Mid-Morning Market Update: Markets Mixed; PG&E Earnings Miss views

Following the market opening Monday, the Dow traded up 0.08% to 35,846.72 while the NASDAQ rose 0.18% to 15,527.04. The S&P also fell, dropping 0.07% to 4,602.32.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 46,823,930 cases with around 766,290 deaths. India confirmed a total of at least 34,285,810 cases and 458,470 deaths, while Brazil reported over 21,810,850 COVID-19 cases with 607,860 deaths. In total, there were at least 247,557,320 cases of COVID-19 worldwide with more than 5,016,960 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained by 1.4% on Monday. Meanwhile, top gainers in the sector included PBF Energy Inc. PBF, up 9% and U.S. Silica Holdings, Inc. SLCA up 10%.

In trading on Monday, real estate shares fell 0.5%.

Top Headline

PG&E Corporation PCG reported weaker-than-expected results for its third quarter and issued downbeat sales guidance for the fourth quarter on Thursday.

PG&E posted Q3 adjusted earnings of $0.24 per share, missing analysts’ estimates of $0.26 per share. The company’s quarterly sales came in at $5.46 billion, versus expectations of $5.37 billion.

PG&E reaffirmed FY21 adjusted EPS guidance of $0.95-$1.05.

Equities Trading UP

ABVC BioPharma, Inc. ABVC shares shot up 242% to $8.70 on abnormally-high volume. The stock is seeing increased interest by traders on social media. Also, the company filed a mixed shelf offering on Friday after the close.

Shares of Mountain Crest Acquisition Corp. II BTTX got a boost, shooting 72% to $15.96. The company completed merger with Mountain Crest Acquisition Corp II on Friday.

ANI Pharmaceuticals, Inc. ANIP shares were also up, gaining 41% to $52.85 after reporting better-than-expected Q3 results. ANI Pharmaceuticals also announced the FDA approval of purified cortrophin gel for multiple indications including multiple sclerosis, rheumatoid arthritis and nephrotic syndrome.

Check out these big movers of the day

Equities Trading DOWN

Bit Digital, Inc. BTBT shares tumbled 21% to $11.25 after jumping around 42% on Friday.

Shares of Centessa Pharmaceuticals Limited CNTA were down 19% to $13.91. Centessa Pharmaceuticals demonstrated proof-of-mechanism from first three PiMZ subjects dosed in Part B of Phase 1 study evaluating ZF874.

A10 Networks, Inc. ATEN was down, falling 18% to $15.27. A10 Networks shares jumped 35% on Friday after the company reported better-than-expected Q3 results.

Commodities

In commodity news, oil traded up 0.6% to $84.07, while gold traded up 0.2% to $1,787.20.

Silver traded down 0.2% Monday to $23.91 while copper fell 0.2% to $4.3590.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.6%, the Spanish Ibex Index rose 1.4% and the German DAX 30 climbed 0.9%. Meanwhile, the London’s FTSE 100 rose 0.6%, French CAC 40 surged 1.1% and Italy’s FTSE MIB jumped 1.4%.

The IHS Markit/CIPS UK manufacturing PMI rose to 57.8 in October from September's seven-month low level of 57.1, while Germany's retail trade fell 2.5% in September.

Economics

The IHS Markit manufacturing PMI was revised lower to 58.4 in October from a preliminary reading of 59.2.

The ISM manufacturing PMI fell to 60.8 in October from 61.1 in the prior month.

Construction spending fell 0.5% to an annual rate of $1.574 trillion in September.

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

Check out the full economic calendar here