Mid-day market update: Nasdaq dips 300 points, Apria shares surge
|Midway through trading Monday, the Dow traded down 1.23% to 35,787.07 while the NASDAQ fell 2.07% to 14,627.21. The S&P also fell, dropping, 1.52% to 4,605.95.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 61,263,030 cases with around 859,350 deaths. India confirmed a total of at least 35,708,440 cases and 483,930 deaths, while Brazil reported over 22,523,900 COVID-19 cases with 620,030 deaths. In total, there were at least 308,004,270 cases of COVID-19 worldwide with more than 5,507,340 deaths.
Leading and Lagging Sectors
Utilities shares fell by just 0.3% on Monday. Meanwhile, top gainers in the sector included Xcel Energy Inc. XEL +1.39% (Get Free Alerts for XEL), up 1.4% and ALLETE, Inc. ALE +0.45% (Get Free Alerts for ALE) up 1.1%.
In trading on Monday, consumer discretionary shares dipped by 2.9%.
Top Headline
AZZ Inc AZZ -1.98% reported upbeat earnings for its third quarter on Monday.
AZZ posted quarterly earnings of $0.85 per share, beating analysts’ estimates of $0.82 per share. The company’s quarterly sales came in at $231.74 million, versus expectations of $238.63 million.
AZZ reaffirmed FY22 sales guidance of $865 million to $925 million. The company said it sees FY22 EPS of $3.00 to $3.20.
Equities Trading UP
Molecular Partners AG MOLN +24.5% shares shot up 21% to $19.98 after the company, and Novartis, reported topline data from the Phase 2 study for ensovibep, a DARPin antiviral therapeutic for COVID-19.
Shares of Zynga Inc. ZNGA +40.5% got a boost, shooting 45% to $8.69 after the company announced it will be acquired by Take-Two Interactive Software in a cash and stock transaction valued at $9.86 per Zynga share, representing a total enterprise value of approximately $12.7 billion.
Apria, Inc. APR +25.91% shares were also up, gaining 26% to $37.40. Owens & Minor agreed to acquire Apria for $37.50 in cash per share of common stock, representing an equity value of approximately $1.45 billion.
Equities Trading DOWN
Citi Trends, Inc. CTRN -17.09% shares tumbled 16% to $68.00. Citi Trends reported 2021 holiday sales results and updated long-term strategic plan.
Shares of Amicus Therapeutics, Inc. FOLD -23.84% were down 22% to $8.91 after the company issued its preliminary and unaudited 2021 revenue, and full-year 2022 outlook and revenue guidance. Amicus Therapeutics said it sees FY21 Galafold sales of $306 million.
Rapid Micro Biosystems, Inc. RPID -25.05% was down, falling 25% to $6.81. Rapid Micro Biosystems said it expects Q4 total revenue of between $4.7 and $5.2 million.
Commodities
In commodity news, oil traded down 0.3% to $78.64, while gold traded down 0.3% to $1,792.50.
Silver traded down 0.1% Monday to $22.385 while copper fell 1.5% to $4.3455.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 dropped 1.68%, London’s FTSE 100 fell 0.79%, while Spain’s IBEX 35 Index fell 0.75%. The German DAX dropped 1.34%, French CAC 40 declined 1.53% and Italy’s FTSE MIB Index dropped 1.19%.
The unemployment rate in Italy dropped to 9.2% in November from 9.4% in the prior month.
Economics
US wholesale inventories rose 1.3% for November, versus analysts’ expectations for a 1.2% increase.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.