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Mid-Afternoon Market Update: Affirm Shares Jump Following News Of Amazon Partnership; Adtran Shares Drop

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·3 min read
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Toward the end of trading Monday, the Dow traded up 0.02% to 35,462.17 while the NASDAQ rose 1.02% to 15,283.07. The S&P also rose, gaining 0.59% to 4,535.90.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 38,798,960 cases with around 637,530 deaths. India confirmed a total of at least 32,737,930 cases and 438,210 deaths, while Brazil reported over 20,741,810 COVID-19 cases with 579,300 deaths. In total, there were at least 216,465,710 cases of COVID-19 worldwide with more than 4,502,260 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares gained 1.2% on Monday. Meanwhile, top gainers in the sector included Affirm Holdings, Inc. (NASDAQ: AFRM), up 42% and Support.com, Inc. (NASDAQ: SPRT) up 38%.

In trading on Monday, financial shares fell by 1%.

Top Headline

Catalent, Inc. (NYSE: CTLT) reported weaker-than-expected earnings for its second quarter on Friday. The company also announced plans to acquire Bettera, a gummy manufacturer, for $1 billion.

Catalent posted quarterly adjusted earnings of $1.16 per share, missing market estimates of $1.03 per share. The company’s quarterly sales came in at $1.19 billion, versus estimates of $1.14 billion. Catalent said it sees FY22 sales of $4.30 billion to $4.50 billion, versus analysts’ estimates of $3.94 billion.

Equities Trading UP

Vinco Ventures, Inc. (NASDAQ: BBIG) shares shot up 46% to $7.74 on abnormally high volume amid increasing interest in the stock from retail traders.

Shares of Globalstar, Inc. (NYSE: GSAT) got a boost, shooting 65% to $2.3622 following a note sent out by popular Apple Inc. (NASDAQ: AAPL) analyst Ming Chi-Kuo that the technology giant could partner with Globalstar on bringing low-earth-orbit satellite communications functionality in the highly-anticipated iPhone 13

Affirm Holdings, Inc. (NASDAQ: AFRM) shares were also up, gaining 42% to $96.42 after the company on Friday announced a partnership with Amazon.com Inc (NASDAQ: AMZN) allowing customers to purchase items with an installment plan.

Check out these big movers of the day

Equities Trading DOWN

Astra Space, Inc. (NASDAQ: ASTR) shares tumbled 17% to $9.73 after the company announced its LV0006 launch vehicle failed to properly launch.

Shares of 22nd Century Group, Inc. (NASDAQ: XXII) were down 12% to $3.4810. 22nd Century Group announced entry into the global specialty hops market.

ADTRAN, Inc. (NASDAQ: ADTN) was down, falling 14% to $21.12. ADTRAN and ADVA announced combination through all-stock transaction.

Commodities

In commodity news, oil traded up 0.5% to $69.10, while gold traded down 0.4% to $1,812.20.

Silver traded down 0.5% Monday to $23.95 while copper rose 1.1% to $4.3785.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.07%, the Spanish Ibex Index fell 0.61% and the German DAX 30 gained 0.22%. Meanwhile, the London’s FTSE 100 rose 0.32%, French CAC 40 rose 0.08% and Italy’s FTSE MIB gained 0.07%.

The economic sentiment indicator in the Eurozone declined to 117.5 in August versus an all-time high of 119.0 a month ago, while industry confidence indicator declined to 13.7 from 14.5. The consumer confidence indicator in the Eurozone was confirmed at -5.3 for August. Spain's consumer price inflation increased to 3.3% year-over-year in August from 2.9% in the prior month.

Economics

Pending home sales dropped 8.5% year-over-year in July.

The Dallas Fed manufacturing index declined to 9.0 in August from 27.3 in the prior month.

Check out the full economic calendar here

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