Mid-Afternoon Market Update: Dow Surges Over 200 Points; HyreCar Shares Plunge

Toward the end of trading Wednesday, the Dow traded up 0.61% to 35,480.63 while the NASDAQ fell 0.30% to 14,743.90. The S&P also rose, gaining 0.18% to 4,444.91.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 36,055,270 cases with around 618,130 deaths. India confirmed a total of at least 32,036,510 cases and 429,170 deaths, while Brazil reported over 20,212,640 COVID-19 cases with 564,770 deaths. In total, there were at least 204,139,810 cases of COVID-19 worldwide with more than 4,315,870 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares rose 1% on Wednesday. Meanwhile, top gainers in the sector included Montauk Renewables, Inc. MNTK, up 6% and NextEra Energy, Inc. NEE up 3%.

In trading on Wednesday, health care fell 0.8%.

Top Headline

The Wendy's Company WEN reported better-than-expected results for its second quarter.

Wendy's reported second-quarter FY21 sales growth of 22.6% year-on-year, to $493.3 million, beating the analyst consensus of $461.63 million. Adjusted EPS of $0.27 beat the analyst consensus of $0.18.

Wendy's raised the FY21 adjusted EPS outlook to $0.79 - $0.81 from the prior $0.72 - $0.74, versus the consensus of $0.74.

Wendy's raised its regular quarterly cash dividend by 20% to $0.12 per share, payable on September 15, 2021, to stockholders of record as of September 1, 2021. The company's Board also approved an increase to the existing share repurchase authorization by $70 million to a total of $220 million.


Equities Trading UP

Dyadic International, Inc. DYAI shares shot up 28% to $4.6112 after the company, and Sorrento, announced the signing of a binding term sheet to enter into a License Agreement to develop and commercialize vaccines, therapeutics, and diagnostics for coronaviruses, including Dyadic's lead COVID-19 vaccine candidate.

Shares of CohBar, Inc. CWBR got a boost, shooting 29% to $1.6696 after the company reported results from the Phase 1a/1b study of CB4211 under development for NASH and obesity met its primary endpoint. The company also released Q2 results.

Upstart Holdings, Inc. UPST shares were also up, gaining 19% to $161.37 after the company reported better-than-expected Q2 results and issued strong Q3 sales guidance. The company also raised FY21 sales guidance above estimates.

Check out these big movers of the day

Equities Trading DOWN

HyreCar Inc. HYRE shares tumbled 46% to $10.30 after the company reported a wider-than-expected Q2 loss. Ladenburg Thalmann downgraded HyreCar from Buy to Neutral.

Shares of AppHarvest, Inc. APPH were down 28% to $8.57 after the company reported worse-than-expected Q2 results and cut FY21 net sales guidance.

ON24, Inc. ONTF was down, falling 30% to $22.70 after the company reported Q2 results and issued weak FY21 guidance. JP Morgan and Canaccord Genuity downgraded the stock.


In commodity news, oil traded down 1.4% to $69.25, while gold traded up 1.3% to $1,753.90.

Silver traded up 0.6% Wednesday to $23.52 while copper rose 0.5% to $4.3750.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.42%, the Spanish Ibex Index rose 0.86% and the German DAX 30 gained 0.35%. Meanwhile, the London’s FTSE 100 rose 0.83%, French CAC 40 rose 0.55% and Italy’s FTSE MIB gained 0.98%.

German consumer price inflation rate was confirmed at 3.8% year-over-year in July, while annual inflation rate in Italy increased to 1.9% in July from 1.3% in the earlier month.


US consumer prices increased 0.5% in July.

US crude oil inventories dropped 0.447 million barrels in the August 6th week, versus a 3.626 million rise in the prior period, the Energy Information Administration said.

The US government recorded a budget deficit of $302 billion for July.

Check out the full economic calendar here

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