Mid-Day Market Update: Crude Oil Up Over 1%; Agile Therapeutics Shares Slide

Midway through trading Wednesday, the Dow traded up 0.21 percent to 19,924.48 while the NASDAQ climbed 0.79 percent to 5,471.85. The S&P also rose, gaining 0.49 percent to 2,268.81.

Leading and Lagging Sectors

Cyclical consumer goods & services shares surged around 1.38 percent in trading on Wednesday. Meanwhile, top gainers in the sector included Travelzoo Inc. TZOO, and Abercrombie & Fitch Co. ANF.

In trading on Wednesday, energy shares rose by just 0.2 percent. Meanwhile, top losers in the sector included Global Partners LP GLP, down 3 percent, and Valero Energy Corporation VLO, down 3 percent.

Top Headline

UniFirst Corp UNF reported a drop in its earnings for the first quarter and lowered its forecast for the current year.

UniFirst reported a quarterly profit of $28.2 million, or $1.38 per share, compared to $35.9 million, or $1.78 per share, in the year-ago period.

Its revenue rose 3.4 percent to $386.1 million. Analysts were expecting earnings of $1.58 per share on revenue of $393.08 million.

The company now expects full-year earnings of $4.85 to $5 per share, versus its earlier forecast of $5 to $5.15 per share.

Equities Trading UP

Evoke Pharma Inc EVOK shares shot up 28 percent to $2.64. Evoke Pharma disclosed that Phase 3 Gimoti trial failed to reach its primary endpoint. However, the company announced that 51 percent of patients responded better to Gimoti than placebo.

Shares of CymaBay Therapeutics Inc CBAY got a boost, shooting up 29 percent to $2.45 after the company reported a licensing deal with Kowa Pharmaceuticals America, Inc. for exclusive US rights to arhalofenate.

O2Micro International Limited (ADR) OIIM shares were also up, gaining 23 percent to $2.33 after the company revised its Q4 financial guidance. O2Micro raised its Q4 revenue guidance from $14.7 million-$15.6 million to $15.4 million-$15.9 million.

Equities Trading DOWN

Agile Therapeutics Inc AGRX shares dropped 44 percent to $2.82 after the company reported top-line results from its Phase 3 SECURE clinical trial of Twirla. The company plans to resubmit results later in the first half of 2017.

Shares of Social Reality Inc SRAX were down around 18 percent to $4.97 after the company reported an offering for $4 million.

Emergent Capital Inc EMG was down, falling around 38 percent to $0.813 after the company disclosed that its White Eagle life settlement subsidiary has amended its revolving credit facility. The company also reported that its Red Falcon life settlement subsidiary has been merged into the White Eagle subsidiary.

Commodities

In commodity news, oil traded up 1.07 percent to $52.89 while gold traded up 0.19 percent to $1,164.20.

Silver traded up 0.37 percent Wednesday to $16.47, while copper rose 2.75 percent to $2.56.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.30 percent, the Spanish Ibex Index fell 0.46 percent, while Italy’s FTSE MIB Index gained 0.07 percent. Meanwhile the German DAX slipped 0.12 percent, and the French CAC 40 declined 0.17 percent while U.K. shares rose 0.17 percent.

Economics

The MBA’s index of mortgage application activity rose 0.10 percent for the latest week.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.