Mid-Morning Market Update: Markets Open Higher; RPM International Earnings Top Views

Following the market opening Wednesday, the Dow traded up 1.34% to 30,797.88 while the NASDAQ rose 0.02% to 12,820.97. The S&P also rose, gaining 0.81% to 3,757.23.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 21,051,000 cases with around 357,380 deaths. India confirmed a total of at least 10,374,930 confirmed cases and 150,110 deaths, while Brazil reported over 7,810,400 COVID-19 cases with 197,730 deaths. In total, there were at least 86,510,930 cases of COVID-19 worldwide with over 1,870,850 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares gained by 3.8% on Wednesday. Meanwhile, top gainers in the sector included OFG Bancorp OFG, up 9%, and Hanmi Financial Corporation HAFC, up 10%.

In trading on Wednesday, real estate shares fell 0.8%.

Top Headline

RPM International Inc. RPM reported better-than-expected earnings for its second quarter.

RPM International posted quarterly adjusted earnings of $1.06 per share, exceeding analysts’ estimates of $1.00 per share. The company posted quarterly sales of $1.49 billion, versus expectations of $1.45 billion.

 

Equities Trading UP

TAT Technologies Ltd. TATT shares shot up 51% to $7.72 after the company’s fully owned subsidiary, TAT Piedmont Aviation, signed a new strategic contract with Honeywell.

Shares of Orchard Therapeutics plc ORTX got a boost, shooting 45% to $7.05 after gaining over 10% on Tuesday. Orchard Therapeutics, last month, received the EC approval for Libmeldy™ for the treatment of early-onset metachromatic leukodystrophy.

The9 Limited NCTY shares were also up, gaining 33% to $11.35. The9, on Monday, signed a legally binding cooperation and investment term sheet with several cryptocurrencies mining investors led by Jianping Kong to start the cryptocurrencies business.

Equities Trading DOWN

IMARA Inc. IMRA shares tumbled 37% to $15.00 after the company reported Phase 2a clinical trial results of IMR-687 in adult patients with sickle cell disease.

Shares of Mexco Energy Corporation MXC were down 29% to $7.45 after climbing over 85% on Tuesday.

Second Sight Medical Products, Inc. EYES was down, falling 24% to $1.69. Pixium Vision and Second Sight Medical Products reported an agreement to merge in an all-stock transaction.

Commodities

In commodity news, oil traded up 0.6% to $50.22, while gold traded down 0.1% to $1,953.80.

Silver traded up 1% Wednesday to $27.925 while copper rose 1.5% to $3.6930.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.8%, the Spanish Ibex Index rose 1.6% and the German DAX 30 gained 0.8%. Meanwhile, the French CAC 40 gained 0.7%, London’s FTSE 100 climbed 2.3% and Italy’s FTSE MIB climbed 1.2%.

Eurozone composite PMI increased to 49.1 in December from November's reading of 45.3. German December composite PMI rose to 52, while services PMI increased to 47. French consumer price index rose 0.2% month-over-month, while Spanish services PMI climbed to 48.

Economics

Private payrolls declined by 123,000 in December, versus a 307,000 gain in November, the ADP reported.

The IHS Markit services PMI declined to 54.8 in December versus November's reading of 58.4.

US factory orders rose 1% for November.

The Energy Information Administration’s weekly report on petroleum inventories is scheduled for release at 10:30 a.m. ET.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.