Mid-Morning Market Update: Markets Mostly Lower; JinkoSolar Issues

Following the market opening Tuesday, the Dow traded down 0.60% to 34,923.74 while the NASDAQ climbed 0.16% to 15,807.66. The S&P also fell, dropping 0.32% to 4,640.44.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 49,301,070 cases with around 801,320 deaths. India confirmed a total of at least 34,587,820 cases and 468,980 deaths, while Brazil reported over 22,084,740 COVID-19 cases with 614,420 deaths. In total, there were at least 262,549,830 cases of COVID-19 worldwide with more than 5,227,930 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares gained by 0.3% on Tuesday. Meanwhile, top gainers in the sector included Everspin Technologies, Inc. (NASDAQ:MRAM), up 11% and Alpha and Omega Semiconductor Limited (NASDAQ:AOSL) up 6%.

In trading on Tuesday, financials shares fell 1.2%.

Top Headline

JinkoSolar Holding Co Ltd (NYSE:JKS) reported a decline in sales for the third quarter and issued weak sales outlook.

JinkoSolar reported a third-quarter FY21 revenue decline of 2.3% year-on-year to $1.33 billion, missing the consensus of $1.34 billion. Non-GAAP earnings per ordinary share were $0.01, and non-GAAP earnings per ADS were $0.05.

JinkoSolar sees Q4 revenue of $1.8 billion – $2.2 billion, below the consensus of $2.24 billion.

Equities Trading UP

Cumberland Pharmaceuticals Inc. (NASDAQ:CPIX) shares shot up 103% to $4.47. The FDA approved expanded labeling for Cumberland Pharmaceuticals’ Caldolor, an intravenously delivered formulation of ibuprofen, to now include use in pre-operative administration.

Shares of Adagio Therapeutics, Inc. (NASDAQ:ADGI) got a boost, shooting 48% to $69.44. Adagio Therapeutics gained more than 86% on Monday after the company said its COVID-19 monoclonal antibody, ADG20, is likely to retain activity against Omicron, as observed in in vitro models with all other variants of concern identified previously.

Pioneer Power Solutions, Inc. (NASDAQ:PPSI) shares were also up, gaining 31% to $9.95 after dipping 27% on Monday.

Check out these big movers of the day

Equities Trading DOWN

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares tumbled 57% to $9.41 after the company announced first clinical data from the Phase 1 dose-escalation portion of the ongoing Phase 1/2 clinical trial of OP-1250.

Shares of TG Therapeutics, Inc. (NASDAQ:TGTX) were down 36% to $14.94 after the company reported the FDA plans to host a meeting of the Oncologic Drugs Advisory Committee in connection with its review of the pending BLA/sNDA for the combination of ublituximab and UKONIQ.

AeroClean Technologies, Inc. (NASDAQ:AERC) was down, falling 29% to $82.80 after jumping around 45% on Monday.

Commodities

In commodity news, oil traded down 2.8% to $67.99, while gold traded up 0.8% to $1,795.70.

Silver traded up 0.4% Tuesday…