Mid-Day Market Update: Dow Rises Over 200 Points; Invuity Shares Plummet

Midway through trading Thursday, the Dow traded up 0.96 percent to 24,994.86 while the NASDAQ gained 0.05 percent to 7,500.20. The S&P also rose, gaining 0.19 percent to 2,754.82.

Leading and Lagging Sectors

On Thursday, the healthcare shares gained 0.41 percent. Meanwhile, top gainers in the sector included Geron Corporation GERN, up 9 percent, and Codexis, Inc. CDXS, up 6 percent.

In trading on Thursday, energy shares fell 0.88 percent. Meanwhile, top losers in the sector included Enbridge Energy Partners, L.P. EEP, down 15 percent, and Enbridge Energy Management, L.L.C. EEQ down 13 percent.

Top Headline

Dollar General Corp. DG reported in-line earnings for its fourth quarter and issued a strong earnings forecast for FY18. The company’s same-store sales also exceeded expectations.

The company earned $1.48 per share on revenue of $6.1 billion and announced an incremental $1 billion share buyback authorization and lifted its quarterly dividend from 26 cents per share to 29 cents per share.

Equities Trading UP

Arcus Biosciences, Inc. RCUS shares shot up 32 percent to $19.76. Arcus Biosciences priced its IPO at $15 per share.

Shares of Proteostasis Therapeutics Inc PTI got a boost, shooting up 12 percent to $7.34 after the company disclosed that the FDA has granted orphan drug designation for PTI-428 in cystic fibrosis.

Image Sensing Systems, Inc. ISNS shares were also up, gaining 27 percent to $4.00. Image Sensing reported Q4 earnings of $0.13 per share on revenue of $4.34 million. The company announced resignation of CFO Richard Ehrich.

Equities Trading DOWN

Solid Biosciences Inc SLDB shares dropped 62 percent to $9.97 after the company reported a clinical hold on SGT-001 Phase I/II clinical trial for Duchenne Muscular Dystrophy.

Shares of Invuity, Inc. IVTY were down 14 percent to $3.70. Invuity priced its 6.2 million share offering at $3.50 per share.

J.Jill Inc JILL was down, falling around 35 percent to $4.86. J.Jill reported Q4 adjusted earnings of $0.13 per share on sales of $188.7 million. The company expects Q1 adjusted earnings of $0.14 to $0.16 per share and announced the retirement of its CEO Paula Bennett.

Commodities

In commodity news, oil traded up 0.49 percent to $61.26 while gold traded down 0.69 percent to $1,316.50.

Silver traded down 0.80 percent Thursday to $16.405, while copper fell 1.28 percent to $3.118.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.55 percent, the Spanish Ibex Index fell 0.08 percent, while Italy’s FTSE MIB Index rose 0.98 percent. Meanwhile the German DAX gained 0.82 percent, and the French CAC 40 gained 0.67 percent while U.K. shares rose 0.34 percent.

Economics

Initial jobless claims slipped 4,000 to 226,000 in the latest week. Economists expected claims to total 228,000.

The Philly Fed manufacturing index declined to 22.30 for March, versus prior reading of 25.80. Economists projected a reading of 23.20.

The Empire State manufacturing index gained to 22.50 in March, versus previous reading of 13.10. Economists expected a reading of 15.20.

U.S. import prices rose 0.4 percent in February.