Mid-Afternoon Market Update: Perion Network Surges After Q3 Results; Vertex Energy Shares Plunge

Toward the end of trading opening Tuesday, the Dow traded up 0.17% to 35,800.97 while the NASDAQ rose 0.12% to 15,245.00. The S&P also rose, gaining 0.32% to 4,581.01.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 46,417,520 cases with around 757,840 deaths. India confirmed a total of at least 34,202,200 cases and 455,100 deaths, while Brazil reported over 21,735,560 COVID-19 cases with 605,880 deaths. In total, there were at least 244,972,070 cases of COVID-19 worldwide with more than 4,973,480 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained by 0.9% on Tuesday. Meanwhile, top gainers in the sector included PEDEVCO Corp. PED, up 19% and Gran Tierra Energy Inc. GTE up 6%.

In trading on Tuesday, communication services shares fell 0.8%.

Top Headline

General Electric Co GE reported better-than-expected earnings for its third quarter and raised earnings outlook for FY21.

General Electric reported a third-quarter FY21 revenue decline of 1% year-over-year to $18.43 billion, missing the consensus of $19.25 billion. Adjusted EPS improved to $0.57 from $0.38 in 3Q20, beating the consensus of $0.43.

For FY21, GE expects Industrial organic revenue growth to be approximately flat (prior view Low single-digit growth). Adjusted Industrial profit margin expansion of 350+ basis points (prior 250+ bps expansion). It expects adjusted EPS to $1.80–$2.10 (prior $1.20–$2.00) vs. consensus of $1.94. GE Industrial free cash flow of $3.75 billion –$4.75 billion (prior $3.5 billion–$5 billion).

Equities Trading UP

Wallbox N.V. WBX shares shot up 51% to $16.74. Uber and Wallbox N.V. disclosed a strategic partnership to simplify the transition to EVs for Bay Area ride share drivers using Uber.

Shares of Inspira Technologies Oxy B.H.N. Ltd. IINN got a boost, shooting 183% to $6.66 after the company signed an agreement with Waas Group for the development 1,040 ART systems in Spain and Portugal.

Perion Network Ltd.. PERI shares were also up, gaining 32% to $29.20 after the company posted upbeat Q3 results and issued strong sales forecast.

Check out these big movers of the day

Equities Trading DOWN

Phunware, Inc. PHUN shares tumbled 38% to $4.4250 after a company filing showed registration for a roughly $48.5 million share common stock shelf offering.

Shares of Commvault Systems, Inc. CVLT were down 19% to $61.00 following downbeat quarterly results.

Vertex Energy, Inc. VTNR was down, falling 23% to $4.11 after the company announced a proposed private offering of $155 million principal amount at maturity of convertible senior notes.

Commodities

In commodity news, oil traded up 1.1% to $84.67, while gold traded down 0.7% to $1,794.40.

Silver traded down 1.8% Tuesday to $24.155 while copper fell 0.8% to $4.49.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 climbed 0.75%, the Spanish Ibex Index rose 0.90% and the German DAX 30 gained 1.01%. Meanwhile, the London’s FTSE 100 rose 0.76%, French CAC 40 rose 0.8% and Italy’s FTSE MIB gained 0.58%.

Spain's producer price inflation rose to 23.6% year-over-year in September from a revised 17.9% in the prior month.

Economics

The S&P CoreLogic Case-Shiller 20-city home price index rose 19.7% year-over-year in August.

The Federal Housing Finance Agency house price index rose 1.0% from a month ago in August.

New home sales in the US jumped 14% to an annual rate of 800,000 in September.

The Conference Board’s consumer confidence index climbed to 113.8 in October from 109.3 a month ago.

Check out the full economic calendar here