Mid-day market update: Crude oil rises 2%; Eastman Kodak shares plummet
|Midway through trading Monday, the Dow traded up 1.07% to 27728.03 while the NASDAQ fell 0.65% to 10938.99. The S&P also rose, gaining 0.13% to 3,355.63.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 5,045,560 cases with around 162,930 deaths. Brazil confirmed a total of over 3,035,420 COVID-19 cases with 101,040 deaths, while India reported a total of at least 2,215,070 confirmed cases and 44,380 deaths. In total, there were at least 19,876,300 cases of COVID-19 worldwide with over 731,570 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Energy shares gained 2.1% on Monday. Meanwhile, top gainers in the sector included Penn Virginia Corporation PVAC 13.69%, up 14%, and Centrus Energy Corp. LEU 11.48%, up 12%.
In trading on Monday, information technology shares fell by 0.7%.
Top Headline
Marriott International Inc MAR 3.71% reported a wider-than-expected loss for its second quarter, while sales missed views.
Marriott International posted a Q2 loss of $0.64 per share, wider than analysts’ estimates for a loss of $0.42 per share. The company reported quarterly sales of $1.46 billion, missing expectations of $1.68 billion.
Equities Trading UP
Seres Therapeutics, Inc. MCRB 353.23% shares shot up 351% to $20.91 after the company announced the results from its SER-109 Phase 3 ECOSPOR III study in recurrent C. difficile infection met the primary endpoint.
Shares of Omeros Corporation OMER 44.9% got a boost, shooting 45% to $20.55 after the biopharma announced results from a compassionate use study of its lead investigational human monoclonal antibody. Omeros said its narsoplimab, when administered to six COVID-19 patients with Acute Respiratory Distress Syndromewho initially required mechanical ventilation, led to recovery, survival and discharge from the hospital.
Trevena, Inc. TRVN 30.25% shares were also up, gaining 30% to $3.09 after the company disclosed that the FDA has approved its OLINVYK injection.
Equities Trading DOWN
Eastman Kodak Company KODK 25.07% shares tumbled 29% to $10.50. The federal government is halting a $765 million loan to Eastman Kodak for its generic drug-making foray until the company is cleared of insider trading allegations.
Shares of Reata Pharmaceuticals, Inc. RETA 32.31% were down 33% to $104.30 following Q2 results. Reata Pharmaceuticals posted a Q2 loss of $1.23 per share on revenue of $3.07 million.
Navidea Biopharmaceuticals, Inc. NAVB 28.7% was down, falling 29% to $3.40 after the company signed binding framework for commercialization partnership with Jubilant Radiopharma. The company also secured $25 million of committed financing.
Commodities
In commodity news, oil traded up 2% to $42.04, while gold traded up 0.8% to $2,044.70.
Silver traded up 5.2% Monday to $28.965, while copper rose 2.5% to $2.863.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.29%, the Spanish Ibex Index rose 1.4%, while Italy’s FTSE MIB Index gained 0.47%. Meanwhile, the German DAX 30 gained 0.04%, French CAC 40 rose 0.32% and UK shares rose 0.31%.
Economics
The number of job openings rose by 518,000 to 5.9 million in June, exceeding analysts’ estimates of 4.91 million.
The TD Ameritrade Investor Movement Index for July will be released at 12:30 p.m. ET.
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