Dow Jumps 550 Points; Convey Health Solutions Shares Spike Higher

view original post

U.S. stocks traded higher midway through trading, with the Dow Jones gaining around 550 points on Tuesday.

The Dow traded up 1.86% to 30,445.81 while the NASDAQ rose 3.15% to 11,138.32. The S&P also rose, gaining, 2.56% to 3,768.74.

Also check this: US Existing Home Sales And Other Macro Issues For Tuesday

Leading and Lagging Sectors

Consumer discretionary shares jumped by 3.7% on Tuesday. Meanwhile, top gainers in the sector included Mullen Automotive, Inc. (NASDAQ:MULN), up 15% and Arrival (NASDAQ:ARVL) up 20%.

In trading on Tuesday, materials shares rose by just 1.4%.

Top Headline

Lennar Corporation (NYSE:LEN) reported better-than-expected results for its second quarter on Tuesday.

Lennar posted adjusted earnings of $4.69 per share, beating analysts’ estimates of $3.98 per share. The company’s quarterly sales came in at $8.36 billion, versus expectations of $8.11 billion.

The company said it sees Q3 deliveries of 17,000 to 18,500.

Equities Trading UP

Convey Health Solutions Holdings, Inc. (NYSE:CNVY) shares shot up 139% to $10.31 as the company agreed to be taken private by TPG Capital,.

Shares of Valneva SE (NASDAQ:VALN) got a boost, shooting 84% to $25.17. Pfizer will invest €90.5 million ($95 million) for an 8.1% stake in Valneva, as the companies updated the terms of agreement for Lyme disease vaccine candidate VLA15.

Lexaria Bioscience Corp. (NASDAQ:LEXX) shares were also up, gaining 23% to $2.8643 as the company signed manufacturing and license agreements with Atlanta-based BevNology LLC.

Equities Trading DOWN

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares tumbled 36% to $12.52. A panel of the FDA’s outside experts voted 9-3 that Acadia Pharmaceuticals’ pimavanserin doesn’t appear to be effective at treating patients with Alzheimer’s-related psychosis.

Shares of Fujian Blue Hat Interactive Entertainment Technology Ltd. (NASDAQ:BHAT) were down 45% to $0.6341. Blue Hat Interactive Entertainment Technology reported a proposed underwritten public offering of ordinary shares and pre-funded warrants to purchase ordinary shares.

The ODP Corporation (NASDAQ:ODP) was down, falling 14% to $30.17. ODP completed realignment of operating business entities to better serve customers.

Also check out: Kraft Heinz And 2 Other Stocks Insiders Are Selling


In commodity news, oil traded up 1.8% to $111.51, while gold traded down 0.1% to $1,840.40.

Silver traded up 1.2% to $21.85 on Tuesday while copper rose 1.1% to $4.0575.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.46%, London’s FTSE 100 rose 0.45% while Spain’s IBEX 35 Index fell 0.54%. The German DAX gained 0.33%, French CAC 40 climbed 0.82% and Italy’s FTSE MIB Index climbed 0.43%.

The Euro Area recorded a current account gap of EUR 5.4 billion in April versus a year-ago surplus of EUR 32.3 billion.


The Chicago Fed National Activity Index fell to an eight-month low of +0.01 in May from +0.40 in the prior month.

Existing home sales dropped by 3.4% to an annual rate of 5.41 million in May.

Federal Reserve Bank of Richmond President Thomas Barkin will speak at 3:30 p.m. ET.

Check out this: U.S. Markets Open Higher; Lennar Earnings Top Views

Check out our premarket coverage here

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 88,054,080 cases with around 1,038,380 deaths. India confirmed a total of at least 43,320,840 cases and 524,890 deaths, while Brazil reported over 31,756,110 COVID-19 cases with 669,210 deaths. In total, there were at least 544,958,040 cases of COVID-19 worldwide with more than 6,342,090 deaths.