Mid-morning market update: markets open higher; G-III apparel earnings beat views

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After the market opened on Wednesday, the Dow Jones traded up 0.99% to 34,824.47 while the NASDAQ climbed 1.40% to 15,755.57. The S&P also rose, gaining 1.39% to 4,630.57.

The United States has the highest number of coronavirus cases and deaths in the world, reporting a total of 49,428,910 cases with around 803,040 deaths. India has confirmed a total of at least 34,596,770 cases and 469,240 deaths, while Brazil has reported more than 22,094,450 COVID-19 cases with 614,750 deaths. In total, there have been at least 263,226,130 cases of COVID-19 worldwide with more than 5,236,980 deaths, according to data compiled by Johns Hopkins University.

Sectors ahead and behind

Energy stocks climbed 2.2% on Wednesday. Meanwhile, the top industry winners included Vertex Energy, Inc. (NASDAQ: VTNR), up 14% and Transportadora de Gas del Sur SA (NYSE: TGS) up 10%.

In Wednesday’s trading, healthcare stocks rose only 0.4%.

Superior title

G-III Clothing Group, Ltd. (NASDAQ: GIII) on Wednesday posted better-than-expected results for its third quarter.

G-III Apparel Group reported quarterly earnings of $ 2.16 per share, beating analysts’ estimates of $ 1.78 per share. The company’s quarterly sales were $ 1.02 billion, against expectations of $ 1.01 billion.

G-III said it sees FY22 EPS of $ 3.65 to $ 3.75 and sales of $ 2.77 billion.

Bullish stock trading

OceanPal Inc. (NASDAQ: OP) Shares jumped 75% to $ 9.14 after the completion of the Diana Shipping spin-off on Tuesday.

Actions of Arbutus Biopharma Corporation (NASDAQ: ABUS) got a boost, pulling 35% to $ 4.33. Moderna has lost appeals from Arbutus patent board decisions, Bloomberg reported.

Ambarella, Inc. Shares (NASDAQ: AMBA) also rose, gaining 25% to $ 224.85 after the company reported better-than-expected third-quarter results and released better-than-expected fourth quarter sales guidance.

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Downward trading of stocks

Beyond Spring Inc. (NASDAQ: BYSI) Shares fell 55% to $ 5.80 after the company announced that the FDA issued a full response letter regarding the company’s application for the new drug plinabulin. HC Wainwright & Co. demoted BeyondSpring from Buy to Neutral.

Actions of Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX) was down 19% to $ 4.08. Shares of Cumberland Pharmaceuticals jumped 128% on Tuesday after the company announced that the expanded FDA-approved labeling for Caldolor now includes its use in preoperative administration.

CTI BioPharma Corp. (NASDAQ: CTIC) was down, falling 18% to $ 1.8499 after the company said the FDA extended the review period for the new drug application for pacritinib to treat adult patients with the condition. intermediate or high risk primary or secondary myelofibrosis with a baseline platelet count less than 50 × 109 / L.

Merchandise

In the commodities news, oil traded up 4.3% to $ 69.01, while gold traded up 0.6% to $ 1,787.40.

Silver traded up 0.4% to $ 22.82 on Wednesday while copper rose 1% to $ 4.3245.

Eurozone

European stocks were higher today. The Eurozone STOXX 600 gained 1%, the Spanish Ibex index gained 1.4% and the German DAX 30 climbed 1.5%. At the same time, London’s FTSE 100 gained 1.3%, the French CAC 40 by 1.3% and the Italian FTSE MIB by 1.6%.

The Italian manufacturing PMI index hit a record high of 62.8 in November. Germany’s manufacturing PMI fell to 57.4 in November from a preliminary reading of 57.6, while retail trade fell 0.3% in October. The IHS Markit Spain manufacturing PMI fell to 57.1 in November from 57.4 the previous month. Annual house price growth in the UK reached 10.0% in November, down from 9.9% the month before.

Economy

Private companies hired 534,000 workers in November, up from a revised increase of 570,000 the month before.

The IHS Markit manufacturing PMI slipped to 58.3 in November from a preliminary reading of 59.1.

The ISM composite manufacturing index climbed to 61.1 in November from 60.8.

Construction spending in the United States rose 0.2% in October.

The Energy Information Administration’s weekly report on U.S. oil inventories is expected to be released at 10:30 a.m. ET.

The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

Check out the full economic calendar here

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