Mid-Afternoon Market Update: Dow Up Over 200 Points; Lakeland Industries Shares Spike Higher

Toward the end of trading Thursday, the Dow traded up 1.14 percent to 18,239.51 while the NASDAQ gained 1.48 percent to 5,250.37. The S&P also rose, gaining 1.13 percent to 2,149.87.

Leading and Lagging Sectors

Thursday afternoon, technology shares gained 1.66 percent. Meanwhile, top gainers in the sector included Revolution Lighting Technologies Inc RVLT, and Extreme Networks, Inc EXTR.

In trading on Thursday, utilities shares rose by just 0.8 percent. Meanwhile, top losers in the sector included Genie Energy Ltd GNE, down 2.5 percent, and Oneok Partners LP OKS, down 1.2 percent.

Top Headline

Aerie Pharmaceuticals Inc AERI disclosed that its Phase 3 study of Roclatan met its primary efficacy endpoint.

According to a press release, Roclatan managed to prove statistically superior to each of its components, including the company’s Rhopressa (netarsudil ophthalmic solution) 0.02 percent and the market leading prostaglandin analogue (PGA) latanoprost, in the treatment of patients with maximum baseline intraocular pressures (IOPs) ranging from over 20 to under 36 mmHg (millimeters of mercury).

Equities Trading UP

Lakeland Industries, Inc. LAKE shares shot up 10 percent to $10.46. Lakeland Industries reported Q2 earnings of $0.20 per share on revenue of $22.26 million.

Shares of Aerie Pharmaceuticals Inc AERI got a boost, shooting up 44 percent to $30.42 on news that its Phase 3 study of Roclatan met its primary efficacy endpoint.

AcelRx Pharmaceuticals Inc ACRX shares were also up, gaining 12 percent to $3.68 after the company disclosed that its investigational product candidate ARX-04 provided solid tolerance level in an open-label Phase three trial for post operative acute pain treatment.

Equities Trading DOWN

Energy Fuels Inc Ordinary Shares (Canada) UUUU shares dropped 24 percent to $1.73 after announcing a $10 million bought-deal offering of units.

Shares of Misonix, Inc. MSON were down 17 percent to $5.11 as the company filed for extension of time for its Annual Report on Form 10-K. The company named Joseph Dwyer as interim CFO.

Nevada Gold & Casinos UWN was down, falling around 17 percent to $1.72. Nevada Gold & Casinos reported a Q1 loss of $0.01 per share, versus a year-ago profit of $0.03 per share.

Commodities

In commodity news, oil traded up 1.18 percent to $44.67 while gold traded down 0.42 percent to $1,320.50.

Silver traded up 0.31 percent Thursday to $19.13, while copper rose 0.32 percent to $2.16.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 climbed 0.57 percent, the Spanish Ibex Index rose 0.21 percent, while Italy’s FTSE MIB Index surged 0.34 percent. Meanwhile the German DAX gained 0.51 percent, and the French CAC 40 rose 0.07 percent while U.K. shares rose 0.85 percent.

Economics

U.S. initial jobless claims rose 1,000 from the previous week to reach 260,000 in the latest week. However, economists were expecting claims to reach 265,000 in the week.

U.S. wholesale prices came flat for August, versus economists’ expectations for a 0.1 percent growth.

U.S. retail sales dropped 0.3 percent in August, versus economists’ expectations for a 0.1 percent decline.

The Philadelphia Fed manufacturing index dropped to a reading of 12.8 in September, from 2 in August. Economists expected a reading of 0.8.

The Empire State manufacturing index rose to negative 2 in September, compared to negative 4.2 in August. However, economists were projecting a reading of negative 0.5.

The U.S. current-account deficit dropped 9.1 percent to $119.9 billion in the second quarter.

Industrial production declined 0.4 percent, versus a revised 0.6 percent growth in the previous month. Economists were projecting a 0.2 percent drop.

U.S. business inventories were flat for July, versus economists’ expectations for a 0.10 percent gain.

Supplies of natural gas increased 62 billion cubic feet for the week ended September 9, the U.S. Energy Information Administration reported. Analysts projected a gain of 59 billion to 63 billion cubic feet.

Data on money supply for the latest week will be released at 4:30 p.m. ET.