Mid-Afternoon Market Update: Dow Turns Higher; General Electric Shares Slide

Toward the end of trading Tuesday, the Dow traded up 0.12% to 34,405.65 while the NASDAQ fell 1.19% to 13,690.05. The S&P also fell, dropping, 0.57% to 4,384.81.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 72,958,690 cases with around 891,590 deaths. India confirmed a total of at least 39,799,200 cases and 490,460 deaths, while Brazil reported over 24,134,940 COVID-19 cases with 623,410 deaths. In total, there were at least 355,957,770 cases of COVID-19 worldwide with more than 5,624,630 deaths.

Also check out these big insider trades here


Leading and Lagging Sectors

Energy shares gained 2% on Tuesday. Meanwhile, top gainers in the sector included Camber Energy, Inc. CEI, up 18% and Tidewater Inc. TDW up 7%.

In trading on Tuesday, consumer discretionary shares dipped by 2.8%.

Top Headline

Johnson & Johnson JNJ reported better-than-expected earnings for its fourth quarter, while sales missed estimates.

Johnson & Johnson reported Q4 adjusted earnings of $2.13 per share, up 14.5% Y/Y over the $1.86 posted a year ago and marginally ahead of the consensus of $2.12. Net sales increased 10.4% Y/Y to $24.8 billion, missing the consensus of $25.29 billion.

Johnson & Johnson expects FY22 total sales of $100.3 billion – $101.8 billion, including $3 billion - $3.5 billion from COVID-19 Vaccine sales. It expects adjusted EPS of $10.40 - $10.60, higher than the consensus of $10.37.

Equities Trading UP

Sierra Oncology, Inc. SRRA shares shot up 42% to $22.08 after the company unveiled topline data for momelotinib in myelofibrosis patients who are symptomatic, anemic, and previously treated with an FDA-approved JAK inhibitor. The company also entered into a term loan agreement with Oxford Finance LLC to support the commercial preparation and potential launch of momelotinib.

Shares of Bally's Corporation BALY got a boost, shooting 24% to $36.22. Standard General, Bally's largest shareholder, submitted proposal to acquire all of the outstanding shares of Bally's common stock not currently owned by the company at a price of $38 per share.

Checkpoint Therapeutics, Inc. CKPT shares were also up, gaining 10% to $2.4071 after reporting topline results from registration-enabling trial of cosibelimab in metastatic cutaneous squamous cell carcinoma. HC Wainwright & Co. maintained Checkpoint Therapeutics with a Buy and raised the price target from $17 to $26.

Check out these insider selling in these big stocks

Equities Trading DOWN

General Electric Company GE shares tumbled 7% to $90.29 after the company reported worse-than-expected Q4 sales results.

Shares of Aerojet Rocketdyne Holdings, Inc. AJRD were down 18% to $37.03. Aerojet Rocketdyne on Lockheed Transaction said, 'We believe it is highly likely that the FTC will vote to sue to block the transaction and expect they will make a decision before Jan. 27, 2022.'

Vertex Energy, Inc. VTNR was down, falling 12% to $3.7101. Clean Harbors and Vertex Energy mutually agreed to terminate planned acquisition of Vertex’s used motor oil collection and re-refining assets.

Also check out these insider trades in penny stocks here



In commodity news, oil traded up 2% to $84.94, while gold traded up 0.4% to $1,848.90.

Silver traded up 0.2% Tuesday to $23.835 while copper rose 1% to $4.4545.

Have a look at insider trading in penny stocks

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 climbed 0.71%, London’s FTSE 100 gained 1.02%, while Spain’s IBEX 35 Index rose 0.73%. The German DAX rose 0.75%, French CAC 40 gained 0.74% and Italy’s FTSE MIB Index gained 0.22%.

The Ifo business climate indicator for Germany increased to 95.7 in January from a ten-month low level of 94.8 in December. Spanish producer price inflation rate increased to a new high of 35.9% year-over-year in December from a revised 32.2% a month ago.


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

The S&P Corelogic Case-Shiller home price index surged 18.3% year-over-year in November.

The FHFA House Price Index rose 1.1% from a month ago for November.

The Conference Board’s Consumer Confidence Index fell to 113.8 in January from previous reading of 115.2

Check out the full economic calendar here

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon 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!