Mid-afternoon market update: Dow rises 50 points, Iterum Therapeutics shares slide

Toward the end of trading Monday, the Dow traded up 0.15% to 35,112.39 while the NASDAQ fell 0.10% to 14,822.88. The S&P also rose, gaining 0.09% to 4,415.85.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 34,433,820 cases with around 610,890 deaths. India confirmed a total of at least 31,411,260 cases and 420,960 deaths, while Brazil reported over 19,688,660 COVID-19 cases with 549,920 deaths. In total, there were at least 192,241,000 cases of COVID-19 worldwide with more than 4,159,320 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 2.2% on Monday. Meanwhile, top gainers in the sector included Peabody Energy Corporation BTU 10.93%, up 10%, and Green Plains Partners LP GPP 18.01%, up 17%.

In trading on Monday, health care shares fell 0.7%.

Top Headline

Lockheed Martin Corporation LMT 3.34% reported downbeat earnings for its second quarter, while sales exceeded views.

Lockheed reported quarterly adjusted earnings of $6.52 per share, missing analysts’ estimates of $6.53 per share. The company’s revenue came in at $17.03 billion, versus expectations of $16.93 billion.

Lockheed raised its full-year earnings forecast to $26.70-$27.00 from $26.40-$26.70. However, the company reaffirmed its revenue view at $67.3 billion-$68.7 billion.

Equities Trading UP

RBC Bearings Incorporated ROLL 17.82% shares shot up 21% to $249.40. RBC Bearings announced plans to acquire ABB's DODGE mechanical power transmission business for $2.9 billion in cash.

Shares of Bit Digital, Inc. BTBT 119.43% got a boost, shooting 96% to $8.27 after the company announced it entered into a second strategic co-mining agreement with Digihost Technology Inc. The stock is also trading higher in sympathy with the price of Bitcoin.

Tyme Technologies, Inc. TYME 32.43% shares were also up, gaining 55% to $1.6695 after the company announced the USPTO has granted additional patent claims related to the company's metabolomic technology platform. The patent involves a targeted delivery of therapeutics to cancer cells.

Equities Trading DOWN

ATI Physical Therapy, Inc. ATIP 41.97% shares tumbled 41% to $4.92 after the company lowered 2021 financial expectations, driven by lower-than-expected physical therapist headcount.

Shares of Tonix Pharmaceuticals Holding Corp. TNXP 28.04% were down 28% to $0.7079. Following an unblinded, pre-planned interim analysis by the Independent Data Monitoring Committee (IDMC), Tonix Pharmaceuticals will stop enrollment in the Phase 3 RALLY study of TNX-102 SL (cyclobenzaprine HCl sublingual tablets) 5.6 mg for fibromyalgia.

Iterum Therapeutics plc ITRM 43.04% was down, falling 41% to $0.6690 after the company received a Complete Response Letter (CRL) from the FDA regarding its marketing application seeking approval for sulopenem etzadroxil/probenecid (oral sulopenem). The FDA determined that additional data are necessary to support approval for the treatment of adult women with uncomplicated urinary tract infections caused by designated susceptible microorganisms proven or strongly suspected to be non-susceptible to a quinolone (board-spectrum antibiotic).

Commodities

In commodity news, oil traded down 0.1% to $72.02, while gold traded down 0.2% to $1,797.60.

Silver traded up 0.2% Monday to $25.27 while copper rose 4.4% to $4.5955.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 fell 0.08%, the Spanish Ibex Index rose 0.67% and the German DAX 30 dropped 0.32%. Meanwhile, the London’s FTSE 100 fell 0.03%, French CAC 40 rose 0.15% and Italy’s FTSE MIB gained 0.68%.

Producer prices in Spain rose 15.4% year-over-year in June. The Ifo Business Climate indicator for Germany fell to 100.8 in July from 101.7 a month ago.

Economics

US new home sales for June fell 6.6% to an annual rate of 676,000 in June.

The Dallas Fed manufacturing index fell 27.3 in July from 31.1 in June.