Mid-Morning Market Update: Markets Rise; Lennox Beats Q1 Views

Following the market opening Monday, the Dow traded up 0.22% to 34,117.37 while the NASDAQ rose 0.37% to 14,068.08. The S&P also rose, gaining 0.31% to 4,193.15.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,077,470 cases with around 572,200 deaths. India confirmed a total of at least 17,313,160 cases and 195,120 deaths, while Brazil reported over 14,340,780 COVID-19 cases with 390,790 deaths. In total, there were at least 147,238,540 cases of COVID-19 worldwide with more than 3,110,510 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed by 1.3% on Monday. Meanwhile, top gainers in the sector included Jiayin Group Inc. JFIN, up 29%, and Atlantic Capital Bancshares, Inc. ACBI, up 7%.

In trading on Monday, consumer staples shares fell 0.9%.

Top Headline

Lennox International Inc. LII reported stronger-than-expected results for its first quarter.

Lennox reported quarterly earnings of $2.27 per share, beating analysts’ estimates of $1.31 per share. The company’s quarterly sales came in at $931.00 million, versus expectations of $790.95 million.

Lennox International raised FY21 adjusted EPS guidance from $10.55-$11.15 to $11.40-$12.00.
The company also raised sales growth guidance from 4-8% to 7-11%.

Equities Trading UP

Proofpoint, Inc. PFPT shares shot up 32% to $173.53. Private equity investment firm Thoma Bravo Advantage inked an agreement to acquire cybersecurity and compliance company Proofpoint in an all-cash transaction valuing Proofpoint at $12.3 billion.

Shares of Reviva Pharmaceuticals Holdings, Inc. RVPH got a boost, shooting 50% to $6.38 after the company announced the full details of its Phase 2 trial evaluating its lead drug candidate, RP5063 (brilaroxazine), for Acute Schizophrenia. Brilaroxazine demonstrated high affinity and selectivity for key serotonin receptors (5-HT1A/2A/2B/7) through its combination of potent affinity and selectivity for target receptors implicated for schizophrenia and its comorbid symptoms.

Casper Sleep Inc. CSPR shares were also up, gaining 26% to $8.85 after Wedbush upgraded the stock from Neutral to Outperform and raised its price target from $10 to $10.50per share.

Check out these big movers of the day

Equities Trading DOWN

Sypris Solutions, Inc. SYPR shares tumbled 15% to $3.785 after jumping 59% on Friday.

Shares of Uxin Limited UXIN were down 14% to $1.8599. The company, last week, announced it entered a partnership with JD.com to "launch a self-operated online store for used car transactions through JD's platform."

Fortuna Silver Mines Inc. FSM was down, falling 13% to $6.71. Fortuna Silver Mines and Roxgold entered into a merger agreement.

Commodities

In commodity news, oil traded down 1.4% to $61.27, while gold traded up 0.1% to $1,779.40.

Silver traded up 0.1% Monday to $26.19 while copper rose 1.9% to $4.4160.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index rose 0.5% and the German DAX 30 dropped 0.3%. Meanwhile, the French CAC 40 fell 0.1% London’s FTSE 100 fell 0.1% and Italy’s FTSE MIB gained 0.1%.

German Ifo Business Climate indicator increased slightly to 96.8 in April from the previous month's level of 96.6. Spain's producer price inflation increased to 6.3% year-over-year in March.

Economics

US durable goods orders rose 0.5% for March.

The Dallas Fed manufacturing index for April is scheduled for release at 10:30 a.m. ET.

The Treasury is set to auction 6-month bills and 2-year notes at 11:30 a.m. ET.

The Treasury will auction 3-month bills and 5-year notes at 1:00 p.m. ET.

Check out the full economic calendar here