Mid-Afternoon Market Update: Eagle Bulk Shipping Falls Following $105 Million Liquidity Raise Announcement; Sky Solar Shares Jump

Toward the end of trading Thursday, the Dow traded down 0.18 percent to 17,685.59 while the NASDAQ declined 0.04 percent to 4,867.17. The S&P also fell, dropping 0.22 percent to 2,059.33.

On Thursday, utilities shares jumped by 0.50 percent. Meanwhile, top gainers in the sector included

, up 5 percent, and

, up 3 percent. In trading on Thursday, basic materials shares fell by 0.73 percent. Meanwhile, top losers in the sector included

, down 5 percent, and

, down 5 percent.

Movado Group, Inc issued a weak forecast for FY17. However, the company reported better-than-expected results for its fourth quarter and raised its quarterly dividend. Movado reported Q4 adjusted earnings of $0.40 per share on revenue of $143.3 million. However, analysts were expecting earnings of $0.39 per share on revenue of $140.7 million. The company expects fiscal 2017 earnings of $1.85 to $2 per share on revenue of $585 million to $600 million. Analysts projected earnings of $2.27 per share on revenue of $615 million. Movado reported a $50 million buyback plan and announced the retirement of its COO Rick Cote.

shares shot up 88 percent to $2.31. Sky Solar Holdings reported a Q4 loss of $(0.15) per share on revenue of $12.202 million. Shares of

got a boost, shooting up 24 percent to $46.35 amid word of a new report from Bloomberg, saying the company is working with bankers to defend itself against preliminary interest of a takeover. However, Reuters separately reported the company is working with JPMorgan to handle interest from other companies, but said Medivation has no interest in selling itself.

shares were also up, gaining 15 percent to $6.59. Par Technology reported Q4 adjusted earnings of $0.13 per share on revenue of $56.8 million.

shares dropped 8 percent to $27.83 after the company issued a weak forecast for FY17. However, the company reported better-than-expected results for its fourth quarter and raised its quarterly dividend. Shares of

were down 49 percent to $0.381. Eagle Bulk Shipping announced after Wednesday's close it has reached an agreement with its lenders and holders of its equity to raise $105 million.

was down, falling around 20 percent to $3.87. aTyr Pharma reported a Q4 loss of $(0.70) per share and announced encouraging Phase 1b/2 results for Resolaris in its first rare myopathy trial. aTyr Pharma also named Dr. Sanjay Shukla as Chief Medical Officer.

In commodity news, oil traded up 0.78 percent to $38.62, while gold traded up 0.38 percent to $1,233.30. Silver traded up 1.41 percent Thursday to $15.43, while copper fell 0.16 percent to $2.19.

European shares closed lower today. The eurozone's STOXX 600 fell 1.07 percent, the Spanish Ibex Index dropped 1.66 percent, while Italy's FTSE MIB Index dropped 1.41 percent. Meanwhile, the German DAX declined 0.81 percent, and the French CAC 40 slipped 1.34 percent, while U.K. shares fell 0.46 percent.

U.S. jobless claims gained 11,000 to 276,000 in the latest week. However, economists were expecting initial jobless claims to reach 268,000 in the seven days. The Chicago PMI climbed to 53.60 in March, versus a prior reading of 47.60. However, economists were projecting a reading of 50.00. Supplies of natural gas declined by 25 billion cubic feet for the week ended March 25, the U.S. Energy Information Administration reported. However, analysts were expecting a drop of 20 billion to 24 billion cubic feet.