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Mid-Day Market Update: Nasdaq Jumps 100 Points; InnovAge Shares Plummet

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·3 min read
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Midway through trading Wednesday, the Dow traded up 1.01% to 34,261.10 while the NASDAQ rose 0.70% to 14,850.10. The S&P also rose, gaining 0.83% to 4,390.54.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 42,413,620 cases with around 678,500 deaths. India confirmed a total of at least 33,531,490 cases and 445,760 deaths, while Brazil reported over 21,247,090 COVID-19 cases with 591,440 deaths. In total, there were at least 229,573,930 cases of COVID-19 worldwide with more than 4,709,420 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares jumped 3.1% on Wednesday. Meanwhile, top gainers in the sector included Battalion Oil Corporation (NYSE: BATL), up 7% and PDC Energy, Inc. (NASDAQ: PDCE) up 8%.

In trading on Wednesday, communication services shares rose by just 0.1%.

Top Headline

General Mills, Inc. (NYSE: GIS) reported better-than-expected results for its first quarter on Wednesday.

General Mills reported quarterly earnings of $0.99 per share, beating analysts’ expectations of $0.89 per share. The company’s quarterly sales came in at $4.50 billion, exceeding estimates of $4.29 billion.

General Mills reaffirmed its FY22 outlook, sees organic new sales toward higher end of down 1%-3% range.

Equities Trading UP

Marin Software Incorporated (NASDAQ: MRIN) shares shot up 56% to $8.90 after the company announced a revenue share agreement with Google.

Shares of WiMi Hologram Cloud Inc. (NASDAQ: WIMI) got a boost, shooting 47% to $5.21 as the company reported revenue growth of 202.2% year-on-year to $79.9 million for the six months ended June 30, 2021.

Onconova Therapeutics, Inc. (NASDAQ: ONTX) shares were also up, gaining 24% to $6.06 after the company reported preliminary data from a Phase 1/2 a trial of rigosertib plus immune checkpoint inhibitor nivolumab, which are being presented at the 3rd Annual RAS Targeted Drug Development Summit.

Check out these big movers of the day

Equities Trading DOWN

InnovAge Holding Corp. (NASDAQ: INNV) shares tumbled 23% to $8.94 after the company reported downbeat Q4 earnings and issued weak FY22 sales forecast.

Shares of Inotiv, Inc. (NASDAQ: NOTV) were down 18% to $41.11. Inotiv agreed to acquire Envigo RMS Holding Corp in a cash and stock transaction. The company also announced a proposed convertible senior notes offering.

Summit Therapeutics Inc. (NASDAQ: SMMT) was down, falling 21% to $5.11 after the company announced that the FDA disagrees with its proposed change to the primary endpoint in Phase 3 Ri-CoDIFy studies.

Commodities

In commodity news, oil traded up 1.6% to $71.64, while gold traded down 0.1% to $1,776.80.

Silver traded up 1.3% Wednesday to $22.895 while copper rose 2.4% to $4.2265.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.95%, the Spanish Ibex Index rose 0.62% and the German DAX 30 gained 0.89%. Meanwhile, the London’s FTSE 100 rose 1.44%, French CAC 40 jumped 1.24% and Italy’s FTSE MIB climbed 1.20%.

The consumer confidence indicator in the Eurozone increased 1.3 points to a reading of -4 in September.

Economics

Existing-home sales fell by 2% to 5.88 million in August.

US crude oil inventories dropped 3.481 million barrels in the week ending September 17, the Energy Information Administration said.

The Federal Reserve will announce its policy decision at 2:00 p.m. ET.

Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

Check out the full economic calendar here

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