Mid-Morning Market Update: Markets Open Lower; DISH Network Profit Beats Views

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Following the market opening Monday, the Dow traded down 0.21% to 31,428.13 while the NASDAQ fell 1.01% to 13,734.74. The S&P also fell, dropping 0.44% to 3,889.47.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 28,134,270 cases with around 498,900 deaths. India confirmed a total of at least 11,005,850 confirmed cases and 156,380 deaths, while Brazil reported over 10,168,170 COVID-19 cases with 246,500 deaths. In total, there were at least 111,415,030 cases of COVID-19 worldwide with over 2,467,200 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 3% on Monday. Meanwhile, top gainers in the sector included GasLog Ltd. (NYSE: GLOG), up 17%, and Torchlight Energy Resources, Inc. (NASDAQ: TRCH), up 12%.

In trading on Monday, utilities shares fell by 1.3%.

Top Headline

DISH Network Corporation (NASDAQ: DISH) reported better-than-expected earnings for its fourth quarter.

DISH reported quarterly earnings of $1.24 per share, beating analysts’ estimates of $0.75 per share. The company’s quarterly sales came in at $4.56 billion, versus expectations of $4.42 billion.

Equities Trading UP

Rodgers Silicon Valley Acquisition Corp. (NASDAQ: RSVA) shares shot up 53% to $24.15. Enovix will go public through a merger with Rodgers Silicon Valley Acquisition Corp.

Shares of Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) got a boost, shooting 30% to $2.6789 after surging 32% on Friday. Citius Pharmaceuticals recently announced closing of $76.5 million registered direct offering priced at-the-market under Nasdaq rules.

Vuzix Corporation (NASDAQ: VUZI) shares were also up, gaining 29% to $22.83. Vuzix shares surged around 12% on Friday after the company highlighted its smart glasses were featured in the American Medical Association’s ‘Special COVID-19 Edition for Accelerating Change in Medical Health Education Systems Science Student, Resident and Fellow Impact Challenge.’

Check out these big movers of the day

Equities Trading DOWN

Otonomy, Inc. (NASDAQ: OTIC) shares tumbled 50% to $2.6898 after the comapny announced that its Phase 3 clinical trials of OTIVIDEX in patients with Meniere’s disease did not meet its primary endpoint.

Shares of Ebix, Inc. (NASDAQ: EBIX) were down 49% to $26.11 after the company reaffirmed business forecast for FY 2021.

Brainstorm Cell Therapeutics Inc. (NASDAQ: BCLI) was down, falling 31% to $4.742 after the company announced the FDA concluded from their initial review that the current level of NurOwn clinical data does not provide the threshold of substantial evidence that FDA is seeking to support a biologics license application.

Commodities

In commodity news, oil traded up 0.7% to $59.65, while gold traded up 1% to $1,795.60.

Silver traded up 1.2% Monday to $27.575 while copper rose 0.5% to $4.0935.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.7%, the Spanish Ibex Index fell 0.8% and the German DAX 30 declined 0.6%. Meanwhile, the French CAC 40 fell 0.6%, London’s FTSE 100 fell 0.6% and Italy’s FTSE MIB fell 0.7%.

German Ifo Business Climate indicator increased to 92.4 in February from a revised reading of 90.3 in the earlier month.

 

Economics

The Chicago Fed National Activity Index rose to 0.66 in January versus a revised reading of 0.41 in December.

The index of leading economic indicators rose 0.5% for January.

The Dallas Fed manufacturing index for February is scheduled for release at 10:30 a.m. ET. The index might drop to 6.7 in February from January’s reading of 7.

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

Check out the full economic calendar here

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