Mid-day market update: Crude oil rises 2%; Eastman Kodak shares plummet

Midway through trading Monday, the Dow traded up 1.07% to 27728.03 while the NASDAQ fell 0.65% to 10938.99. The S&P also rose, gaining 0.13% to 3,355.63.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 5,045,560 cases with around 162,930 deaths. Brazil confirmed a total of over 3,035,420 COVID-19 cases with 101,040 deaths, while India reported a total of at least 2,215,070 confirmed cases and 44,380 deaths. In total, there were at least 19,876,300 cases of COVID-19 worldwide with over 731,570 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained 2.1% on Monday. Meanwhile, top gainers in the sector included Penn Virginia Corporation PVAC 13.69%, up 14%, and Centrus Energy Corp. LEU 11.48%, up 12%.

In trading on Monday, information technology shares fell by 0.7%.

Top Headline

Marriott International Inc MAR 3.71% reported a wider-than-expected loss for its second quarter, while sales missed views.

Marriott International posted a Q2 loss of $0.64 per share, wider than analysts’ estimates for a loss of $0.42 per share. The company reported quarterly sales of $1.46 billion, missing expectations of $1.68 billion.

Equities Trading UP

Seres Therapeutics, Inc. MCRB 353.23% shares shot up 351% to $20.91 after the company announced the results from its SER-109 Phase 3 ECOSPOR III study in recurrent C. difficile infection met the primary endpoint.

Shares of Omeros Corporation OMER 44.9% got a boost, shooting 45% to $20.55 after the biopharma announced results from a compassionate use study of its lead investigational human monoclonal antibody. Omeros said its narsoplimab, when administered to six COVID-19 patients with Acute Respiratory Distress Syndromewho initially required mechanical ventilation, led to recovery, survival and discharge from the hospital.

Trevena, Inc. TRVN 30.25% shares were also up, gaining 30% to $3.09 after the company disclosed that the FDA has approved its OLINVYK injection.

Equities Trading DOWN

Eastman Kodak Company KODK 25.07% shares tumbled 29% to $10.50. The federal government is halting a $765 million loan to Eastman Kodak for its generic drug-making foray until the company is cleared of insider trading allegations.

Shares of Reata Pharmaceuticals, Inc. RETA 32.31% were down 33% to $104.30 following Q2 results. Reata Pharmaceuticals posted a Q2 loss of $1.23 per share on revenue of $3.07 million.

Navidea Biopharmaceuticals, Inc. NAVB 28.7% was down, falling 29% to $3.40 after the company signed binding framework for commercialization partnership with Jubilant Radiopharma. The company also secured $25 million of committed financing.

Commodities

In commodity news, oil traded up 2% to $42.04, while gold traded up 0.8% to $2,044.70.

Silver traded up 5.2% Monday to $28.965, while copper rose 2.5% to $2.863.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.29%, the Spanish Ibex Index rose 1.4%, while Italy’s FTSE MIB Index gained 0.47%. Meanwhile, the German DAX 30 gained 0.04%, French CAC 40 rose 0.32% and UK shares rose 0.31%.