Mid-Morning Market Update: Markets Mixed; Campbell Soup Profit Beats Estimates

Following the market opening Wednesday, the Dow traded down 0.13% to 35,313.55 while the NASDAQ rose 0.55% to 15,342.63. The S&P also rose, gaining 0.13% to 4,528.60.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 39,200,750 cases with around 640,120 deaths. India confirmed a total of at least 32,810,840 cases and 439,020 deaths, while Brazil reported over 20,776,870 COVID-19 cases with 580,410 deaths. In total, there were at least 217,776,640 cases of COVID-19 worldwide with more than 4,520,500 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares gained 1.1% on Wednesday. Meanwhile, top gainers in the sector included Companhia Paranaense de Energia - COPEL ELP, up 5% and Centrais Elétricas Brasileiras S.A. - Eletrobrás EBR up 4%.

In trading on Wednesday, materials shares fell by 0.9%.

Top Headline

Campbell Soup Company CPB reported better-than-expected results for its fourth quarter on Wednesday.

Campbell Soup posted quarterly adjusted earnings of $0.55 per share, beating market estimates of $0.47 per share. The company’s quarterly sales came in at $1.87 billion, versus estimates of $1.81 billion.

Campbell Soup said it expects FY22 earnings of $2.75 to $2.85 per share, versus analysts’ estimates of $2.87 per share. The company also projects sales to decrease between 0% and 2%.


Equities Trading UP

Focus Universal Inc. FCUV shares shot up 39% to $7.11. The stock started trading on Nasdaq Capital Market yesterday.

Shares of Sequential Brands Group, Inc. SQBG got a boost, shooting 53% to $7.86. Sequential Brands Group recently commenced voluntary Chapter 11 proceedings.

ABVC BioPharma, Inc. ABVC shares were also up, gaining 27% to $3.6889 after the company announced new PCT filings for MDD and ADHD treatments.

Check out these big movers of the day

Equities Trading DOWN

Unico American Corporation UNAM shares tumbled 23% to $3.2150 after jumping 59%on Tuesday.

Shares of Support.com, Inc. SPRT were down 17% to $25.92 on continued volatility as the stock has been circulated as a short squeeze name.

Elys Game Technology, Corp. ELYS was down, falling 15% to $5.65. Elys Game Technology reported license approval with Grand Central in Washington DC.


In commodity news, oil traded up 0.1% to $68.57, while gold traded down 0.1% to $1,816.20.

Silver traded down 0.2% Wednesday to $23.95 while copper fell 2.3% to $4.2765.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.6%, the Spanish Ibex Index jumped 1.7% and the German DAX 30 gained 0.3%. Meanwhile, the London’s FTSE 100 surged 0.8%, French CAC 40 jumped 1.2% and Italy’s FTSE MIB gained 0.8%.

The unemployment rate in the Eurozone declined to 7.6% in July from 7.8% in June, while manufacturing PMI dropped to 61.4 in August from July's final reading of 62.8. UK’s manufacturing PMI slipped to 60.3 in August 2021 from July's final reading of 60.4.

The unemployment rate in Italy dropped to 9.3% in July from a revised 9.4% in June. German manufacturing PMI slipped to 62.6 in August from a preliminary level of 62.7, while retail sales dropped 5.1% in July. The IHS Markit manufacturing PMI for Spain rose to 59.5 in August from 59.0 in July.


Private businesses in the US hired 374,000 workers in August, the ADP said.

The IHS Markit manufacturing PMI declined to 61.1 in August versus a preliminary reading of 61.2.

The ISM manufacturing PMI rose to 59.9 in August from 59.5 in July.

US construction spending rose 0.3% for July.

The Energy Information Administration’s weekly report on petroleum inventories is scheduled for release at 10:30 a.m. ET.

Check out the full economic calendar here

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