Mid-Morning Market Update: Markets Open Lower; Pfizer Raises FY21 Outlook

Following the market opening Tuesday, the Dow traded down 0.58% to 33,914.95 while the NASDAQ fell 1.94% to 13,625.24. The S&P also fell, dropping 0.95% to 4,152.79.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,472,120 cases with around 577,560 deaths. India confirmed a total of at least 20,282,830 cases and 222,400 deaths, while Brazil reported over 14,779,520 COVID-19 cases with 408,620 deaths. In total, there were at least 153,594,320 cases of COVID-19 worldwide with more than 3,214,790 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares rose by 0.02% on Tuesday. Meanwhile, top gainers in the sector included Colliers International Group Inc. CIGI, up 8%, and National Retail Properties, Inc. NNN, up 4%.

In trading on Tuesday, information technology shares fell 2%.

Top Headline

Pfizer Inc. PFE reported stronger-than-expected results for its first quarter and boosted its FY21 forecast.

Pfizer reported quarterly earnings of $0.93 per share, beating analysts’ estimates of $0.78 per share. The company’s quarterly sales came in at $14.60 billion, versus expectations of $13.60 billion.

Pfizer raised FY21 adjusted EPS guidance from 3.10-$3.20 to $3.55-$3.65. The company also raised sales guidance from $59.4 billion-$61.4 billion to $70.5 billion-$72.5 billion.

Equities Trading UP

BioLineRx Ltd. BLRX shares shot up 57% to $5.02 after the company announced positive top-line results from the GENESIS Phase 3 trial evaluating its lead clinical candidate, Motixafortide, in combination with granulocyte colony stimulating factor, the standard-of-care, for hematopoietic stem-cell mobilization for autologous bone marrow transplantation in multiple myeloma patients.

Shares of Precipio, Inc. PRPO got a boost, shooting 43% to $7.11. Precipio shares surged 172% on Monday after the company successfully launched its COVID-19 rapid antibody test that tests for both IgG & IgM antibodies.

Shineco, Inc. TYHT shares were also up, gaining 36% to $16.30 after the company proposed to acquire 51% equity interests in Mayah Biological Holdings Limited.

Check out these big movers of the day

Equities Trading DOWN

Sequential Brands Group, Inc. SQBG shares tumbled 37% to $17.32. Sequential Brands Group’s 8-K showed the resignation of Chair William Sweedler.

Shares of ChemoCentryx, Inc. CCXI were down 38% to $30.26. ChemoCentryx, last week, reported a Q1 loss of $0.43 per share.

Image Sensing Systems, Inc. ISNS was down, falling 31% to $7.76 following Q1 results. The company reported a decline in quarterly sales.

Commodities

In commodity news, oil traded up 1.8% to $65.63, while gold traded down 0.5% to $1,782.50.

Silver traded down 0.3% Tuesday to $26.87 while copper fell 0.1% to $4.5240.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index rose 1% and the German DAX 30 dropped 0.4%. Meanwhile, the London’s FTSE 100 gained 0.6%, French CAC 40 rose 0.5% and Italy’s FTSE MIB rose 0.1%.

The IHS Markit/CIPS UK manufacturing PMI was revised higher to 60.9 in April from a preliminary reading of 60.7, while consumer credit in the UK fell by GBP 0.5 billion in March. French government budget deficit increased to EUR 60.1 billion in the first quarter from EUR 52.5 billion in the year-ago period.

Economics

US trade deficit increased to $74.4 billion in March from a revised $70.5 billion gap in the earlier month. Exports surged 6.6%, while imports to the US climbed 6.3%.

The IBD/TIPP Economic Optimism Index fell by 3.5% to 54.4 in May.

US factory orders rose 1.1% in March following a revised 0.5% decline in February.

Check out the full economic calendar here