Mid-afternoon market update: Dow dips 500 points, ImmunoGen shares spike higher

Toward the end of trading Tuesday, the Dow traded down 1.44% to 34,628.69 while the NASDAQ fell 1.34% to 15,571.16. The S&P also fell, dropping 1.36% to 4,592.03.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 49,301,070 cases with around 801,320 deaths. India confirmed a total of at least 34,587,820 cases and 468,980 deaths, while Brazil reported over 22,084,740 COVID-19 cases with 614,420 deaths. In total, there were at least 262,549,830 cases of COVID-19 worldwide with more than 5,227,930 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares slipped by just 0.7% on Tuesday. Meanwhile, top gainers in the sector included VirnetX Holding Corp VHC +14.58% (Get Free Alerts for VHC), up 17% and Tuya Inc. TUYA +5.71% (Get Free Alerts for TUYA) up 5%.

In trading on Tuesday, communication services shares tumbled 2.4%.

Top Headline

JinkoSolar Holding Co Ltd JKS -5.47% reported a decline in sales for the third quarter and issued weak sales outlook.

JinkoSolar reported a third-quarter FY21 revenue decline of 2.3% year-on-year to $1.33 billion, missing the consensus of $1.34 billion. Non-GAAP earnings per ordinary share were $0.01, and non-GAAP earnings per ADS were $0.05.

JinkoSolar sees Q4 revenue of $1.8 billion - $2.2 billion, below the consensus of $2.24 billion.

Equities Trading UP

Cumberland Pharmaceuticals Inc. CPIX +120.8% shares shot up 104% to $4.4902. The FDA approved expanded labeling for Cumberland Pharmaceuticals’ Caldolor, an intravenously delivered formulation of ibuprofen, to now include use in pre-operative administration.

Shares of MEI Pharma, Inc. MEIP +34.69% got a boost, shooting 29% to $3.1500. MEI Pharma and Kyowa Kirin Co announced data from the pivotal Phase 2 TIDAL studyof zandelisib as a single agent for follicular lymphoma (FL) patients who received at least two prior systemic therapies. Data demonstrated a 70.3% objective response rate (ORR) as determined by Independent Review Committee (IRC) assessment in the primary efficacy population (n=91).

ImmunoGen, Inc. IMGN +30.11% shares were also up, gaining 25% to $5.95 in reaction to positive topline data from the SORAYA trial of mirvetuximab soravtansine for ovarian cancer. The trial is evaluating mirvetuximab as monotherapy in patients with folate receptor alpha (FRα)-high platinum-resistant ovarian cancer who have been previously treated with Roche Holdings’ Avastin (bevacizumab).

Equities Trading DOWN

Olema Pharmaceuticals, Inc. OLMA -59.82% shares tumbled 58% to $9.11 after the company announced first clinical data from the Phase 1 dose-escalation portion of the ongoing Phase 1/2 clinical trial of OP-1250.

Shares of TG Therapeutics, Inc. TGTX -36.9% were down 40% to $14.04 after the company reported the FDA plans to host a meeting of the Oncologic Drugs Advisory Committee in connection with its review of the pending BLA/sNDA for the combination of ublituximab and UKONIQ.

Barnes & Noble Education, Inc. BNED -20.66% was down, falling 18% to $7.30 after the company reported worse-than-expected Q2 EPS and sales results.

Commodities

In commodity news, oil traded down 6.9% to $65.13, while gold traded down 0.4% to $1,775.60.

Silver traded down 0.1% Tuesday to $22.82 while copper fell 1.3% to $4.2845.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.92%, the Spanish Ibex Index fell 1.78% and the German DAX 30 dropped 1.18%. Meanwhile, the London’s FTSE 100 fell 0.71%, French CAC 40 fell 0.81% and Italy’s FTSE MIB dipped 0.87%.

Spain's retail sales fell 0.7% year-over-year in October. The annual inflation rate in France accelerated to 2.8% in November from 2.6% in October, while quarterly economic growth was confirmed at 3% on quarter in the third quarter. Household consumption of goods in France slipped 0.4% in October, while industrial producer prices increased 2.9% in October. Italy’s gross domestic product expanded by 2.6% on the quarter during the three months to September. The number of unemployed people in Germany fell by 34,000 to 2.428 million in November, while unemployment rate stood at 3.3% in October.

Economics

The S&P CoreLogic Case-Shiller 20-city home price index climbed 19.1% year-over-year in September.

The FHFA's house price index rose 0.9% from a month ago in September.

The Chicago PMI fell to 61.8 in November from prior reading of 68.4.

The Conference Board’s consumer confidence index dropped to 109.5 in November from previous reading of 111.6.

Data on farm prices for October will be released at 3:00 p.m. ET.