Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Lisa Levin

Mid-Day Market Update: Crude Oil Rises 1%; Rigel Pharmaceuticals Shares Slide

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite adding around 50 points on Wednesday.

The Dow traded down 0.21% to 33,110.37 while the NASDAQ rose 0.39% to 12,223.18. The S&P also fell, dropping, 0.12% to 4,155.85.

Also check this: Lions Gate Entertainment And 2 Other Stocks Insiders Are Buying


Leading and Lagging Sectors


Communication services shares jumped by 1.1% on Wednesday. Meanwhile, top gainers in the sector included Redbox Entertainment Inc. (NASDAQ:RDBX), up 20% and DouYu International Holdings Limited (NASDAQ:DOYU) up 18%.


In trading on Wednesday, materials shares fell 0.9%.


Top Headline


Campbell Soup Company (NYSE:CPB) reported upbeat results for its third quarter and raised its sales guidance.

Campbell Soup posted adjusted earnings of $0.70 per share, beating analysts’ estimates of $0.61 per share. The company’s quarterly sales came in at $2.13 billion, versus market expectations of $2.05 billion.

Campbell Soup said it sees fiscal year 2022 organic net sales increasing between 1% and 2%, versus its earlier view of a 1% decline to a 1% rise.


Equities Trading UP


Symbotic Inc. (NASDAQ:SYM) shares shot up 68% to $15.30. Symbotic reported the completion of its business combination with SVF Investment Corp. to become a publicly traded company.


Shares of HeartCore Enterprises, Inc. (NASDAQ:HTCR) got a boost, shooting 193% to $2.99 after the company authorized a $3.5 million buyback.


OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) shares were also up, gaining 34% to $1.77 after the company’s board approved to upsize its share repurchase program.


Equities Trading DOWN

Loyalty Ventures Inc. (NASDAQ:LYLT) shares tumbled 52% to $5.32 after the company said it will re-evaluate its 2022 revenue and EBITDA guidance and said its AIR MILES reward program and AIR MILES' sponsor Sobeys were unable to align on extension terms.


Shares of Phoenix Motor Inc. (NASDAQ:PEV) were down 41% to $4.4006. Phoenix Motor priced its initial public offering of 2.1 million shares at $7.50 per share.


Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was down, falling 53% to $0.8251 after the company announced data from the FORWARD Phase 3 clinical trial did not demonstrate statistical significance in the primary efficacy endpoint.


Also check out: Insiders Buy More Than $3M Of 3 Penny Stocks


Commodities

In commodity news, oil traded up 1% to $120.58, while gold traded up 0.5% to $1,860.90.


Silver traded up 0.1% to $22.185 on Wednesday while copper rose 0.1% to $4.4385.



Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 0.77%, London’s FTSE 100 slipped 0.28% while Spain’s IBEX 35 Index fell 0.22%. The German DAX dropped 0.96%, French CAC 40 fell 1.11% and Italy’s FTSE MIB Index declined 0.72%.

The trade gap in France shrank to €12.2 billion in April from a record high gap of €12.7 billion in the previous month, and reported a current account gap of EUR 3.4 billion. Industrial production in Germany rose 0.7% in April, while Halifax house price index in the UK rose 10.5% year-over-year in May.

 

Economics


Wholesale inventories in the US rose 2.2% from a month ago to $861.8 billion in April.


US crude oil inventories increased by 2.025 million barrels in the week ended June 3rd, following a 5.068 million decline in the prior period, the Energy Information Administration said.


The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

Check out this: Executives Sell Around $200M Of 5 Stocks

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 86,782,400 cases with around 1,034,280 deaths. India confirmed a total of at least 43,190,280 cases and 524,710 deaths, while Brazil reported over 31,266,160 COVID-19 cases with 667,400 deaths. In total, there were at least 536,700,990 cases of COVID-19 worldwide with more than 6,323,740 deaths.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.