Mid-Afternoon Market Update: Dow Falls 70 Points; Evolving Systems Shares Spike Higher

Toward the end of trading Monday, the Dow traded down 0.20% to 35,223.86 while the NASDAQ rose 0.68% to 14,998.54. The S&P also rose, gaining 0.19% to 4,480.05.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 45,792,530 cases with around 744,540 deaths. India confirmed a total of at least 34,081,310 cases and 452,320 deaths, while Brazil reported over 21,644,460 COVID-19 cases with 603,320 deaths. In total, there were at least 241,556,670 cases of COVID-19 worldwide with more than 4,915,950 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares gained by 1.1% on Monday. Meanwhile, top gainers in the sector included Macy's, Inc. (NYSE: M), up 17% and Dutch Bros Inc. (NYSE: BROS) up 10%.

In trading on Monday, utilities shares fell 1%.

Top Headline

Albertsons Companies, Inc. (NYSE: ACI) reported better-than-expected results for its second quarter on Monday.

Albertsons reported quarterly earnings of $0.64 per share, beating analysts’ estimates of $0.45 per share. The company reported quarterly revenue of $16.50 billion, versus analysts’ estimates of $15.81 billion.

Albertsons also increased its quarterly dividend by 20% to $0.12 per share. The next quarterly dividend will be paid on November 12, 2021, to stockholders of record on October 29, 2021. Albertsons raised FY21 EPS guidance to $2.50 – $2.60 (previously $2.20 – $2.30) versus the consensus of $2.28. The company also raised adjusted EBITDA to $3.95 billion – $4.05 billion (prior view $3.7 billion – $3.8 billion).

Equities Trading UP

Valneva SE (NASDAQ: VALN) shares shot up 34% to $37.67 after the company reported VLA2001 met both co-primary endpoints in the Phase 3 pivotal trial Cov-Compare.

Shares of Evolving Systems, Inc (NASDAQ: EVOL) got a boost, shooting 22% to $2.7250 after the company announced it will sell its activation and marketing businesses to PartnerOne Capital for $40 million.

Peabody Energy Corporation (NYSE: BTU) shares were also up, gaining 21% to $19.37. Peabody said it sees preliminary Q3 sales of $670 million to $690 million.

Check out these big movers of the day

Equities Trading DOWN

Revance Therapeutics, Inc. (NASDAQ: RVNC) shares tumbled 39% to $13.83. The FDA issued a Complete Response Letter (CRL) regarding Revance Therapeutics’ marketing application for DaxibotulinumtoxinA for Injection for moderate to severe glabellar (frown) lines.

Shares of Omeros Corporation (NASDAQ: OMER) were down 27% to $5.67 after the company announced it received a Complete Response Letter from the FDA for the Biologics License Application for narsoplimab in the treatment of HSCT-TMA.

MannKind Corporation (NASDAQ: MNKD) was down, falling 19% to $4.1050 after the company announced the FDA issued a complete response to United Therapeutics regarding the New Drug Application for Tyvaso DPI.

Commodities

In commodity news, oil traded down 0.2% to $82.10, while gold traded down 0.1% to $1,767.00.

Silver traded down 0.3% Monday to $23.28 while copper fell 0.4% to $4.7125.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 slipped 0.50%, the Spanish Ibex Index fell 0.68% and the German DAX 30 declined 0.72%. Meanwhile, the London’s FTSE 100 fell 0.42%, French CAC 40 dipped 0.81% and Italy’s FTSE MIB dropped 0.83%.

Economics

Industrial production dropped 1.3% in September, following a revised 0.1% drop in August.

The NAHB housing market index increased 4 points to a reading of 80 in October.

The Treasury International Capital report for August will be released at 4:00 p.m. ET.

Check out the full economic calendar here

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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