Mid-afternoon market update: Dow surges over 100 points; Panbela Therapeutics (PBLA Stock) shares plunge

Dow surges over 100 points; Panbela Therapeutics (PBLA Stock) shares plunge

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Toward the end of trading Wednesday, the Dow traded up 0.42% to 31,507.84 while the NASDAQ rose 0.09% to 14,019.66. The S&P also rose, gaining 0.20% to 3,918.92.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 27,192,910 cases with around 468,200 deaths. India confirmed a total of at least 10,858,370 confirmed cases and 155,250 deaths, while Brazil reported over 9,599,560 COVID-19 cases with 233,520 deaths. In total, there were at least 106,981,240 cases of COVID-19 worldwide with over 2,343,070 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 2% on Wednesday. Meanwhile, top gainers in the sector included Torchlight Energy Resources, Inc. TRCH 63.19%, up 61%, and Gran Tierra Energy Inc. GTE 23.29%, up 23%.

In trading on Wednesday, consumer discretionary shares fell by 0.8%.

Top Headline

Coca-Cola Co KO 0.21% reported better-than-expected earnings for its fourth quarter on Wednesday.

Coca-Cola reported quarterly earnings of $0.47 per share, exceeding analysts’ estimates of $0.42 per share. The company’s quarterly sales came in at $8.61 billion, versus expectations of $8.63 billion.

Equities Trading UP

Bio-Path Holdings, Inc. BPTH 142.05% shares shot up 144% to $12.70 after the company announced it received a third U.S. patent grant related to the manufacture of its platform technology.

Shares of Cancer Genetics, Inc. CGIX 62.36% got a boost, shooting 64% to $9.47 after the company’s filings showed that it entered into a merger agreement with StemoniX.

Viant Technology Inc. NASDAQDSP shares were also up, gaining 85% to $46.19 after the company priced 10 million shares at $25per share to rake in proceeds worth $250 million in an upsized initial public offering (IPO).

Check out these big movers of the day

Equities Trading DOWN

Panbela Therapeutics Inc. PBLA 26.34% shares tumbled 26% to $6.03. Independent data safety monitoring board (DSMB) has recommended a hold on Panbela Therapeutics’ ongoing Phase 1 trial to hold the administration of SBP-101 pending further investigation of visual disturbance adverse events. The company also announced research agreement with Johns Hopkins University School of Medicine.

Shares of Sino-Global Shipping America, Ltd. SINO 23.63% were down 24% to $6.96 after the company priced a 3.655 million share, warrants offering at $7.80 per unit.

Aware, Inc. AWRE 19.22% was down, falling 19% to $4.84 after the company reported a loss for the fourth quarter.

Commodities

In commodity news, oil traded up 0.7% to $58.74, while gold traded up 0.4% to $1,845.10.

Silver traded down 0.9% Wednesday to $27.165 while copper rose 1.4% to $3.7725.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.23%, the Spanish Ibex Index fell 0.44% and the German DAX 30 slipped 0.56%. Meanwhile, the French CAC 40 fell 0.36%, London’s FTSE 100 fell 0.11% and Italy’s FTSE MIB fell 0.15%.

Industrial production in France dropped 0.8% in December versus a revised 0.7% decline in November. Germany’s annual inflation rate was confirmed at 1% for January.

Economics

The annual inflation rate came in steady at 1.4% in January.

Wholesale inventories rose 0.3% in December.

US crude oil inventories dropped6.644 million barrels in the week ended February 5, the Energy Information Administration reported.

Credit: FX Street

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