Mid-Day Market Update: Coupa Software Drops After Q1 Results; NextDecade Shares Jump

Midway through trading Tuesday, the Dow traded down 0.09% to 34,598.11 while the NASDAQ rose 0.09% to 13,894.14. The S&P also fell, dropping 0.09% to 4,222.88.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,378,760 cases with around 597,980 deaths. India confirmed a total of at least 28,996,470 cases and 351,300 deaths, while Brazil reported over 16,984,210 COVID-19 cases with 474,400 deaths. In total, there were at least 173,668,200 cases of COVID-19 worldwide with more than 3,738,410 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 0.9% on Tuesday. Meanwhile, top gainers in the sector included NextDecade Corporation NEXT, up 69%, and Smart Sand, Inc. SND, up 7%.

In trading on Tuesday, utilities shares fell 1.1%.

Top Headline

Thor Industries, Inc. THO reported better-than-expected results for its third quarter.

Thor Industries reported quarterly earnings of $3.29 per share, beating analysts’ estimates of $2.34 per share. The company’s quarterly sales came in at $3.46 billion, versus expectations of $3.01 billion.

 

Equities Trading UP

NextDecade Corporation NEXT shares shot up 68% to $5.85 after Evercore ISI upgraded the stock from In-Line to Outperform and raised its price target from $3 to $9.

Shares of Clover Health Investments, Corp. CLOV got a boost, shooting 64% to $19.60 amid increased retail investor interest in the stock.

Velodyne Lidar, Inc. VLDR shares were also up, gaining 19% to $12.10 after it was announced the company will join the Russell 2000.

Check out these big movers of the day

Equities Trading DOWN

HOOKIPA Pharma Inc. HOOK shares tumbled 16% to $11.19. HOOKIPA Pharma reported positive Phase 1 data from its ongoing Phase 1/2 study of HB-200 for the treatment of advanced human papillomavirus 16-positive cancers.

Shares of Coupa Software Incorporated COUP were down 7% to $220.69 after the company reported Q1 earnings results and issued guidance.

Aclaris Therapeutics, Inc. ACRS was down, falling 11% to $19.93. Aclaris Therapeutics announced preliminary topline results from its Phase 2a trial evaluating ATI-1777 for moderate to severe atopic dermatitis (AD).

Commodities

In commodity news, oil traded up 0.6% to $69.65, while gold traded down 0.2% to $1,896.00.

Silver traded down 0.5% Tuesday to $27.885 while copper fell 0.2% to $4.5175.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.24%, the Spanish Ibex Index fell 0.04% and the German DAX 30 slipped 0.08%. Meanwhile, the London’s FTSE 100 gained 0.5%, French CAC 40 rose 0.36% and Italy’s FTSE MIB rose 0.11%.

French current account deficit shrank to EUR 1.4 billion in April versus a revised EUR 2.7 billion a month ago, while trade deficit increased to EUR 6.24 billion from a revised EUR 6.14 billion. Industrial production in Germany fell 1% in April.

Economics

The NFIB small business optimism index fell slightly to 99.6 in May.

The US trade gap shrank to $68.9 billion in April versus a record high $75 billion gap a month ago. Imports to the US fell $3.8 billion to $273.9 billion in April, while exports rose by $2.3 billion to $205.0 billion.

The Johnson Redbook Retail Sales Index jumped 14.5% year-over-year during the week ended June 5.

The number of job openings increased around 1.0 million from the prior month to a fresh record high of 9.286 million in April.

The Treasury is set to auction 3-year notes at 1:00 p.m. ET.

Check out the full economic calendar here