Mid-afternoon market update: Dow surges 140 points; Ocugen (OCGN Stock) shares spike higher
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UPGRADEToward the end of trading Monday, the Dow traded up 0.45% to 31,288 while the NASDAQ rose 0.48% to 13,922.14. The S&P also rose, gaining 0.37% to 3,901.09.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 27,008,090 cases with around 463,480 deaths. India confirmed a total of at least 10,838,190 confirmed cases and 155,080 deaths, while Brazil reported over 9,524,640 COVID-19 cases with 231,530 deaths. In total, there were at least 106,220,640 cases of COVID-19 worldwide with over 2,318,560 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Energy shares rose 4.4% on Monday. Meanwhile, top gainers in the sector included Clean Energy Fuels Corp CLNE 39.69%, up 40%, and Ring Energy Inc REI 30.56%, up 28%.
In trading on Monday, utilities shares fell by 0.9%.
Top Headline
Hasbro, Inc. NASDAQNAS reported stronger-than-expected results for its fourth quarter.
Hasbro reported quarterly earnings of $1.27 per share, exceeding analysts’ estimates of $1.14 per share. The company’s quarterly sales came in $1.72 billion, which also surpassed expectations of $1.69 billion.
Equities Trading UP
Ocugen, Inc. OCGN 193.9% shares shot up 180% to $14.69 after announcing the sale of 3 million common shares at $7.65 per share in a registered direct offering, with gross proceeds of $23 million.
Shares of ARYA Sciences Acquisition III Corp ARYA 128.28% got a boost, shooting 101% to $22.56 after the company announced it would merge with Nautilus Biotechnology.
Baosheng Media Group Holdings Limited NASDAQBAOS shares were also up, gaining 79% to $8.95 as the company priced its 6 million share IPO at $5 per share.
Check out these big movers of the day
Equities Trading DOWN
CBAK Energy Technology Inc CBAT 10.21% shares tumbled 10% to $7.30 after the company priced its 4.47 million common stock offering at $7.83 per share.
Shares of Ceragon Networks Ltd CRNT 9.01% were down 10% to $5.00 after the company posted a wider quarterly loss.
AMC Entertainment Holdings, Inc. AMC 11.23% was down, falling 12% to $6.01 after Wanda America Entertainment, a major Chinese investor in the company, converted its Class B shares to Class A in order to permit sales of common stock. The stock continues to sell off after its recent retail-driven surge.
Commodities
In commodity news, oil traded up 1.6% to $57.75, while gold traded up 1.1% to $1,832.80.
Silver traded up 1.9% Monday to $27.54 while copper rose 1.3% to $3.6740.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.05% and the German DAX 30 gained 0.02%. Meanwhile, the French CAC 40 gained 0.47%, London’s FTSE 100 rose 0.53% and Italy’s FTSE MIB surged 1.48%.
Spain's industrial production declined 0.6% year-over-year in December versus a revised 3.7% drop in the previous month, while German industrial production stalled in December.
Economics
On the economics calendar Monday, there is no important data due out.
Toward the end of trading Monday, the Dow traded up 0.45% to 31,288 while the NASDAQ rose 0.48% to 13,922.14. The S&P also rose, gaining 0.37% to 3,901.09.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 27,008,090 cases with around 463,480 deaths. India confirmed a total of at least 10,838,190 confirmed cases and 155,080 deaths, while Brazil reported over 9,524,640 COVID-19 cases with 231,530 deaths. In total, there were at least 106,220,640 cases of COVID-19 worldwide with over 2,318,560 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Energy shares rose 4.4% on Monday. Meanwhile, top gainers in the sector included Clean Energy Fuels Corp CLNE 39.69%, up 40%, and Ring Energy Inc REI 30.56%, up 28%.
In trading on Monday, utilities shares fell by 0.9%.
Top Headline
Hasbro, Inc. NASDAQNAS reported stronger-than-expected results for its fourth quarter.
Hasbro reported quarterly earnings of $1.27 per share, exceeding analysts’ estimates of $1.14 per share. The company’s quarterly sales came in $1.72 billion, which also surpassed expectations of $1.69 billion.
Equities Trading UP
Ocugen, Inc. OCGN 193.9% shares shot up 180% to $14.69 after announcing the sale of 3 million common shares at $7.65 per share in a registered direct offering, with gross proceeds of $23 million.
Shares of ARYA Sciences Acquisition III Corp ARYA 128.28% got a boost, shooting 101% to $22.56 after the company announced it would merge with Nautilus Biotechnology.
Baosheng Media Group Holdings Limited NASDAQBAOS shares were also up, gaining 79% to $8.95 as the company priced its 6 million share IPO at $5 per share.
Check out these big movers of the day
Equities Trading DOWN
CBAK Energy Technology Inc CBAT 10.21% shares tumbled 10% to $7.30 after the company priced its 4.47 million common stock offering at $7.83 per share.
Shares of Ceragon Networks Ltd CRNT 9.01% were down 10% to $5.00 after the company posted a wider quarterly loss.
AMC Entertainment Holdings, Inc. AMC 11.23% was down, falling 12% to $6.01 after Wanda America Entertainment, a major Chinese investor in the company, converted its Class B shares to Class A in order to permit sales of common stock. The stock continues to sell off after its recent retail-driven surge.
Commodities
In commodity news, oil traded up 1.6% to $57.75, while gold traded up 1.1% to $1,832.80.
Silver traded up 1.9% Monday to $27.54 while copper rose 1.3% to $3.6740.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.05% and the German DAX 30 gained 0.02%. Meanwhile, the French CAC 40 gained 0.47%, London’s FTSE 100 rose 0.53% and Italy’s FTSE MIB surged 1.48%.
Spain's industrial production declined 0.6% year-over-year in December versus a revised 3.7% drop in the previous month, while German industrial production stalled in December.
Economics
On the economics calendar Monday, there is no important data due out.
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