Silver Drops Sharply; Owens & Minor Shares Slide

U.S. stocks traded mostly higher toward the end of trading, following the release of PPI data for September.

The Dow traded up 0.22% to 29,303.50 while the NASDAQ rose 0.12% to 10,438.77. The S&P 500, however, fell 0.01% to 3,588.60.

Also check this: Volatility In Markets Increases Ahead Of Inflation Data

Leading and Lagging Sectors

Energy shares rose by 0.9% on Wednesday. Leading the sector was strength from PBF Energy Inc. PBF and Tsakos Energy Navigation Limited TNP.

In trading on Wednesday, utilities shares dipped by 2.6%.

Top Headline


The Producer Price Index for final demand in the US rose 0.4% month-over-month in September, recording the first rise in three months. Analysts, meanwhile, were expecting for a 0.2% rise.


Equities Trading UP


  • Hempacco Co., Inc. HPCO shares shot up 42% to $3.1046 after the company reported a 486% year-on-year jump in first-half FY22 revenue to about $2.8 million.
  • Shares of El Pollo Loco Holdings, Inc. LOCO got a boost, shooting 15% to $10.42 after the company declared a special dividend of $1.50 per share and approved a 20 million share buyback program.
  • Gatos Silver, Inc. GATO shares were also up, gaining 27% to $3.2850. Gatos Silver reported a 59% year-over-year surge in Q3 silver production.


Equities Trading DOWN

  • Kinnate Biopharma Inc. KNTE shares tumbled 36% to $7.04.
  • Kinnate Biopharma late Tuesday said, 'Initial site activation was slower than expected due to COVID-19. This has resulted in a limited number of efficacy evaluable patients to-date in the relevant population at the predicted efficacious dose.'
  • Shares of Owens & Minor, Inc. OMI were down 36% to $14.78 after the company issued Q3 adjusted EPS guidance below estimates and cut FY22 adjusted EPS guidance below estimates.
  • T2 Biosystems, Inc. TTOO was down, falling 30% to $0.0559 after the company cut FY22 sales guidance to below analyst estimates and announced a 1-for-50 reverse stock split.


Also check out: Uber, Lyft, AZZ And Other Big Losers From Tuesday


In commodity news, oil traded down 2.7% to $86.98, while gold traded down 0.6% at $1,676.80.

Silver traded down 2.8% to $18.935 on Wednesday while copper fell 1% to $3.4275.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.53%, London’s FTSE 100 fell 0.86% while Spain’s IBEX 35 Index fell 1.29%. The German DAX declined 0.39%, French CAC 40 fell 0.25% and Italy’s FTSE MIB Index fell 1.27%.

Industrial production in the UK fell by 1.8% from a month ago in August versus a revised 1.1% drop in the previous month, while the country’s trade deficit increased to GBP 7.1 billion in August versus a revised GBP 5.4 billion in the prior month. The UK economy shrank by 0.3% month-over-month in August versus a revised 0.1% increase in July. Manufacturing output in the UK dropped by 1.6 percent from a month ago in August.




  • The Producer Price Index for final demand in the US rose 0.4% month-over-month in September, recording the first rise in three months. Analysts, meanwhile, were expecting for a 0.2% rise.
  • The Federal Open Market Committee issued minutes of its latest meeting.
  • Federal Reserve Governor Michelle Bowman is set to speak at 6:30 p.m. ET.


Check out this: Investor Fear Increases As Nasdaq Drops Over 100 Points

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,608,430 cases with around 1,088,470 deaths. India confirmed a total of at least 44,618,530 cases and 528,830 deaths, while France reported over 35,970,370 COVID-19 cases with 155,620 deaths. In total, there were at least 627,828,930 cases of COVID-19 worldwide with more than 6,564,300 deaths.

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!