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Mid-Day Market Update: StoneCo Drops After Q3 Earnings; EyePoint Pharmaceuticals Shares Surge

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·4 min read
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Midway through trading Wednesday, the Dow traded down 0.51% to 35,958.22 while the NASDAQ rose 0.03% to 15,977.88. The S&P also fell, dropping 0.13% to 4,694.96.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 48,161,370 cases with around 786,260 deaths. India confirmed a total of at least 34,466,590 cases and 464,150 deaths, while Brazil reported over 21,965,680 COVID-19 cases with 611,520 deaths. In total, there were at least 255,259,860 cases of COVID-19 worldwide with more than 5,133,290 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares gained by 0.7% on Wednesday. Meanwhile, top gainers in the sector included Dogness (International) Corporation (NASDAQ: DOGZ), up 19% and Zhangmen Education Inc. (NYSE: ZME) up 20%.

In trading on Wednesday, financials shares fell 1.2%.

Top Headline

Lowe's Companies, Inc. (NYSE: LOW) reported better-than-expected results for its third quarter on Wednesday.

Lowe's Companies posted quarterly earnings of $2.73 per share, beating analysts’ estimates of $2.35 per share. The company’s quarterly sales came in at $22.90 billion, versus expectations of $21.99 billion.

Equities Trading UP

Sono Group N.V. Common (NASDAQ: SEV) shares shot up 83% to $27.40 after the company priced its IPO at $15 per share.

Shares of Tattooed Chef, Inc. (NASDAQ: TTCF) got a boost, shooting 16% to $18.44 as the company announced Q3 results.

EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) shares were also up, gaining 27% to $17.79. EyePoint Pharmaceuticals priced an underwritten public offering of 4.03 million at $13.75 per share and pre-funded warrants to purchase up to an aggregate of 3.27 million shares at $13.74 per pre-funded warrant.

Check out these big movers of the day

Equities Trading DOWN

StoneCo Ltd. (NASDAQ: STNE) shares tumbled 31% to $21.93 after the company reported worse-than-expected Q3 earnings.

Shares of Cyclo Therapeutics, Inc. (NASDAQ: CYTH) were down 23% to $5.68. Cyclo Therapeutics priced its previously announced underwritten public offering of 1.95 million shares at $6.00 per share, with gross proceeds of $11.7 million.

Cassava Sciences, Inc. (NASDAQ: SAVA) was down, falling 24% to $46.65 following reports suggesting the SEC is probing the company

Commodities

In commodity news, oil traded down 1.8% to $79.35, while gold traded up 0.7% to $1,867.00.

Silver traded up 0.9% Wednesday to $25.165 while copper fell 1.7% to $4.2780.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.19%, the Spanish Ibex Index fell 0.2% and the German DAX 30 gained 0.12%. Meanwhile, the London’s FTSE 100 fell 0.37%, French CAC 40 rose 0.19% and Italy’s FTSE MIB rose 0.17%.

Annual inflation rate in the UK surged to 4.2% in October, recording the highest level since December 2011. The headline rate of output prices in the UK increased to 8.0% year-over-year in October.

Economics

Housing starts dropped 0.7% to an annualized rate of 1.52 million in October, while building permits climbed 4% from a month ago to an annual rate of 1.650 million.

US crude oil inventories dropped 2.101 million barrels in the week ending November 12, following a 1.001 million rise in the prior period, the Energy Information Administration said.

San Francisco Federal Reserve Bank President Mary Daly is set to speak at 12:40 p.m. ET.

Federal Reserve Governor Christopher Waller will speak at 12:40 p.m. ET.

Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 12:40 p.m. ET.

The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.

Federal Reserve Bank of Chicago President Charles Evans will speak at 4:05 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 4:10 p.m. ET.

Check out the full economic calendar here

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