Mid-Morning Market Update: Markets Mostly Lower; JinkoSolar Issues Weak Sales Forecast

 

Following the market opening Tuesday, the Dow traded down 0.60% to 34,923.74 while the NASDAQ climbed 0.16% to 15,807.66. The S&P also fell, dropping 0.32% to 4,640.44.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 49,301,070 cases with around 801,320 deaths. India confirmed a total of at least 34,587,820 cases and 468,980 deaths, while Brazil reported over 22,084,740 COVID-19 cases with 614,420 deaths. In total, there were at least 262,549,830 cases of COVID-19 worldwide with more than 5,227,930 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares gained by 0.3% on Tuesday. Meanwhile, top gainers in the sector included Everspin Technologies, Inc. MRAM, up 11% and Alpha and Omega Semiconductor Limited AOSL up 6%.

In trading on Tuesday, financials shares fell 1.2%.

Top Headline

JinkoSolar Holding Co Ltd JKS reported a decline in sales for the third quarter and issued weak sales outlook.

JinkoSolar reported a third-quarter FY21 revenue decline of 2.3% year-on-year to $1.33 billion, missing the consensus of $1.34 billion. Non-GAAP earnings per ordinary share were $0.01, and non-GAAP earnings per ADS were $0.05.

JinkoSolar sees Q4 revenue of $1.8 billion - $2.2 billion, below the consensus of $2.24 billion.

 

Equities Trading UP

Cumberland Pharmaceuticals Inc. CPIX shares shot up 103% to $4.47. The FDA approved expanded labeling for Cumberland Pharmaceuticals’ Caldolor, an intravenously delivered formulation of ibuprofen, to now include use in pre-operative administration.

Shares of Adagio Therapeutics, Inc. ADGI got a boost, shooting 48% to $69.44. Adagio Therapeutics gained more than 86% on Monday after the company said its COVID-19 monoclonal antibody, ADG20, is likely to retain activity against Omicron, as observed in in vitro models with all other variants of concern identified previously.

Pioneer Power Solutions, Inc. PPSI shares were also up, gaining 31% to $9.95 after dipping 27% on Monday.

Check out these big movers of the day

Equities Trading DOWN

Olema Pharmaceuticals, Inc. OLMA shares tumbled 57% to $9.41 after the company announced first clinical data from the Phase 1 dose-escalation portion of the ongoing Phase 1/2 clinical trial of OP-1250.

Shares of TG Therapeutics, Inc. TGTX were down 36% to $14.94 after the company reported the FDA plans to host a meeting of the Oncologic Drugs Advisory Committee in connection with its review of the pending BLA/sNDA for the combination of ublituximab and UKONIQ.

AeroClean Technologies, Inc. AERC was down, falling 29% to $82.80 after jumping around 45% on Monday.

Commodities

In commodity news, oil traded down 2.8% to $67.99, while gold traded up 0.8% to $1,795.70.

Silver traded up 0.4% Tuesday to $22.895 while copper fell 0.4% to $4.3240.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.2%, the Spanish Ibex Index fell 1.8% and the German DAX 30 dropped 1.3%. Meanwhile, the London’s FTSE 100 fell 1.1%, French CAC 40 fell 1.2% and Italy’s FTSE MIB dipped 1.4%.

Spain's retail sales fell 0.7% year-over-year in October. The annual inflation rate in France accelerated to 2.8% in November from 2.6% in October, while quarterly economic growth was confirmed at 3% on quarter in the third quarter. Household consumption of goods in France slipped 0.4% in October, while industrial producer prices increased 2.9% in October. Italy’s gross domestic product expanded by 2.6% on the quarter during the three months to September. The number of unemployed people in Germany fell by 34,000 to 2.428 million in November, while unemployment rate stood at 3.3% in October.

Economics

The S&P CoreLogic Case-Shiller 20-city home price index climbed 19.1% year-over-year in September.

The FHFA's house price index rose 0.9% from a month ago in September.

The Chicago PMI fell to 61.8 in November from prior reading of 68.4.

The Conference Board’s consumer confidence index dropped to 109.5 in November from previous reading of 111.6.

Federal Reserve Bank of New York President John Williams will speak at 10:30 a.m. ET.

The Treasury is set to auction 52-week bills at 11:30 a.m. ET.

Data on farm prices for October will be released at 3:00 p.m. ET.

Check out the full economic calendar here