Mid-Day Market Update: Support.com Jumps Following Merger News; Odonate Therapeutics Shares Slide

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Midway through trading Monday, the Dow traded up 0.21% to 32,697.43 while the NASDAQ rose 1.26% to 13,382.37. The S&P also rose, gaining 0.70% to 3,940.63.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 29,819,100 cases with around 542,350 deaths. Brazil reported over 11,998,230 COVID-19 cases with 294,040 deaths, while India confirmed a total of at least 11,646,080 cases and 159,960 deaths. In total, there were at least 123,287,410 cases of COVID-19 worldwide with more than 2,716,690 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares rose 1.8% on Monday. Meanwhile, top gainers in the sector included IBEX Limited (NASDAQ: IBEX), up 10%, and Himax Technologies, Inc. (NASDAQ: HIMX), up 11%.

In trading on Monday, financial shares fell 1.1%.

Top Headline

Canadian Pacific Railway Limited (NYSE: CP) announced plans to buy Kansas City Southern (NYSE: KSU) in a $25 billion cash-and-stock deal.

The deal has a total enterprise value of almost $29 billion when including the assumption of $3.8 billion of outstanding KCS debt.

 

Equities Trading UP

Support.com, Inc. (NASDAQ: SPRT) shares shot up 238% to $7.23 after the company announced a merger agreement with Bitcoin Miner Greenidge Generation Holdings.

Shares of Dyadic International, Inc. (NASDAQ: DYAI) got a boost, shooting 22% to $6.51 after the company said it would work with Medytox to develop COVID-19 vaccines.

Kansas City Southern (NYSE: KSU) shares were also up, gaining 13% to $252.49 after Canadian Pacific Railway announced plans to buy the company in a $25 billion cash-and-stock deal.

Check out these big movers of the day

Equities Trading DOWN

Odonate Therapeutics, Inc. (NASDAQ: ODT) shares tumbled 78% to $4.16 after the company said it would discontinue development of its Tesetaxel.

Shares of RLX Technology Inc. (NYSE: RLX) were down 44% to $10.93 as Reuters reported that China is mulling bring e-cigarette regulation in line with traditional tobacco products.

Farmmi, Inc. (NASDAQ: FAMI) was down, falling 17% to $1.1650 after the company reported a proposed underwritten public offering of ordinary shares.

Commodities

In commodity news, oil traded down 0.1% to $61.39, while gold traded down 0.3% to $1,736.30.

Silver traded down 2.3% Monday to $25.71 while copper rose 0.4% to $4.1295.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.14%, the Spanish Ibex Index fell 1.77% and the German DAX 30 gained 0.23%. Meanwhile, the French CAC 40 fell 0.4%, London’s FTSE 100 rose 0.29% and Italy’s FTSE MIB gained 0.13%.

The Eurozone’s current account posted a surplus of EUR 5.8 billion in January versus a EUR 8.2 billion deficit in the year-ago month. Italy recorded a current account surplus of EUR 710 million in January versus a EUR 988 million deficit in the year-ago month.

 

Economics

The Chicago Fed National Activity Index declined to -1.09 in February from a revised reading of 0.75 in January.

US existing home sales fell 6.6% from the prior month to 6.22 million units in February.

Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 1:00 p.m. ET.

Federal Reserve Vice Chair for Supervision Randal Quarles will speak at 1:30 p.m. ET.

Federal Reserve governor Michelle Bowman is set to speak at 7:15 p.m. ET.

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