Mid-Day Market Update: Adamas Pharmaceuticals Jumps on FDA Approval of Alzheimer's Treatment; CalAmp Shares Slip

Midway through trading Wednesday, the Dow traded up 0.31 percent to 18,079.71 while the NASDAQ climbed 0.36 percent to 4,782.39. The S&P also rose, gaining 0.21 percent to 2,086.58.

Leading and Lagging Sectors

On Wednesday, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from MGE Energy Inc. MGEE and Exelon Corporation EXC.

In trading on Wednesday, energy shares were relative laggards, down on the day by about 0.85 percent. Meanwhile, top decliners in the sector included Oasis Petroleum Inc. OAS, down 6.6 percent, and Energy XXI Ltd. EXXI, off 7 percent.

Top Headline

On Tuesday, Cal-Maine Foods, Inc. CALM reported weaker-than-expected second-quarter earnings and warned that new rules for egg producers in California could hurt 2015 results.

The company, which calls itself the largest U.S. producer of fresh eggs, posted net income of $36.6 million, or $0.76, versus year-earlier profit of $26.1 million, or $0.54 a share.

Sales increased 6.9 percent to $378.6 million, from $354.3 million a year earlier. Analysts expected $0.85 a share.

Equities Trading UP

Adamas Pharmaceuticals, Inc. ADMS shares shot up 11.40 percent to $16.32 after the FDA approved a New Drug Application for Adamas Pharmaceuticals’ Namzaric for the treatment of moderate to severe dementia of the Alzheimer's type.

Shares of Navigator Holdings Ltd. NVGS got a boost, shooting up 12.85 percent to $20.20 on positive comments from Jim Cramer on 'Mad Money.'

Virgin America Inc. VA shares were also up, gaining 9.44 percent to $39.19 after analysts at multiple firms initiated favorable coverage on the stock.

Equities Trading DOWN

CalAmp Corp. CAMP shares tumbled 11.71 percent to $17.41 after the company issued a weak Q4 revenue forecast. However, the company reported upbeat earnings for the third quarter.

Shares of Cal-Maine Foods, Inc. CALM were down 4.82 percent to $42.05 after the company reported weaker-than-expected second-quarter earnings and warned that new rules for egg producers in California could hurt 2015 results.

American Realty Capital Properties, Inc. ARCP was down, falling 2.16 percent to $8.15 after the company outlined its business priorities. The company reported that it obtained an additional lender waiver and extension for reporting third quarter 2014 and full year 2014 financial results. The company has agreed pursuant to the waiver and extension that it will not pay a dividend until its financial statements have been delivered.

Commodities

In commodity news, oil traded down 2.89 percent to $55.47, while gold traded down 0.28 percent to $1,174.70.

Silver traded down 0.20 percent Wednesday to $15.74, while copper fell 0.47 percent to $2.85.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.05 percent, the Spanish Ibex Index gained 0.04 percent. The French CAC 40 fell 0.44 percent while UK shares gained 0.18 percent.

Economics

US jobless claims slipped by 9,000 to 280,000 in the week ended December 20. However, economists were projecting claims to reach 290,000 in the week.

The MBA reported that its index of mortgage application activity rose 0.90% in the week ended December 19, 2014.

Crude inventories climbed 7.3 million barrels versus the prior week, the U.S. Energy Information Administration reported. However, analysts were expecting a decline of 1.8 million barrels.

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Posted In: EarningsNewsGuidanceEurozoneFuturesCommoditiesFDAEcon #sIntraday UpdateMarkets
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