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Mid-Afternoon Market Update: NASDAQ Rises Over 100 Points; Amneal Pharmaceuticals Shares Surge On Upbeat Results

Toward the end of trading Monday, the Dow traded down 0.11% to 24305.58 while the NASDAQ rose 1.17% to 9228. The S&P also rose, gaining 0.27% to 2,937.69.

Benzinga · 05/11/2020 19:02

Toward the end of trading Monday, the Dow traded down 0.11% to 24305.58 while the NASDAQ rose 1.17% to 9228. The S&P also rose, gaining 0.27% to 2,937.69.

The U.S. is the new epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 1,329,790 coronavirus cases with around 79,520 deaths. Spain confirmed a total of over 224,350 coronavirus cases with 26,621 deaths, while Russia reported a total of at least 221,340 confirmed cases and 2,009 deaths. In total, there were at least 4,122,170 cases of COVID-19 worldwide with over 283,000 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares climbed by 1.5% on Monday. Meanwhile, top gainers in the sector included MyoKardia, Inc. (NASDAQ: MYOK), up 64%, and Cytokinetics, Incorporated (NASDAQ: CYTK), up 34%.

In trading on Monday, materials shares fell 1.5%.

Top Headline

Cardinal Health, Inc. (NYSE: CAH) reported stronger-than-expected results for its third quarter on Monday.

Cardinal Health posted Q3 adjusted earnings of $1.62 per share, beating analysts’ estimates of $1.43 per share. The company’s sales came in at $39.20 billion, exceeding the consensus view of $36.95 billion.

Equities Trading UP

Cellect Biotechnology Ltd. (NASDAQ: APOP) shares shot up 74% to $4.13 after the company highlighted the publication of an article in the Bone Marrow Transplantation journal. The company noted it has initiated a study in adults undergoing stem cell transplant.

Shares of MyoKardia, Inc. (NASDAQ: MYOK) got a boost, shooting 64% to $100.01 after the company announced the primary and secondary endpoints for its Phase 3 EXPLORER clinical trials of Mavacamten were met.

Amneal Pharmaceuticals, Inc. (NYSE: AMRX) shares were also up, gaining 28% to $4.548 after the company reported upbeat Q1 results and reaffirmed FY20 guidance.

Equities Trading DOWN

Recro Pharma, Inc. (NASDAQ: REPH) shares tumbled 40% to $5.05 after the company reported worse-than-expected Q1 results.

Shares of ArcelorMittal (NYSE: MT) were down 18% to $9.40 after the company reported a proposed common stock and mandatorily convertible subordinated notes offerings for $2 billion in total.

Scorpio Bulkers Inc. (NYSE: SALT) was down, falling 15% to $17.10 after the company reported Q1 results.

Commodities

In commodity news, oil traded down 2.3% to $24.17, while gold traded down 1% to $1,697.60.

Silver traded down 0.8% Monday to $15.65, while copper fell 1.1% to $2.381.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 slipped 0.4%, the Spanish Ibex Index fell 1.63%, while Italy’s FTSE MIB Index fell 0.33%. Meanwhile, the German DAX dropped 0.73%, and the French CAC 40 fell 1.31% while UK shares rose 0.06%.

Economics

On the economics calendar Monday, there is no important data due out.