Mid-Afternoon Market Update: Dow Jumps 450 Points; Comtech Telecommunications Shares Slide

Toward the end of trading Tuesday, the Dow traded up 1.36% to 34,464.68 while the NASDAQ rose 1.68% to 14,494.86. The S&P also rose, gaining 1.52% to 4,365.85.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 43,852,260 cases with around 703,280 deaths. India confirmed a total of at least 33,853,040 cases and 449,260 deaths, while Brazil reported over 21,478,540 COVID-19 cases with 598,150 deaths. In total, there were at least 235,472,580 cases of COVID-19 worldwide with more than 4,810,780 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Financials shares jumped 2.1% on Tuesday. Meanwhile, top gainers in the sector included Waterdrop Inc. WDH, up 9% and Silvergate Capital Corporation SI up 9%.


In trading on Tuesday, real estate shares fell 0.4%.


Top Headline

PepsiCo, Inc. PEP reported upbeat results for its third quarter and raised its FY21 organic revenue growth guidance.

PepsiCo reported quarterly adjusted earnings of $1.79 per share, beating analysts’ estimates of $1.73 per share. The company’s quarterly sales came in at $20.19 billion versus expectations of $19.39 billion.

PepsiCo boosted its FY21 organic revenue growth guidance from 6% to 8%.

 

Equities Trading UP


Bit Digital, Inc. BTBT shares shot up 23% to $9.36 amid an increase in the price of Bitcoin and Ethereum.


Shares of Marine Petroleum Trust MARPS got a boost, shooting 20% to $6.14 after gaining 8% on Monday.


Zeta Global Holdings Corp. ZETA shares were also up, gaining 21% to $7.62. Zeta reported the acquisition of the technology platform and data from Apptness.


Check out these big movers of the day


Equities Trading DOWN

UpHealth, Inc. UPH shares tumbled 36% to $1.68 after the company reported pricing of $40.25 million public offering of common stock.

Shares of Comtech Telecommunications Corp. CMTL were down 9% to $23.19 after reporting quarterly results. Noble Capital Markets downgraded Comtech from Outperform to Market Perform..

Kaleido Biosciences, Inc KLDO was down, falling 11% to $5.16. Kaleido Biosciences announced positive topline data from the non-IND/CTA clinical study evaluating KB295, a microbiome metabolic therapy, in mild-to-moderate ulcerative colitis.


Commodities


In commodity news, oil traded up 1.8% to $78.99, while gold traded down 0.4% to $1,760.60.


Silver traded down 0.1% Tuesday to $22.62 while copper fell 1.1% to $4.1910.


Euro zone

European shares closed higher today. The eurozone’s STOXX 600 climbed 1.17%, the Spanish Ibex Index rose 1.54% and the German DAX 30 gained 1.05%. Meanwhile, the London’s FTSE 100 gained 0.94%, French CAC 40 climbed 1.52% and Italy’s FTSE MIB jumped 1.95%.

Producer prices in the Eurozone increased 1.1% from a month ago in August, while the IHS Markit services PMI rose to 56.4 in September from a preliminary estimate of 56.3. The IHS Markit/CIPS UK services PMI rose to 55.4 in September from a preliminary reading of 54.6.

French industrial production increased 1% from a month ago in August, while services PMI rose to 56.2 in September from a preliminary estimate of 56. German services PMI was revised higher to 56.2 for September from a preliminary reading of 56, while Spain’s services PMI slipped to 56.9 in September from 60.1 in August.

Economics

The trade deficit widened to a record high of $73.3 billion in August with exports rising 0.5% to $213.7 billion.


The IHS Markit services PMI was revised higher to 54.9 in September from a preliminary reading of 54.4.


The ISM services PMI rose to 61.9 in September from 61.7 in August.

Check out the full economic calendar here

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 StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsEnergyMid-Afternoon Market UpdateOil & Gas Exploration & Production
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!