Mid-afternoon market update: Nasdaq surges over 100 points, Cortexyme shares plunge


Toward the end of trading Wednesday, the Dow traded down 0.23% to 35,674.01 while the NASDAQ rose 0.81% to 15,358.79. The S&P also rose, gaining 0.14% to 4,581.2.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 46,497,710 cases with around 759,930 deaths. India confirmed a total of at least 34,215,650 cases and 455,680 deaths, while Brazil reported over 21,748,980 COVID-19 cases with 606,290 deaths. In total, there were at least 245,403,800 cases of COVID-19 worldwide with more than 4,981,390 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares gained by 2% on Wednesday. Meanwhile, top gainers in the sector included Urban One, Inc. UONE +7.93% (Get Free Alerts for UONE), up 8% and Ooma, Inc. OOMA +11.3% (Get Free Alerts for OOMA) up 10%.

In trading on Wednesday, energy shares fell 2.2%.

Top Headline

The Coca-Cola Company KO +1.91% reported better-than-expected results for its third quarter.

Coca-Cola reported quarterly adjusted earnings of $0.65 per share, exceeding analysts’ estimates of $0.58 per share. The company’s sales came in at $10.00 billion, versus expectations of $9.75 billion.

Equities Trading UP

AgriFORCE Growing Systems, Ltd. AGRI +46.76% shares shot up 97% to $4.26 after the company reported it entered into a binding letter of intent to acquire a leading AgTech European consultancy for roughly $29 million.

Shares of Enphase Energy, Inc. ENPH +24.65% got a boost, shooting 29% to $224.18 after the company reported better-than-expected Q3 results and issued Q4 sales guidance above estimates.

Silicon Laboratories Inc. SLAB +18.86% shares were also up, gaining 19% to $185.05 after the company reported better-than-expected Q3 results and issued Q4 adjusted EPS guidance above estimates.

Equities Trading DOWN

Cortexyme, Inc. CRTX -76.58% shares tumbled 75% to $14.42 after the company shared an update. Cortexyme reported Phase 2/3 GAIN trial data for its Alzheimer’s disease trial. The company stated co-primary endpoints were not met for ADAS-Cog11 and ADCS-ADL in the overall population. Subgroups saw a 50% slowing level for infection for ADAS-Cog11.

Shares of Angion Biomedica Corp. ANGN -55.58% were down 55% to $3.92. After flopping a test in COVID-19 earlier this year, Angion Biomedica’s lead candidate drug has hit a setback again, this time in kidney transplant patients. Angion and partner Vifor Pharma's ANG-3777 failed to beat placebo in terms of improving eGFR, a measure of kidney function, in patients who received a deceased donor kidney transplant and were at high risk of developing delayed graft function.

DBV Technologies S.A. DBVT -28.71% was down, falling 27% to $3.6636 after the company reported a loss for the third quarter.

Commodities

In commodity news, oil traded down 2.4% to $82.63, while gold traded up 0.3% to $1,798.40.

Silver traded up 0.4% Wednesday to $24.185 while copper fell 2.1% to $4.3925.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.36%, the Spanish Ibex Index fell 0.33% and the German DAX 30 declined 0.33%. Meanwhile, the London’s FTSE 100 fell 0.33%, French CAC 40 fell 0.19% and Italy’s FTSE MIB declined 0.61%.

Loans to households in the Eurozone climbed 4.1% year-over-year in September. Industrial producer prices in the France’s domestic market rose 1.7% from a month ago in September, while consumer confidence declined to 99 in October from a revised level of 101 in September.

Import prices in Germany rose 17.7% year-over-year in September, while GfK consumer climate indicator rose to 0.9 heading into November.

Economics

US durable goods orders fell 0.4% for September.

The US goods trade deficit widened to $96.25 billion in September.

US wholesale inventories increased 1.1% to $739.5 billion for September.

US crude oil inventories climbed 4.267 million barrels in the week ending October 22, following a 0.431 million drop in the prior period, the Energy Information Administration said.

Benzinga does not provide investment advice. All rights reserved.

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