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Mid-Morning Market Update: Markets Mixed; Catalent To Acquire Bettera

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·3 min read
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Following the market opening Monday, the Dow traded down 0.13% to 35,408.32 while the NASDAQ rose 0.61% to 15,221.76. The S&P also rose, gaining 0.32% to 4,523.75.

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 0.8% on Monday. Meanwhile, top gainers in the sector included Support.com, Inc. (NASDAQ: SPRT), up 40% and Affirm Holdings, Inc. (NASDAQ: AFRM) up 40%.

In trading on Monday, financial shares fell by 1.2%.

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 52% to $8.07 on abnormally high volume amid increasing interest in the stock from retail traders.

Shares of Support.com, Inc. (NASDAQ: SPRT) got a boost, shooting 47% to $38.95 on abnormally high volume amid continued volatility. The stock has recently been mentioned as a potential short squeeze play by traders on social media.

Affirm Holdings, Inc. (NASDAQ: AFRM) shares were also up, gaining 38% to $93.96 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 $9.64 after the company announced its LV0006 launch vehicle failed to properly launch.

Shares of 22nd Century Group, Inc. (NASDAQ: XXII) were down 14% to $3.4050. 22nd Century Group announced entry into the global specialty hops market.

DatChat, Inc. (NASDAQ: DATS) was down, falling 13% to $7.37 after climbing 24% on Friday. DatChat reported a partnership with Rutgers University Computer Science through their industry affiliates program.

Commodities

In commodity news, oil traded down 0.7% to $68.29, while gold traded down 0.1% to $1,819.10.

Silver traded up 0.1% Monday to $24.065 while copper rose 0.9% to $4.3695.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, the Spanish Ibex Index fell 0.1% and the German DAX 30 gained 0.2%. Meanwhile, the London’s FTSE 100 rose 0.3%, French CAC 40 rose 0.2% and Italy’s FTSE MIB gained 0.2%.

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 for August will be released at 10:30 a.m. ET. The general activity index is expected to decline to 25.0 for August from 27.3 in July.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Check out the full economic calendar here

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