Mid-Morning Market Update: Markets Mixed; Perion Network Boosts FY21 Outlook

Following the market opening Monday, the Dow traded down 0.30% to 34,329.01 while the NASDAQ rose 0.60% to 14,446.74. The S&P also rose, gaining 0.04% to 4,282.58.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,625,390 cases with around 603,960 deaths. India confirmed a total of at least 30,279,330 cases and 396,730 deaths, while Brazil reported over 18,420,590 COVID-19 cases with 513,470 deaths. In total, there were at least 181,167,050 cases of COVID-19 worldwide with more than 3,924,860 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares jumped by 1% on Monday. Meanwhile, top gainers in the sector included QAD Inc. QADB, up 78%, and JinkoSolar Holding Co., Ltd. JKS, up 10%.

In trading on Monday, energy shares fell 2.8%.

Top Headline

Perion Network Ltd PERI reported preliminary second-quarter FY21 revenue growth of 74% year-on-year to $105 million, exceeding the consensus of $95.86 million.

Perion Network raised the FY21 revenue guidance from the previous $390 million - $410 million to $410 million- $430 million. The Adjusted EBITDA outlook increased from $39 million - $41 million to $49 million $51 million.

Equities Trading UP

Intellia Therapeutics, Inc. NTLA shares shot up 45% to $128.87 after the company announced positive clinical data for its CRISPR therapy.

Shares of Marin Software Incorporated MRIN got a boost, shooting 36% to $5.19. Marin Software, last week, announced it has added the ability to manage Instacart Ads to its flagship MarinOne platform.

New Senior Investment Group Inc. SNR shares were also up, gaining 25% to $8.67. Ventas announced plans to acquire New Senior Investment Group in a transaction valued at $2.3 billion.

Check out these big movers of the day

Equities Trading DOWN

CEL-SCI Corporation CVM shares tumbled 28% to $18.00. CEL-SCI announced results from its Phase 3 study for its immunotherapy Multikine for advanced previously untreated squamous cell carcinoma of the head and neck (SCCHN).

Shares of Kiromic BioPharma, Inc. KRBP were down 22% to $7.84. Kiromic Biopharma announced the company will be presenting at 2021 Next-Gen Immuno Oncology Congress showcasing its proprietary AI targets for off-the-shelf allogenic CAR-T for solid tumors.

Acurx Pharmaceuticals, Inc. ACXP was down, falling 19% to $6.41. Acurx Pharmaceuticals shares climbed over 31% on Friday after the company priced its IPO at $6 per share.

Commodities

In commodity news, oil traded down 0.4% to $73.77, while gold traded down 0.1% to $1,775.30.

Silver traded down 0.1% Monday to $26.115 while copper fell 0.3% to $4.2790.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 slipped 0.1%, the Spanish Ibex Index fell 1.2% and the German DAX 30 rose 0.2%. Meanwhile, the London’s FTSE 100 fell 0.4%, French CAC 40 dropped 0.3% and Italy’s FTSE MIB declined 0.4%.

Import prices in Germany increased 11.8% year-over-year in May versus a 10.3% surge in the earlier month .

Economics

The Dallas Fed manufacturing index for June is scheduled for release at 10:30 a.m. ET. After a strong 34.9 reading in May, analysts expect the index retreating to 32.5 in June.

Philadelphia Fed President Patrick Harker will speak at 11:00 a.m. ET.

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

Fed Vice Chairman for Supervision Randal Quarles is set to speak at 1:10 p.m. ET.

Check out the full economic calendar here