Mid-Afternoon Market Update: R. R. Donnelley & Sons Surges Following Buyout Offer; Columbia Banking System Shares Slide

Toward the end of trading Tuesday, the Dow traded down 0.13% to 34,450.01 while the NASDAQ rose 0.01% to 14,486.37. The S&P also fell, dropping 0.10% to 4,356.92.


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 45,313,350 cases with around 734,610 deaths. India confirmed a total of at least 33,985,920 confirmed cases and 450,990 deaths, while Brazil reported over 21,582,730 COVID-19 cases with 601,260 deaths. In total, there were at least 239,108,950 cases of COVID-19 worldwide with over 4,874,680 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Real estate shares surged 1.6% on Tuesday. Meanwhile, top gainers in the sector included eXp World Holdings, Inc. EXPI, up 5%, and Opendoor Technologies Inc. OPEN, adding 6%.

In trading on Tuesday, communication services shares tumbled 1.2%.


Top Headline


Fastenal Company FAST reported in-line earnings for its third quarter on Tuesday.

Fastenal reported quarterly earnings of $0.42 per share, versus analysts’ estimates of $0.42 per share. The company’s quarterly sales came in at $1.55 billion, versus expectations of $1.54 billion.

Equities Trading UP


ESS Tech Inc GWH shares shot up 141% to $25.16. ESS Inc, the Bill Gates-backed battery maker went public on the New York Stock Exchange on Monday after completing a slated business combination with special purpose acquisition company Acon S2 Investment Corp.

Shares of R. R. Donnelley & Sons Company RRD got a boost, shooting 39% to $6.85 after Chatham Asset Management submitted an offer to acquire all common stock of RRD not already owned by Chatham for $7.50 per share in cash.

Nutriband Inc.. NTRB shares were also up, gaining 54% to $11.40 after the company announced it signed an exclusive manufacturing agreement for Diocheck visual COVID-19 antibody indicator patch.

 

Equities Trading DOWN

Organogenesis Holdings Inc. ORGO shares tumbled 18% to $9.88. The company is expected to report Q3 earnings on Tuesday, November 9th.

Shares of Columbia Banking System, Inc. COLB were down 14% to $33.76. Columbia Banking System and Umpqua Holdings Corporation reported a business combination.

Sphere 3D Corp. ANY was down, falling 15% to $7.04.


Commodities


In commodity news, oil traded up 0.2% to $80.65, while gold traded up 0.2% to $1,759.80.


Silver traded down 0.5% Tuesday to $22.545 while copper fell 0.9% to $4.3270.


Euro zone


European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.07%, the Spanish Ibex Index rose 0.41%, while Italy’s FTSE MIB Index gained 0.23%. Meanwhile, the German DAX 30 dropped 0.34%, French CAC 40 fell 0.34% and London’s FTSE 100 fell 0.23%.

The UK’s unemployment rate fell to 4.5% during the three months to August, while average weekly earnings including bonuses rose 7.2% year-over-year. Wholesale prices in Germany surged 13.2% annually in September.

Economics

The number of job openings fell to 10.439 million in August versus an all-time high of 11.098 million in the previous month.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!