Mid-Day Market Update: TriState Capital Jumps Following Q1 Results; Cyclacel Pharmaceuticals Shares Plunge

Midway through trading Tuesday, the Dow traded down 2.88% to 22968.65 while the NASDAQ fell 3.94% to 8223.52. The S&P also fell, dropping 3.30% to 2730.00.

The U.S. is the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. U.S. reported a total of 787,960 coronavirus cases with around 42,360 deaths. Spain confirmed a total of over 204,170 coronavirus cases with 21,280 deaths, while Italy reported a total of at least 181,220 confirmed cases and 24,110 deaths. In total, there were at least 2,494,910 cases of COVID-19 worldwide with over 171,240 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares fell by just 1.9% on Tuesday. Meanwhile, top gainers in the sector included Gulfport Energy Corporation GPOR, up 43%, and NextDecade Corporation NEXT, up 13%.

In trading on Tuesday, information technology shares tumbled 4.4%.

Top Headline

Coca-Cola Co KO reported better-than-expected earnings for its first quarter.

Coca-Cola posted quarterly earnings of $0.51 per share, beating analysts’ estimates of $0.44 per share. Its sales came in at $8.6 billion, versus expectations of $8.28 billion.

Equities Trading UP

The Peck Company Holdings, Inc. PECK shares shot up 82% to $4.8715.

Shares of Vaxart, Inc. VXRT got a boost, shooting 26% to $2.98 after the company reported pre-clinical data for its oral coronavirus vaccine program.

TriState Capital Holdings, Inc. TSC shares were also up, gaining 30% to $13.46 after the company disclosed upbeat Q1 results.

Equities Trading DOWN

Cyclacel Pharmaceuticals, Inc. CYCC shares tumbled 51% to $4.24 after the company reported the pricing of $20 million public offering. Cyclacel Pharmaceuticals jumped 35% on Monday following the announcement of a partnership to study two of its drugs to treat complications arising from COVID-19.

Shares of Summit Wireless Technologies, Inc. WISA were down 43% to $2.3850. Summit Wireless priced its 2 million share offering at $3.26 per share.

Nabors Industries Ltd. NBR was down, falling 19% to $0.2211. Nabors reported a 1-for-50 reverse stock split.

Commodities


In commodity news, oil traded up 113% to $5.00, while gold traded down 0.8% to $1,697.80.

Silver traded down 4.9% Tuesday to $14.845, while copper fell 3.8% to $2.231.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 3.15%, the Spanish Ibex Index fell 2.59%, while Italy’s FTSE MIB Index fell 3.03%. Meanwhile, the German DAX dropped 3.75%, and the French CAC 40 fell 3.52% while UK shares fell 2.85%.

Economics

Sales of existing houses in the US dropped 8.5% to an annual rate of 5.27 million units in March.