Mid-Morning Market Update: Markets Mostly Lower; G-III Apparel Earnings Top Views

Following the market opening Monday, the Dow traded down 0.11% to 34,718.80 while the NASDAQ rose 0.01% to 13,814.85. The S&P also fell, dropping 0.14% to 4,223.86.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,363,340 cases with around 597,630 deaths. India confirmed a total of at least 28,909,970 cases and 349,180 deaths, while Brazil reported over 16,947,060 COVID-19 cases with 473,400 deaths. In total, there were at least 173,337,740 cases of COVID-19 worldwide with more than 3,730,060 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares climbed 0.6% on Monday. Meanwhile, top gainers in the sector included QTS Realty Trust, Inc. QTS, up 21%, and CyrusOne Inc. CONE, up 6%.

In trading on Monday, materials shares fell 0.6%.

Top Headline

G-III Apparel Group, Ltd. GIII reported better-than-expected results for its first quarter.

G-III Apparel reported quarterly earnings of $0.53 per share, beating analysts’ estimates of $0.15 per share. The company’s quarterly sales came in at $519.90 million, versus expectations of $462.03 million.

G-III Apparel said it expects Q2 earnings of $0.03 to $0.13 per share on sales of $470 million. The company also sees FY22 adjusted earnings of $2.60 to $2.78 per share on sales of $2.53 billion.

 

Equities Trading UP

Ra Medical Systems, Inc. RMED shares shot up 74% to $8.51 on abnormally-high session volume.

Shares of EXFO Inc. EXFO got a boost, shooting 61% to $5.95 after the company announced a going-private transaction by its found and majority shareholder, Germain Lamonde.

Liminal BioSciences Inc. LMNL shares were also up, gaining 41% to $5.67. Liminal BioSciences reported the FDA approval for its Biologics License Application for Ryplazim.

Check out these big movers of the day

Equities Trading DOWN

MoSys, Inc. MOSY shares tumbled 19% to $7.37 after the company announced a $13 million registered direct offering priced at $7.15.

Shares of TAL Education Group TAL were down 15% to $25.50 after dropping 10% on Friday.

Fuel Tech, Inc. FTEK was down, falling 14% to $2.5299 after surging over 36% on Friday. The company, last month, reported quarterly results.

Commodities

In commodity news, oil traded down 0.5% to $69.26, while gold traded down 0.2% to $1,887.40.

Silver traded down 0.7% Monday to $27.69 while copper fell 1% to $4.4835.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.2%, the Spanish Ibex Index rose 0.2% and the German DAX 30 gained 0.2%. Meanwhile, the London’s FTSE 100 gained 0.3%, French CAC 40 rose 0.3% and Italy’s FTSE MIB gained 0.8%.

The IHS Markit Eurozone construction PMI rose to 50.3 in May from 50.1 in April. The IHS Markit/CIPS UK construction PMI climbed to 64.2 in May, while new car registrations surged to 156,737 units in May.

French construction PMI increased to 51.1 in May from 49.8 in the earlier month, while German construction PMI slipped to 44.5 from 46.2.

Economics

 

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Investor Movement Index for May is scheduled for release at 12:30 p.m. ET.

Data on consumer credit for April will be released at 3:00 p.m. ET. Analysts expect consumer rising $20.0 billion in April following March's $25.8 billion increase.

Check out the full economic calendar here