Mid-Morning Market Update: Markets Rise; Coty Posts Upbeat Earnings

Following the market opening Monday, the Dow traded up 0.40% to 36,472.70 while the NASDAQ rose 0.20% to 16,003.39. The S&P also rose, gaining 0.15% to 4,704.42.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 47,336,570 cases with around 775,210 deaths. India confirmed a total of at least 34,366,610 cases and 461,040 deaths, while Brazil reported over 21,880,430 COVID-19 cases with 609,480 deaths. In total, there were at least 250,719,480 cases of COVID-19 worldwide with more than 5,066,940 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares gained by 1.5% on Monday. Meanwhile, top gainers in the sector included TORM plc TRMD, up 9% and TransGlobe Energy Corporation TGA up 6%.

In trading on Monday, utilities shares fell 1.2%.

Top Headline

Coty Inc. COTY reported better-than-expected earnings for its first quarter on Monday.

Coty posted quarterly adjusted earnings of $0.08 per share, beating analysts’ estimates of $0.03 per share. The company’s quarterly sales came in $1.37 billion, versus expectations of $1.36 billion.

Coty said it sees FY22 earnings of $0.19 to $0.23 per share, versus analysts’ views of $0.20 per share. The company also agreed to sell additional partial stake in Wella to KKR in exchange for 56% of the preferred Coty shares owned by KKR.

Equities Trading UP

Pioneer Power Solutions, Inc. PPSI shares shot up 110% to $6.83 after the company announced the launch of its E-Boost portfolio of mobile Electric Vehicle charging solutions for a full range of applications.

Shares of Nextdoor Holdings Inc. KIND got a boost, shooting 53% to $16.96.

Autolus Therapeutics plc AUTL shares were also up, gaining 37% to $7.64 after the company announced Blackstone Life Sciences will invest $250 million in the company.

Check out these big movers of the day

Equities Trading DOWN

CN Energy Group. Inc. CNEY shares tumbled 45% to $6.39.

Shares of GT Biopharma, Inc. GTBP were down 25% to $5.20 after the company announced CEO Anthony Cataldo and CFO Michael Handelman will depart.

eHealth, Inc. EHTH was down, falling 25% to $30.50 after the company reported worse-than-expected Q3 results.

Commodities

In commodity news, oil traded up 1.4% to $82.43, while gold traded up 0.1% to $1,818.80.

Silver traded up 0.6% Monday to $24.31 while copper rose 0.1% to $4.3450.

Euro zone

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

 

Economics

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

Federal Reserve Bank of Philadelphia President Patrick Harker will speak at 12:00 p.m. ET.

The Investor Movement Index for October is scheduled for release at 12:30 p.m. ET.

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Federal Reserve Bank of Chicago President Charles Evans will speak at 1:50 p.m. ET.

Check out the full economic calendar here