Mid-Afternoon Market Update: Dow Rises 150 Points; Accolade Shares Spike Higher



Toward the end of trading Tuesday, the Dow traded up 0.43% to 36,224.50 while the NASDAQ rose 1.33% to 15,142.08. The S&P also rose, gaining, 0.75% to 4,705.23.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 62,661,270 cases with around 861,330 deaths. India confirmed a total of at least 35,875,790 cases and 484,210 deaths, while Brazil reported over 22,558,690 COVID-19 cases with 620,140 deaths. In total, there were at least 311,276,890 cases of COVID-19 worldwide with more than 5,514,050 deaths.

Leading and Lagging Sectors

Energy shares rose 2.5% on Tuesday. Meanwhile, top gainers in the sector included Permian Basin Royalty Trust (NYSE: PBT), up 12% and BP Prudhoe Bay Royalty Trust (NYSE: BPT) up 13%.

In trading on Tuesday, utilities shares dipped by 1.1%.

Top Headline

Albertsons Companies, Inc. (NYSE: ACI) reported upbeat earnings for its third quarter and boosted its FY21 forecast.

Albertsons posted quarterly earnings of $0.79 per share, beating analysts’ estimates of $0.61 per share. The company’s quarterly sales came in at $16.73 billion, versus expectations of $16.08 billion.

Albertsons Companies raised its FY21 EPS guidance from $2.50-$2.60 to $2.90-$2.95.

 

Equities Trading UP

TSR, Inc. (NASDAQ: TSRI) shares shot up 22% to $10.90 following Q2 results. The company reported Q2 revenue of $23.9 million, versus $16.1 million year over year.

Shares of Accolade, Inc. (NASDAQ: ACCD) got a boost, shooting 24% to $23.82 after the company reported Q3 earnings results and raised FY22 sales guidance.

Bark Inc (NYSE: BARK) shares were also up, gaining 29% to $4.66. The company said it expects Q3 sales of $140 million, versus analysts’ estimates of $137.3 million. BARK co-founder and executive chairman Matt Meeker will cecome CEO.

Check out these big movers of the day

Equities Trading DOWN

Albertsons Companies, Inc. (NYSE: ACI) shares tumbled 7% to $29.75. Albertsons Companies reported upbeat earnings for its third quarter and boosted its FY21 forecast.

Shares of Bone Biologics Corporation (NASDAQ: BBLG) were down 23% to $4.1650. Bone Biologics shares surged 57% on Monday following the company’s presentation at the HC Wainwright BioConnect Virtual Conference..

Pacific Biosciences of California, Inc. (NASDAQ: PACB) was down, falling 11% to $14.77 after the company issued Q4 and FY21 sales guidance below estimates. The company announced preliminary revenue of approximately $36 million for its fourth quarter, below the consensus estimate of $36.58 million.

Commodities

In commodity news, oil traded up 3.8% to $81.16, while gold traded up 0.9% to $1,814.80.

Silver traded up 1.4% Tuesday to $22.765 while copper rose 1.7% to $4.4270.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.84%, London’s FTSE 100 rose 0.62%, while Spain’s IBEX 35 Index rose 0.56%. The German DAX gained 1.1%, French CAC 40 climbed 0.95% and Italy’s FTSE MIB Index gained 0.66%.

Spanish industrial production climbed 4.8% year-over-year in November following a revised 0.7% decline in the previous month. Retail sales in the United Kingdom rose 0.6% on a like-for-like basis from a year ago in December.

Economics

The NFIB Small Business Optimism Index climbed to a three-month high of 98.9 in December from 98.4 in the previous month.

Check out the full economic calendar here

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