Mid-Day Market Update: Dow Tumbles 650 Points; Lianluo Smart Shares Climb

Midway through trading Monday, the Dow traded down 2.31% to 27680.07 while the NASDAQ fell 1.56% to 11,367.63. The S&P also fell, dropping 1.97% to 3,397.27.


The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 8,636,990 cases with around 225,230 deaths. India confirmed a total of at least 7,909,950 confirmed cases and 119,010 deaths, while Brazil reported over 5,394,120 COVID-19 cases with 157,130 deaths. In total, there were at least 43,117,880 cases of COVID-19 worldwide with over 1,154,700 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors


Utilities shares slipped by just 1.1% on Monday. Meanwhile, top gainers in the sector included Empresa Distribuidora y Comercializadora Norte Sociedad Anónima EDN, up 6%, and Ellomay Capital Ltd. ELLO, up 5%.

In trading on Monday, energy shares tumbled 3.2%.


Top Headline


Hasbro, Inc. HAS reported better-than-expected earnings for its third quarter.

Hasbro reported quarterly earnings of $1.88 per share, missing analysts’ estimates of $1.62 per share. The company posted sales of $1.78 billion, surpassing expectations of $1.73 billion.


Equities Trading UP


Lianluo Smart Limited LLIT shares shot up 33% to $4.32 after the company announced it would merge with Newegg.

Shares of Muscle Maker, Inc. GRIL got a boost, shooting 40% to $2.1417 after the company announced it acquired one of its previously franchised-owned locations in the Chelsea neighborhood of Manhattan.

Document Security Systems, Inc. DSS shares were also up, gaining 47% to $5.95 after the company swung to a profit in the third quarter.

 

Equities Trading DOWN

BioSig Technologies, Inc. BSGM shares tumbled 39% to $3.07 after the company announced its ViralClear Pharmaceuticals subsidiary has halted its Phase 2 hospitalization coronavirus trial.

Shares of SAP SE SAP were down 23% to $114.80 after the company reported around 4% year-over-year drop in revenue for the third quarter and lowered its revenue outlook for the year.

Aileron Therapeutics, Inc. ALRN was down, falling 28% to $1.3596 after the company disclosed clinical data from ongoing ALRN-6924 Phase 1b trial.


Commodities


In commodity news, oil traded down 3.7% to $38.39, while gold traded down 0.1% to $1,905.10.


Silver traded down 1% Monday to $24.44 while copper fell 1.3% to $3.0870.


Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 1.54%, the Spanish Ibex Index fell 1.12%, while Italy’s FTSE MIB Index declined 1.55%. Meanwhile, the German DAX 30 dropped 3.34%, French CAC 40 fell 1.6% and London’s FTSE 100 fell 0.73%.

German Ifo Business Climate indicator dipped to 92.7 in October versus a seven-month high of 93.2 in September. Spain's producer prices dropped 3.3% year-over-year in September after falling 3.5% in the prior month.


Economics

The Chicago Fed National Activity Index declined to 0.270 in September versus prior reading of 0.790.

Sales of new US homes fell 3.5% to an annual rate of 959,000 in September.

The Dallas Fed general business activity index for manufacturing increased rose 6.2 points to a reading of 19.8 in October.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Day Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!