Mid-Morning Market Update: Markets Open Higher; Science Applications International Earnings Top Views

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 300 points on Monday.

The Dow traded up 1.02% to 33,235.08 while the NASDAQ rose 1.89% to 12,239.41. The S&P also rose, gaining, 1.45% to 4,168.14.

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Leading and Lagging Sectors

Communication services shares jumped by 2.2% on Monday. Meanwhile, top gainers in the sector included Kanzhun Limited BZ, up 23% and The Arena Group Holdings, Inc. AREN up 29%.

In trading on Monday, energy shares fell 0.1%.

Top Headline

Science Applications International Corporation SAIC reported upbeat results for its first quarter.

Science Applications posted quarterly earnings of $1.88 per share, beating analysts’ estimates of $1.77 per share. The company’s quarterly sales came in at $2.00 billion, versus expectations of $1.93 billion.

Science Applications raised its FY23 EPS guidance from $6.80-$7.10 to $6.90-$7.20 and narrowed its FY23 sales guidance from $7.35 billion-$7.55 billion to $7.43 billion-$7.55 billion.

Equities Trading UP

Pineapple Energy Inc. PEGY shares shot up 65% to $3.85. Pineapple Holdings, last month, posted a Q1 loss of $0.58 per share.

Shares of Futu Holdings Limited FUTU got a boost, shooting 27% to $46.87 after the company reported Q1 earnings results.

Kanzhun Limited BZ shares were also up, gaining 22% to $26.40 after the Chinese government said the company can resume adding new users.

Equities Trading DOWN

Praxis Precision Medicines, Inc. PRAX shares tumbled 63% to $3.15 after the company announced the PRAX-114 Phase 2/3 monotherapy Aria study did not achieve statistical significance on the primary endpoint.

Shares of Gevo, Inc. GEVO were down 33% to $3.0750 after the company announced a $150 million registered direct offering priced at-the-market under Nasdaq rules.

BuzzFeed, Inc. BZFD was down, falling 30% to $2.64.

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Commodities

In commodity news, oil traded down 0.3% to $118.57, while gold traded up 0.1% to $1,851.70.

Silver traded up 1.7% to $22.275 on Monday while copper fell 0.8% to $4.4355.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 1.2%, London’s FTSE 100 gained 1.3% while Spain’s IBEX 35 Index rose 1.2%. The German DAX gained 1.5%, French CAC 40 rose 1.5% and Italy’s FTSE MIB Index jumped 1.7%.

Economics

There were no major US economic releases Monday

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 86,522,560 cases with around 1,033,590 deaths. India confirmed a total of at least 43,181,330 cases and 524,700 deaths, while Brazil reported over 31,153,760 COVID-19 cases with 667,050 deaths. In total, there were at least 535,513,050 cases of COVID-19 worldwide with more than 6,320,680 deaths.