Mid-afternoon market update: Nasdaq jumps 150 points, Bakkt Holdings shares spike higher

Toward the end of trading Monday, the Dow traded up 0.26% to 35,771.26 while the NASDAQ rose 1.01% to 15,241.89. The S&P also rose, gaining 0.56% to 4,570.56.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 46,312,780 cases with around 756,360 deaths. India confirmed a total of at least 34,189,770 cases and 454,740 deaths, while Brazil reported over 21,729,760 COVID-19 cases with 605,680 deaths. In total, there were at least 244,513,860 cases of COVID-19 worldwide with more than 4,965,680 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares gained by 1.6% on Monday. Meanwhile, top gainers in the sector included Remark Holdings, Inc. MARK +45.16% (Get Free Alerts for MARK), up 45% and Portillo's Inc. PTLO +12.24% (Get Free Alerts for PTLO) up 18%.

In trading on Monday, financials shares fell 0.2%.

Top Headline

Kimberly Clark Corp KMB -2.25% reported weaker-than-expected results for its third quarter, while sales exceeded views. The company also lowered its forecast for FY21.

Kimberly Clark Corp KMB -2.25% reported third-quarter FY21 sales growth of 7% year-on-year, to $5.01 billion, beating the analyst consensus of $4.99 billion. Adjusted EPS of $1.62 missed the analyst consensus of $1.65.

Citing higher input cost inflation, Kimberly Clark has cut its FY21 adjusted EPS outlook to $6.05 - $6.25 (prior view $6.65 - $6.90) against the consensus of $6.70. Organic sales decline of 1% - 2% (prior outlook decline of 0% - 2%).

Equities Trading UP

Greenpro Capital Corp. GRNQ +72.94% shares shot up 71% to $1.4550 after the company announced its incubated company Angkasa-X has successfully admitted as an ITU-R member and is filing for application to launch its Low Earth Orbit satellites.

Shares of PAE Incorporated PAE +67.46% got a boost, shooting 68% to $9.89 after the company agreed to be acquired by an affiliate of Amentum Government Services Holdings LLC in an all-cash transaction valued at ~$1.9 billion, including debt and certain fees.

Bakkt Holdings, Inc. BKKT +232.68% shares were also up, gaining 169% to $24.65 after the company and Mastercard announced a partnership for crypto and loyalty solutions.

Equities Trading DOWN

Eyenovia, Inc. EYEN -38.91% shares tumbled 38% to $4.09. Eyenovia announced reclassification of MydCombi as drug-device combination product by the FDA.

Shares of ERYTECH Pharma S.A. ERYP -39.96% were down 39% to $3.35 after the company announced its TRYbeCA-1 Phase 3 trial of eryaspace in patients with second-line advanced pancreatic cancer did not meet its primary endpoint of overall survival.

SG Blocks, Inc. SGBX -23.96% was down, falling 23% to $3.72 after the company reported a $11.55 million registered direct offering priced at-the-market under Nasdaq rules.

Commodities

In commodity news, oil traded up 0.1% to $83.85, while gold traded up 0.6% to $1,807.60.

Silver traded up 0.6% Monday to $24.585 while copper rose 0.5% to $4.5225.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 climbed 0.07%, the Spanish Ibex Index rose 0.16% and the German DAX 30 gained 0.36%. Meanwhile, the London’s FTSE 100 rose 0.25%, French CAC 40 fell 0.31% and Italy’s FTSE MIB gained 0.92%.

The Ifo Business Climate indicator for Germany fell to 97.7 in October, recording the weakest level since April.

Economics

The Chicago Fed National Activity Index fell to -0.13 in September from 0.05 in August.

The Dallas Fed manufacturing index for October increased by 10 points to a reading of 14.6 in October.