Crude Oil Falls Over 3%; Miromatrix Medical Shares Spike Higher

Alzamend Neuro Inc Ordinary Shares -9.26%
CommScope Holding Co., Inc. -2.00%
Eargo, Inc. Delist
LumiraDx Limited Ordinary Shares 0.00%
Miromatrix Medical Inc. Delist

Alzamend Neuro Inc Ordinary Shares

ALZN

0.49

-9.26%

CommScope Holding Co., Inc.

COMM

1.47

-2.00%

Eargo, Inc.

EAR

2.57

Delist

LMDX

NaN

Miromatrix Medical Inc.

MIRO

3.39

Delist

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Monday.

The Dow traded up 1.14% to 32,788.73 while the NASDAQ rose 0.98% to 12,766.33. The S&P 500 also rose, gaining, 0.86% to 4,152.64.

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Leading and Lagging Sectors

 

Communication services shares jumped by 1.9% on Monday.

In trading on Monday, health care shares rose by just 0.4%.

 

Top Headline

 

ON Semiconductor Corporation (NASDAQ:ON) reported upbeat results for the third quarter, but issued weak fourth-quarter guidance.

ON Semiconductor posted adjusted earnings of $1.39 per share, beating market estimates of $1.34 per share. The company’s quarterly sales came in at $2.18 billion versus expectations of $2.15 billion.

For the fourth quarter, ON Semiconductor said it sees revenue of $1.950 billion to $2.050 billion, versus estimates of $2.18 billion. The company expects adjusted EPS of $1.13 to $1.27, compated to estimates of $1.36.

 

Equities Trading UP

 

Miromatrix Medical Inc. (NASDAQ:MIRO) shares shot up 224% to $3.27 after United Therapeutics agreed to acquire the company for $3.25 per share in cash.

Shares of VYNE Therapeutics Inc. (NASDAQ:VYNE) got a boost, shooting 19% to $2.6808 after the company announced a private placement of $88 million and data from its Phase 1b trial evaluating once-daily dosing of VYN201 in patients with nonsegmental vitiligo.

Eargo, Inc. (NASDAQ:EAR) shares were also up, gaining 52% to $2.56 after the company announced it will be taken private by Patient Square Capital.

 

Equities Trading DOWN

 

CommScope Holding Company, Inc. (NASDAQ:COMM) shares dropped 36% to $1.5601 after the company reported preliminary third-quarter financial results.

Shares of Alzamend Neuro, Inc. (NASDAQ:ALZN) were down 28% to $0.1251 after the company announced a reverse stock split.

LumiraDx Limited (NASDAQ:LMDX) was down, falling 23% to $0.0921. On Oct. 24, LumiraDx announced receipt of Nasdaq delisting determination.

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Commodities

 

In commodity news, oil traded down 3.4% to $82.64 while gold traded up 0.5% at $2,008.20.

Silver traded up 2.4% to $23.445 on Monday while copper rose 0.4% to $3.6615.

 

Euro zone

 

European shares were higher today. The eurozone’s STOXX 600 gained 0.44%, London’s FTSE 100 rose 0.61% while Spain’s IBEX 35 Index climbed 1.16% The German DAX gained 0.07% French CAC 40 climbed 0.44%, while Italy’s FTSE MIB Index jumped 0.26%.

The German economy shrank by 0.1% in the third quarter compared to the revised 0.1% growth recorded in the prior three-month period. Spain's consumer price inflation rate came in unchanged at 3.5% for October. Consumer credit in the UK increased by £1.391 billion in September slowing from the revised £1.681 billion in the prior month.

 

Asia Pacific Markets

 

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 falling 0.95%, Hong Kong’s Hang Seng Index gaining 0.04% and China’s Shanghai Composite Index gaining 0.12%. India’s S&P BSE Sensex, meanwhile, gained around 0.5%.

Retail sales in Australia increased by 0.9% month-over-month in September versus a revised 0.3% rise in August.

 

Economics

 

The Federal Reserve Bank of Dallas’s general business activity index for manufacturing in Texas declined to a reading of -19.2 in October compared to -18.1 in the earlier month.

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