Dow Tumbles Over 100 Points; Timber Pharmaceuticals Shares Spike Higher

U.S. stocks traded mixed midway through trading, with the Dow Jones falling more than 100 points on Monday.

The Dow traded down 0.40% to 34,362.93 while the NASDAQ rose 0.78% to 13,394.60. The S&P 500, also rose, gaining, 0.12% to 4,374.89.

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Leading and Lagging Sectors

Information technology shares rose by 1.3% on Monday.

In trading on Monday, real estate shares fell by 1.4%.

 

Top Headline

Palo Alto Networks, Inc. PANW reported better-than-expected fourth-quarter earnings and issued strong billings outlook for the year.

Palo Alto posted quarterly earnings of $1.44 per share, beating market estimates of $1.28 per share. The company’s quarterly sales came in at $1.95 billion versus estimates of $1.96 billion.

 

Equities Trading UP

Palo Alto Networks, Inc. PANW shares shot up 17% to $245.49 after the company reported better-than-expected fourth-quarter earnings and issued strong billings outlook for the year.

Shares of Timber Pharmaceuticals, Inc. TMBR got a boost, shooting 98% to $2.8080 as the company agreed to be acquired by LEO US Holding, Inc., a wholly-owned subsidiary of LEO Pharma A/S, for a total transaction value of $36 million.

Moderna, Inc. MRNA shares were also up, gaining 9% to $110.56. Moderna announced that preliminary clinical trial data confirm its updated COVID-19 vaccine for the fall 2023 vaccination season showed a significant boost in neutralizing antibodies against EG.5 and FL.1.5.1 variants.

 

Equities Trading DOWN

Super League Gaming, Inc. SLGG shares dropped 47% to $0.1267 after the company reported pricing of $2.2 million underwritten public offering of 16,923,077 shares of common stock at $0.13 per share.

Shares of Napco Security Technologies, Inc. NSSC were down 42% to $22.22 after the company reported preliminary fourth quarter results and restatement of prior three quarters.

PARTS iD, Inc. ID was down, falling 22% to $0.2490. PARTS iD recently announced acceptance of compliance plan by NYSE American.

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Commodities

In commodity news, oil traded up 0.1% to $81.35 while gold traded down 0.1% at $1,914.60.

Silver traded up 1.3% to $23.03 on Monday while copper rose 0.1% to $3.71.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.08% London’s FTSE 100 fell 0.01% while Spain’s IBEX 35 Index slipped 0.21% The German DAX gained 0.14% French CAC 40 rose 0.4%, while Italy’s FTSE MIB Index jumped 0.79%.

Producer prices in Germany fell by 6.0% year-over-year in July compared to a 0.1% increase in June.

 

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 rising 0.37%, China’s Shanghai Composite Index declining 1.24% and Hong Kong’s Hang Seng Index falling 1.82%. India’s S&P BSE Sensex, meanwhile, rose 0.41%.

The annual inflation rate in Hong Kong eased to 1.8% in July from 1.9% in the prior month.

 

Economics

There were no major US economic releases Monday.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,805,870 cases with around 1,172,450 deaths. India confirmed a total of at least 44,996,590 cases and 531,920 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,688,420 cases of COVID-19 worldwide with more than 6,908,730 deaths.