Mid-afternoon market update: Dow surges over 250 points; Lannett (LCI Stock) shares plummet

Toward the end of trading Thursday, the Dow traded up 0.87% to 30,990.49 while the NASDAQ rose 0.96% to 13,740.78. The S&P also rose, gaining 0.85% to 3,862.75.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 26,559,010 cases with around 450,820 deaths. India confirmed a total of at least 10,790,180 confirmed cases and 154,700 deaths, while Brazil reported over 9,339,420 COVID-19 cases with 227,560 deaths. In total, there were at least 104,484,970 cases of COVID-19 worldwide with over 2,271,230 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares rose 1.9% on Thursday. Meanwhile, top gainers in the sector included UP Fintech Holding Limited TIGR 13.27%, up 12%, and Genworth Financial, Inc. GNW 10.77%, up 11%.

In trading on Thursday, materials shares fell by 0.4%.

Top Headline

Bristol-Myers Squibb Co BMY 1% reported better-than-expected results for its fourth quarter and raised its full-year earnings forecast.

Bristol Myers reported quarterly earnings of $1.46 per share, beating analysts’ expectations of $1.41 per share. The company posted revenue of $11.10 billion, versus estimates of $10.73 billion.

Bristol Myers raised FY21 adjusted earnings guidance from $7.15-$7.45 per share to $7.35-$7.55 per share.

Equities Trading UP

Canada Goose Holdings Inc. GOOS 20.55% shares shot up 21% to $42.67 after the company reported Q3 earnings results.

Shares of Annovis Bio, Inc. ANVS 18.56% got a boost, shooting 17% to $21.25 after the company announced the European Patent Office granted the Company's patent for a method of treating acute nerve and brain injuries by administering ANVS405 after the injury.

Lizhi Inc. LIZI 74.71% shares were also up, gaining 75% to $14.84 after the company announced a cooperation agreement with Pop Mart to become the first branded podcast on LIZHI Podcast.

Check out these big movers of the day

Equities Trading DOWN

Tyme Technologies, Inc. TYME 35.55% shares tumbled 35% to $2.29 after the company announced Q3 earnings results and issued a business update.

Shares of Lannett Company, Inc. LCI 17.62% were down 17% to $6.22 after the company reported financial results for the second quarter and cut FY21 sales guidance.

GameStop Corp. GME 36.11% was down, falling 38% to $57.68 as the stock continues to sell off following last week's retail-driven surge.

Commodities

In commodity news, oil traded up 1% to $56.24, while gold traded down 2.2% to $1,794.90.

Silver traded down 1.8% Thursday to $26.40 while copper fell 0.5% to $3.5475.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.56%, the Spanish Ibex Index rose 1.37% and the German DAX 30 gained 0.91%. Meanwhile, the French CAC 40 gained 0.82%, London’s FTSE 100 slipped 0.06% and Italy’s FTSE MIB surged 1.65%.

Eurozone's retail trade increased 2.0% in December following a revised 5.7% decline in November, while construction PMI slipped to 44.1 in January from 45.5 in December. UK construction PMI declined to 49.2 in January from 54.6 in the earlier month, while new car registrations dipped 39.5% year-over-year to 90,249 units in January.

Economics

US initial jobless claims dropped to 779,000 in the week ended January 30th, versus a revised figure of 812,000 in the previous week.

Nonfarm labor productivity dropped by an annualized 4.8% in the last quarter, while unit labor costs surged an annualized 6.8%.

US factory orders rose 1.1% for December.

US natural-gas supplies dropped 192 billion cubic feet last week, the Energy Information Administration reported.

Data on money supply for the recent week will be released at 4:30 p.m. ET.