Benzinga | Nov 11, 2020 10:15AM EST

Mid-Morning Market Update: Markets Mostly Higher; Air Products Reports Mixed Q4 Results

Following the market opening Wednesday, the Dow traded up 0.01% to 29,423.22 while the NASDAQ rose 1.32% to 11,706.00. The S&P also rose, gaining 0.38% to 3,558.90.

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 1.7% on Wednesday. Meanwhile, top gainers in the sector included Brooks Automation, Inc. (NASDAQ:BRKS), up 18%, and Enphase Energy, Inc. (NASDAQ:ENPH), up 8%.

In trading on Wednesday, materials shares fell by 1.3%.

Top Headline

Air Products & Chemicals, Inc. (NYSE:APD) 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. (NASDAQ:FPRX) shares shot up 239% to $18.12 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 Genfit SA (NASDAQ:GNFT) got a boost, shooting 32% to $5.22.

Performance Shipping Inc. (NASDAQ:PSHG) shares were also up, gaining 39% to $6.35 after the company agreed to acquire fifth Aframax tanker.



Equities Trading DOWN

eGain Corporation (NASDAQ:EGAN) shares tumbled 28% to $12.17 after the company reported Q1 results and issued weak Q2 forecast.

Shares of Greenland Technologies Holding Corporation (NASDAQ:GTEC) were down 22% to $4.02. Greenland Technologies shares surged 120% on Tuesday after the company reported it will begin offering integrated electric drivetrain system to existing forklift OEM clientele to support manufacture of electric forklifts using lithium batteries.

Aurora Cannabis Inc. (NYSE:ACB) was down, falling 19% to $6.70 after the company priced its 20 million unit offering at $7.50 per unit.



Commodities

In commodity news, oil traded up 3.6% to $42.83, while gold traded down 0.3% to $1,871.10.

Silver traded down 1% Wednesday to $24.225 while copper rose 0.4% to $3.1680.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.7%, the Spanish Ibex Index climbed 0.5%, while Italy's FTSE MIB Index gained 0.6%. Meanwhile, the German DAX 30 climbed 0.4%, French CAC 40 gained 0.5% and London's FTSE 100 rose 0.7%.

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..