Crude oil rises 2%; Aurora Cannabis shares plunge

Midway through trading Wednesday, the Dow traded up 0.25% to 29,495.35 while the NASDAQ rose 1.57% to 11,735.65. The S&P also rose, gaining 0.74% to 3,571.69.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 10,258,090 cases with around 239,690 deaths. India confirmed a total of at least 8,636,010 confirmed cases and 127,570 deaths, while Brazil reported over 5,699,000 COVID-19 cases with 162,800 deaths. In total, there were at least 51,548,260 cases of COVID-19 worldwide with over 1,273,640 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares climbed 2% on Wednesday. Meanwhile, top gainers in the sector included Brooks Automation, Inc. BRKS 13.52%, up 13%, and Wix.com Ltd. WIX 9.85%, up 10%.

In trading on Wednesday, materials shares fell by 1%.

Top Headline

Air Products & Chemicals, Inc. APD 8.14% reported weaker-than-expected earnings for its fourth quarter, while sales exceeded views.

Air Products posted quarterly earnings of $2.19 per share, missing analysts’ expectations of $2.21 per share. The company reported sales of $2.32 billion, surpassing estimates of $2.27 billion.

Equities Trading UP

Five Prime Therapeutics, Inc. FPRX 261.24% shares shot up 272% to $19.88 in reaction to a positive data readout. Bemarituzumab, a targeted therapy, in combination with FOLFOX6 chemotherapy, met all three efficacy endpoints in the Phase 2 study dubbed FIGHT in patients with fibroblast growth factor receptor 2b-positive, non HER2 positive, front-line advanced gastric or gastroesophageal junction cancer, the South San Francisco, California-based company said, citing topline results.

Shares of Fuel Tech, Inc. FTEK 89.17% got a boost, shooting 91% to $1.45 after the company posted upbeat Q3 results.

Performance Shipping Inc. PSHG 23.66% shares were also up, gaining 35% to $6.17 after the company agreed to acquire fifth Aframax tanker.

Equities Trading DOWN

eGain Corporation EGAN 28.98% shares tumbled 29% to $12.03 after the company reported Q1 results and issued weak Q2 forecast.

Shares of Pareteum Corporation TEUM 44.7% were down 40% to $0.2810 after the company was notified by Nasdaq that its stock will be delisted.

Aurora Cannabis Inc. ACB 18.85% was down, falling 21% to $6.54 after the company priced its 20 million unit offering at $7.50 per unit.

Commodities

In commodity news, oil traded up 2% to $42.20, while gold traded down 0.6% to $1,864.40.

Silver traded down 0.7% Wednesday to $24.29 while copper fell 0.9% to $3.1285.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.14%, the Spanish Ibex Index climbed 1%, while Italy’s FTSE MIB Index gained 0.68%. Meanwhile, the German DAX 30 climbed 0.49%, French CAC 40 gained 0.58% and London’s FTSE 100 rose 1.44%.

Germany’s economic sentiment declined to 39 for November, versus the consensus of 41.7.

Economics

On the economics calendar Wednesday, there is no important data due out..