Mid-afternoon market update: Dow rises over 100 points, CTI Biopharma shares plummet


Toward the end of trading Wednesday, the Dow traded up 0.39% to 34,617.2 while the NASDAQ climbed 0.17% to 15,564.73. The S&P also rose, gaining 0.68% to 4,597.96.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 49,428,910 cases with around 803,040 deaths. India confirmed a total of at least 34,596,770 cases and 469,240 deaths, while Brazil reported over 22,094,450 COVID-19 cases with 614,750 deaths. In total, there were at least 263,226,130 cases of COVID-19 worldwide with more than 5,236,980 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares climbed 1.8% on Wednesday. Meanwhile, top gainers in the sector included Pampa Energía S.A. PAM +8.41% (Get Free Alerts for PAM), up 8% and Central Puerto S.A. CEPU +7.03% (Get Free Alerts for CEPU) up 5%.

In trading on Wednesday, communication services shares rose by just 0.1%.

Top Headline

G-III Apparel Group, Ltd. GIII +3.9% reported better-than-expected results for its third quarter on Wednesday.

G-III Apparel Group reported quarterly earnings of $2.16 per share, beating analysts’ estimates of $1.78 per share. The company’s quarterly sales came in at $1.02 billion, versus expectations of 1.01 billion.

G-III said it sees FY22 EPS of $3.65-$3.75 and sales of $2.77 billion.

Equities Trading UP

OceanPal Inc. OP +44.44% shares shot up 51% to $7.90 after completion of spinoff from Diana Shipping on Tuesday.

Shares of Arbutus Biopharma Corporation ABUS +37.5% got a boost, shooting 61% to $5.14 on above-average volume on Wednesday. The Patent Trial and Appeals Board has turned down Moderna's appeal to invalidate two of Arbutus' patents on drug-delivery technology used in the former's COVID-19 vaccine.

Build-A-Bear Workshop, Inc. BBW +29.43% shares were also up, gaining 34% to $22.89 after the company reported better-than-expected Q3 results and raised FY21 guidance. The company also announced a special dividend and a share buyback.

Equities Trading DOWN

BeyondSpring Inc. BYSI -59.36% shares tumbled 59% to $5.29 after the company announced the FDA issued a Complete Response Letter related to the company's plinabulin New Drug Application. HC Wainwright & Co. downgraded BeyondSpring from Buy to Neutral.

Shares of CTI BioPharma Corp. CTIC -21.33% were down 20% to $1.7899 after the company said the FDA has extended the review period for the new drug application for pacritinib for the treatment of adult patients with intermediate or high-risk primary or secondary myelofibrosis with a baseline platelet count of less than 50 × 109/L.

Aditxt, Inc. ADTX -27.61% was down, falling 26% to $0.8647 after the company announced pricing of a $17.4 million firm commitment public offering of common stock.

Commodities

In commodity news, oil traded up 0.6% to $66.56, while gold traded up 0.4% to $1,784.40.

Silver traded down 1.8% Wednesday to $22.405 while copper fell 1% to $4.2385.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.71%, the Spanish Ibex Index gained 1.78% and the German DAX 30 climbed 2.47%. Meanwhile, the London’s FTSE 100 rose 1.55%, French CAC 40 climbed 2.39% and Italy’s FTSE MIB jumped 2.16%.

Italy’s manufacturing PMI climbed to an all-time high of 62.8 in November. Germany’s manufacturing PMI fell to 57.4 in November from a preliminary reading of 57.6, while retail trade fell 0.3% in October. The IHS Markit Spain manufacturing PMI fell to 57.1 in November from 57.4 in the prior month. Annual house price growth in the UK rose to 10.0% in November from 9.9% in the earlier month.

Economics

Private businesses hired 534,000 workers in November, versus a revised 570,000 rise in the previous month.

The IHS Markit manufacturing PMI slipped to 58.3 in November from a preliminary reading of 59.1.

The ISM manufacturing composite index climbed to 61.1 in November from previous reading of 60.8.

US construction spending rose 0.2% for October.

US crude oil inventories dropped 0.91 million barrels in the week ending November 26th, the Energy Information Administration said.

The Federal Open Market Committee released its latest Beige Book report.

Benzinga does not provide investment advice. All rights reserved.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD struggles to rebound, holds near 1.1150 after US data

EUR/USD trades around 1.1150 in the early American session on Friday as investors assess the latest inflation data from the US. According to the US Bureau of Economic Analysis, Core PCE Price Index rose to 4.9% on a yearly basis in December from 4.7% in November, surpassing the market expectation of 4.8%. 

EUR/USD News

GBP/USD clings to small gains above 1.3400 on mixed US data

GBP/USD posts modest daily gains slightly above 1.3400 on Friday as the dollar rally loses steam. The data from the US showed that the core PCE inflation edged higher to 4.9% in December. On a negative note, Personal Spending contracted by 0.6% on a monthly basis.

GBP/USD News

Gold recovers modestly after US data, stays below $1,800

Gold managed to stage a rebound from the multi-week low it set below $1,780 but continues to trade deep in the red near $1,790. The benchmark 10-year US Treasury bond yield is rising more than 1% on the day after US data, limiting XAU/USD's recovery.

Gold News

Bitcoin Weekly Forecast: Federal Reserve cannot tame BTC’s uptrend

Bitcoin has experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed's decision was announced. As losses have extended and BTC has entered into the $30,000 zone, concerns regarding Bitcoin being in a bear market have increased.

Read more

Apple share price set to rise after another record quarter

With the Nasdaq closing at its lowest level in seven months yesterday, the Apple share price has also found itself on the end of the recent weakness in tech shares, down over 12% from its record highs in early January.

Read more

Majors

Cryptocurrencies

Signatures