Dow Jumps 150 Points; Ocean Bio-Chem Shares Spike Higher

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining around 150 points on Wednesday.

The Dow traded up 0.50% to 30,682.21 while the NASDAQ rose 0.75% to 11,152.83. The S&P also rose, gaining, 0.64% to 3,788.83.

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Leading and Lagging Sectors

Real estate shares jumped by 2.7% on Wednesday. Meanwhile, top gainers in the sector included Redfin Corporation RDFN, up 7% and Zillow Group, Inc. ZG up 6%.

In trading on Wednesday, energy shares tumbled by 2.9%.

Top Headline

Winnebago Industries, Inc. WGO reported better-than-expected results for its third quarter.

Winnebago posted adjusted earnings of $4.13 per share, exceeding market estimates of $2.96 per share. The company’s quarterly sales came in at $1.46 billion, versus expectations of $1.20 billion.

Equities Trading UP

Ocean Bio-Chem, Inc. OBCI shares shot up 117% to $12.86 after the company announced it will be acquired by OneWater Marine for $13.08 per share in cash.

Shares of Revlon, Inc. REV got a boost, shooting 42% to $8.59 on continued volatility following the company's recent bankruptcy filing. The stock has also been circulated as a short squeeze candidate.

Exela Technologies, Inc. XELA shares were also up, gaining 46% to $0.1985 after the company announced a new customer win of $136 million in total contract value.

Equities Trading DOWN

Athira Pharma, Inc. ATHA shares tumbled 66% to $2.8501 after the company reported that the primary endpoint of change in biomarker ERP P300 latency was not statistically significant from its exploratory ACT-AD Phase 2 study of fosgonimeton.

Shares of Neptune Wellness Solutions Inc. NEPT were down 34% to $1.90 after the company announced a $5 million registered direct offering.

ProFrac Holding Corp. PFHC was down, falling 10% to $19.29. ProFrac Holding announced plans to acquire U.S. Well Services for $1.21 per share in an all-stock deal.

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Commodities

In commodity news, oil traded down 3.2% to $106.06, while gold traded down 0.1% to $1,838.70.

Silver traded down 1.6% to $21.425 on Wednesday while copper fell 2.4% to $3.9440.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 dropped 0.7%, London’s FTSE 100 fell 0.88% while Spain’s IBEX 35 Index fell 1.1%. The German DAX dropped 1.11%, French CAC 40 fell 0.81% and Italy’s FTSE MIB Index fell 1.36%.

The annual inflation rate in the UK accelerated to 9.1% in May from 9% in the previous month, while producer prices surged 15.7% year-over-year in May.

Economics

There were no major US economic releases on Wednesday.

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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 88,244,870 cases with around 1,038,900 deaths. India confirmed a total of at least 43,334,650 cases and 524,900 deaths, while Brazil reported over 31,824,220 COVID-19 cases with 669,430 deaths. In total, there were at least 545,869,900 cases of COVID-19 worldwide with more than 6,343,910 deaths.