Crude Oil Moves Higher; BioNTech Lowers 2023 Sales Outlook

U.S. stocks traded higher midway through trading, with the Dow Jones gaining around 40 points on Monday

The Dow traded up 0.13% to 34,106.99 while the NASDAQ rose 0.16% to 13,499.42. The S&P 500 also rose, gaining, 0.09% to 4,362.35.

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Leading and Lagging Sectors

 

Health care shares jumped by 0.5% on Monday.

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

 

Top Headline

 

BioNTech SE BNTX reported better-than-expected earnings for its third quarter on Monday.

The company posted third-quarter revenues of €895.3 million ($974.49 million), sharply down from €3.461 billion a year ago. Analysts estimated $1.06 billion in sales. The company reported an EPS of €0.67 (around $0.73, beating the consensus of $0.62), a steep decline from €6.98 a year ago.

BioNTech lowers its FY23 Covid-19 vaccine revenue guidance to around €4 billion, down from prior guidance of approximately €5 billion.

 

Equities Trading UP

 

Carbon Revolution Public Limited CREV shares shot up 429% to $155.29 after gaining 100% on Friday. The company’s stock began trading on Friday following merger with Twin Ridge Capital Acquisition Corp.

Shares of Bluegreen Vacations Holding Corporation BVH got a boost, shooting 106% to $73.04 after the company announced it would be acquired by Hilton Grand Vacations at $75 per share.

Verb Technology Company, Inc. VERB shares were also up, gaining 31% to $0.3368 amid the company announcing new technology integrations for its MARKET.live platform.

 

Equities Trading DOWN

 

MoonLake Immunotherapeutics MLTX shares dropped 23% to $39.46 after the company announced results of its phase 2 study treating active Psoriatic Arthritis.

Shares of DISH Network Corporation DISH were down 20% to $4.3842 after the company reported third-quarter results. On Nov. 3, 2023, W. Erik Carlson notified DISH that he intends to resign as the CEO effective Nov. 12, 2023.

EchoStar Corporation SATS was down, falling 19% to $12.46 after the company reported worse-than-expected third-quarter sales.

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Commodities

 

In commodity news, oil traded up 1.7% to $81.88 while gold traded down 0.4% at $1,991.30.

Silver traded down 0.5% to $23.18 on Monday while copper rose 0.7% to $3.7085.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.26%, London’s FTSE 100 rose 0.04% while Spain’s IBEX 35 Index fell 0.68% The German DAX fell 0.51% French CAC 40 fell 0.57%, while Italy’s FTSE MIB Index fell 0.41%.

Factory orders in Germany increased 0.2% month-over-month in September compared to a revised 1.9% increase in August. The HCOB Spain Composite PMI edged lower to 50 in October from 50.1 in the earlier month.

 

Asia Pacific Markets

 

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 2.37%, Hong Kong’s Hang Seng Index gaining 1.71% and China’s Shanghai Composite Index gaining 0.91%. India’s S&P BSE Sensex, meanwhile, rose around 0.7%.

The au Jibun Bank Japan services PMI fell to 51.6 in October versus a final reading of 53.8 in September, while composite PMI slipped to 50.5 from a final level of 52.1 in September.

 

Economics

 

There were no major US economic releases Monday.

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