Mid-Morning Market Update: Markets Mixed; DISH Network Profit Beats Estimates

Following the market opening Monday, the Dow traded down 0.19% to 35,141.90 while the NASDAQ rose 0.10% to 14,850.40. The S&P also fell, dropping 0.07% to 4,433.63.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 35,765,100 cases with around 616,820 deaths. India confirmed a total of at least 31,969,950 cases and 428,300 deaths, while Brazil reported over 20,165,670 COVID-19 cases with 563,150 deaths. In total, there were at least 202,803,140 cases of COVID-19 worldwide with more than 4,296,910 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares rose 0.5% on Monday. Meanwhile, top gainers in the sector included BioNTech SE BNTX, up 9% and Oramed Pharmaceuticals Inc. ORMP up 9%.

In trading on Monday, energy shares fell 1.8%.

Top Headline

DISH Network Corporation DISH reported better-than-expected results for its second quarter on Monday.

DISH Network reported quarterly earnings of $1.06 per share, exceeding market estimates of $0.88 per share. The company’s quarterly sales came in at $4.49 billion, versus analysts’ expectations of $4.43 billion.

 

Equities Trading UP

Golden Nugget Online Gaming, Inc. GNOG shares shot up 47% to $18.09 after the company and DraftKings announced they entered into a definitive agreement for DraftKings to acquire Golden Nugget Online Gaming in an all-stock transaction valued at $1.56 billion.

Shares of SCWorx Corp. WORX got a boost, shooting 43% to $4.5900 after surging over 26% on Friday.

Select Interior Concepts, Inc. SIC shares were also up, gaining 30% to $14.26 after the company announced it will be acquired by an affiliate of Sun Capital Partners for $411 million.

Check out these big movers of the day

Equities Trading DOWN

Axsome Therapeutics, Inc. AXSM shares tumbled 42% to $29.91 after the company said it received a letter from the FDA regarding the NDA for AXS-05 that stated the FDA "identified deficiencies that preclude labeling discussions at this time." The company also released Q2 results.

Shares of Aterian, Inc. ATER were down 39% to $5.03 after the company reported worse-than-expected Q2 results.

BioVie Inc. BIVI was down, falling 36% to $8.23 after the company priced its underwritten public offering of 2.5 million shares at $8.00 per share for gross proceeds of $20 million.

Commodities

In commodity news, oil traded down 3.9% to $65.62, while gold traded down 0.9% to $1,747.00.

Silver traded down 1.4% Monday to $23.995 while copper fell 1.4% to $4.2895.

Euro zone

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

Germany's trade surplus increased to EUR 16.3 billion in June from EUR 15.4 billion in the year-ago period, while current account surplus widened to EUR 22.5 billion from EUR 20.3 billion.

Economics

The number of job openings increased by 590,000 to 10.073 million in June.

Federal Reserve Bank of Richmond President Thomas Barkin will speak at 11:30 a.m. ET.

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

The Investor Movement Index for July will be released at 12:30 p.m. ET.

Check out the full economic calendar here