Mid-Morning Market Update: Markets Mostly Higher; Dollar General Profit Misses Views

Following the market opening Thursday, the Dow traded up 0.38 percent to 19,195.87 while the NASDAQ declined 0.11 percent to 5,317.95. The S&P also rose, gaining 0.13 percent to 2,201.57.

Leading and Lagging Sectors

Thursday morning, energy shares gained by 0.93 percent. Meanwhile, top gainers in the sector included Pioneer Energy Services Corp PES, and Pacific Drilling SA PACD.

In trading on Thursday, utilities shares fell by 0.43 percent. Meanwhile, top losers in the sector included Companhia Paranaense de Energia (ADR) ELP, down 6 percent, and Companhia de Saneamento Basico (ADR) SBS, down 6 percent.

Top Headline

Dollar General Corp. DG posted downbeat earnings for its third quarter on Thursday.

Dollar General posted quarterly earnings of $235.3 million, or $0.84 per share cents, or $0.86 per share, in the year-ago period. The latest quarter results include a $0.05 per share charge in relocation costs.

Its revenue increased to $5.32 billion from $5.07 billion. However, analysts were expecting earnings of $0.93 per share on revenue of $5.37 billion.

Equities Trading UP

Christopher & Banks Corporation CBK shares shot up 25 percent to $2.15 after the company posted better-than-expected quarterly results.

Shares of bluebird bio Inc BLUE got a boost, shooting up 25 percent to $75.14 following release of positive data on relapsed/refractory multiple myeloma study.

Tilly's Inc TLYS shares were also up, gaining 25 percent to $12.40 after the company posted upbeat Q3 results.

Equities Trading DOWN

Heat Biologics Inc HTBX shares dropped 55 percent to $1.29 following a negative outcome of its bladder cancer study. Heat Biologics said its phase 2 trial of Vesigenurtacel-L (HS-410) in combination with BCG in patients with non-muscle invasive bladder cancer (NMIBC) failed to meet primary endpoint.

Shares of Aradigm Corporation ARDM were down 50 percent to $2.62. Aradigm disclosed that it has met primary and secondary endpoint in ORBIT-4. However, it missed ORBIT-3 primary and secondary endpoint.

Express, Inc. EXPR was down, falling around 18 percent to $11.00 after the company issued a weak outlook for the fourth quarter.

Commodities

In commodity news, oil traded up 3.18 percent to $51.01 while gold traded down 0.36 percent to $1,169.70.

Silver traded down 0.19 percent Thursday to $16.45, while copper rose 0.08 percent to $2.64.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.31 percent, the Spanish Ibex Index rose 0.01 percent, while Italy’s FTSE MIB Index gained 0.36 percent. Meanwhile the German DAX dropped 0.71 percent, and the French CAC 40 slipped 0.23 percent while U.K. shares fell 1.21 percent.

Economics

Initial jobless claims increased 17,000 to 268,000 in the latest week. However, economists were expecting claims to reach 253,000 in the week.

The Markit manufacturing PMI rose to 54.10 for November, versus a prior reading of 53.90. Economists projected a reading of 53.90.

The ISM manufacturing PMI increased to 53.20 in November, versus a previous reading of 51.90. Economists were expecting a reading of 52.20.

U.S. construction spending rose 0.50 percent for October, versus economists’ expectations for a 0.50 percent growth.

The Energy Information Administration’s weekly report on natural gas stocks is schedule for release at 10:30 a.m. ET.

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