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Following the market opening Tuesday, the Dow traded up 0.28 percent to 25,354.40 while the NASDAQ slipped 0.04 percent to 7,154.59. The S&P also rose, gaining 0.10 percent to 2,750.45.
Leading and Lagging Sectors
Tuesday morning, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from Abaxis Inc (NASDAQ:ABAX) and Nektar Therapeutics (NASDAQ:NKTR).
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In trading on Tuesday, utilities shares fell 0.75 percent. Meanwhile, top losers in the sector included Artesian Resources Corporation (NASDAQ:ARTNA), down 5 percent, and Black Hills Corp (NYSE:BKH) down 3 percent.
Top Headline
Acuity Brands, Inc. (NYSE:AYI) reported weaker-than-expected results for its first quarter on Tuesday.
Acuity Brands reported Q1 adjusted earnings of $1.94 per share on revenue of $842.8 million. However, analysts were expecting earnings of $2.10 per share on sales of $875 million.
Equities Trading UP
Pain Therapeutics, Inc. (NASDAQ:PTIE) shares shot up 179 percent to $11.76 after the company disclosed that study of REMOXY met primary endpoint. The company reported that REMOXY NDA remains on-track for resubmission in Q1 2018.
Shares of Kenon Holdings Ltd (NYSE:KEN) got a boost, shooting up 25 percent to $28.51 after the company disclosed that a China-based investor acquired a controlling interest in its Qoros Automobile joint venture.
MMA Capital Management LLC (NASDAQ:MMAC) shares were also up, gaining 23 percent to $29.85. MMA Capital reported the sale of asset management business for $57 million.
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Equities Trading DOWN
Axsome Therapeutics Inc (NASDAQ:AXSM) shares dropped 37 percent to $3.49. Axsome Therapeutics reported that AXS-02 independent data monitoring committee recommended the continuation of COAST-1 trial and discontinuation of CREATE-1 trial.
Shares of Big 5 Sporting Goods Corporation (NASDAQ:BGFV) were down 17 percent to $6.53. Big 5 Sporting Goods reported fourth-quarter sales $20 million short of estimates, coming in at $243.2 million. Comps dropped 9.4 percent for the quarter. The company sees a fiscal 2017 GAAP EPS of 52-57 cents and estimates sales will land at $1.01 billion. Big 5 Sporting shares dropped 11.46 percent to $6.95 in pre-market trading.
Acuity Brands, Inc. (NYSE:AYI) was down, falling around 14 percent to $159.98 after the company reported weaker-than-expected results for its first quarter on Tuesday.
Commodities
In commodity news, oil traded up 0.68 percent to $62.15 while gold traded down 0.64 percent to $1,311.90.
Silver traded down 0.90 percent Tuesday to $16.99, while copper rose 0.16 percent to $3.229.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 climbed 0.43 percent, the Spanish Ibex Index rose 0.40 percent, while Italy’s FTSE MIB Index rose 0.87 percent. Meanwhile the German DAX gained 0.31 percent, and the French CAC 40 rose 0.63 percent while U.K. shares rose 0.42 percent.
Economics
The Johnson Redbook Retail Sales Index rose 0.1 percent during the first week of January versus December.
The Labor Department's JOLTS report for November is schedule for release at 10:00 a.m. ET.
The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
The Treasury will auction 3-year notes at 1:00 p.m. ET.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.