billion.

 

Commodities


In commodity news, oil traded up 0.2% to $71.37, while gold traded down 0.5% to $1,813.40.


Silver traded down 0.2% Tuesday to $25.53 while copper fell 0.5% to $4.4125.


See also: How To Buy Alibaba Stock

Euro zone

European shares were higher today. The eurozone’s STOXX 600 surged 0.3%, the Spanish Ibex Index rose 0.6% and the German DAX 30 gained 0.2%. Meanwhile, the London’s FTSE 100 gained 0.4%, French CAC 40 climbed 1.1% and Italy’s FTSE MIB gained 0.4%.

Producer prices in the Eurozone increased 1.4% in June. Spanish number of people registered as unemployed declined by 197,841 to 3.42 million in July


Economics


The Johnson Redbook Retail Sales Index surged 15.5% year-over-year during the first four weeks of July.


US factory orders rose 1.5% for June.


Federal Reserve Governor Michelle Bowman is set to speak at 2:00 p.m. ET.

Check out the full economic calendar here

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Morning 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!