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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarketsEnergyMid-Day Market UpdateOil & Gas Drilling
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!