Mid-Day Market Update: Nasdaq Dips 300 Points; Apria Shares Surge

By Lisa Levin

Midway through trading Monday, the Dow traded down 1.23% to 35,787.07 while the NASDAQ fell 2.07% to 14,627.21. The S&P also fell, dropping, 1.52% to 4,605.95.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 61,263,030 cases with around 859,350 deaths. India confirmed a total of at least 35,708,440 cases and 483,930 deaths, while Brazil reported over 22,523,900 COVID-19 cases with 620,030 deaths. In total, there were at least 308,004,270 cases of COVID-19 worldwide with more than 5,507,340 deaths.


Leading and Lagging Sectors


Utilities shares fell by just 0.3% on Monday. Meanwhile, top gainers in the sector included Xcel Energy Inc. (NASDAQ:XEL), up 1.4% and ALLETE, Inc. (NYSE:ALE) up 1.1%.


In trading on Monday, consumer discretionary shares dipped by 2.9%.


Top Headline


AZZ Inc (NYSE:AZZ) reported upbeat earnings for its third quarter on Monday.

AZZ posted quarterly earnings of $0.85 per share, beating analysts’ estimates of $0.82 per share. The company’s quarterly sales came in at $231.74 million, versus expectations of $238.63 million.

AZZ reaffirmed FY22 sales guidance of $865 million to $925 million. The company said it sees FY22 EPS of $3.00 to $3.20.

 

Equities Trading UP


Molecular Partners AG (NASDAQ:MOLN) shares shot up 21% to $19.98 after the company, and Novartis, reported topline data from the Phase 2 study for ensovibep, a DARPin antiviral therapeutic for COVID-19.


Shares of Zynga Inc. (NASDAQ:ZNGA) got a boost, shooting 45% to $8.69 after the company announced it will be acquired by Take-Two Interactive Software in a cash and stock transaction valued at $9.86 per Zynga share, representing a total enterprise value of approximately $12.7 billion.


Apria, Inc. (NASDAQ:APR) shares were also up, gaining 26% to $37.40. Owens & Minor agreed to acquire Apria for $37.50 in cash per share of common stock, representing an equity value of approximately $1.45 billion.


Check out these big movers of the day


Equities Trading DOWN

Citi Trends, Inc. (NASDAQ:CTRN) shares tumbled 16% to $68.00. Citi Trends reported 2021 holiday sales results and updated long-term strategic plan.


Shares of Amicus Therapeutics, Inc. (NASDAQ:FOLD) were down 22% to $8.91 after the company issued its preliminary and unaudited 2021 revenue, and full-year 2022 outlook and revenue guidance. Amicus Therapeutics said it sees FY21 Galafold sales of $306 million.


Rapid Micro Biosystems, Inc. (NASDAQ:RPID) was down, falling 25% to $6.81. Rapid Micro Biosystems said it expects Q4 total revenue of between $4.7 and $5.2 million.


Commodities

In commodity news, oil traded down 0.3% to $78.64, while gold traded down 0.3% to $1,792.50.


Silver traded down 0.1% Monday to $22.385 while copper fell 1.5% to $4.3455.


Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 1.68%, London’s FTSE 100 fell 0.79%, while Spain’s IBEX 35 Index fell 0.75%. The German DAX dropped 1.34%, French CAC 40 declined 1.53% and Italy’s FTSE MIB Index dropped 1.19%.

The unemployment rate in Italy dropped to 9.2% in November from 9.4% in the prior month.


Economics


US wholesale inventories rose 1.3% for November, versus analysts’ expectations for a 1.2% increase.

Check out the full economic calendar here


What is inkl?

Important stories

See news based on value, not advertising potential. Get the latest news from around the world.

Trusted newsrooms

We bring you reliable news from the world’s most experienced journalists in the most trusted newsrooms.

Ad-free reading

Read without interruptions, distractions or intrusions of privacy.