Market Overview

Mid-Afternoon Market Update: NASDAQ Gains Over 50 Points; Evoke Pharma Shares Spike Higher

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Toward the end of trading Wednesday, the Dow traded up 0.33 percent to 19,946.32 while the NASDAQ climbed 0.95 percent to 5,480.84. The S&P also rose, gaining 0.62 percent to 2,271.83.

Leading and Lagging Sectors

Cyclical consumer goods & services shares jumped around 1.41 percent in trading on Wednesday. Meanwhile, top gainers in the sector included Beasley Broadcast Group Inc (NASDAQ: BBGI), and Ruby Tuesday, Inc. (NYSE: RT).

In trading on Wednesday, utilities shares rose by just 0.2 percent. Meanwhile, top losers in the sector included Korea Electric Power Corporation (ADR) (NYSE: KEP), down 2 percent, and Cia Energetica de Minas Gerais CEMIG-ADR (NYSE: CIG), down 2 percent.

Top Headline

UniFirst Corp (NYSE: 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 (NASDAQ: EVOK) shares shot up 28 percent to $2.65. 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 (NASDAQ: 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) (NASDAQ: OIIM) shares were also up, gaining 20 percent to $2.27 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 (NASDAQ: AGRX) shares dropped 47 percent to $2.65 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 (NASDAQ: SRAX) were down around 13 percent to $5.30 after the company reported an offering for $4 million.

Emergent Capital Inc (NYSE: EMG) was down, falling around 45 percent to $0.730 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 1.68 percent to $53.21 while gold traded up 0.24 percent to $1,164.80.

Silver traded up 0.83 percent Wednesday to $16.55, while copper rose 2.61 percent to $2.55.

Eurozone

European shares closed mixed today. The eurozone’s STOXX 600 slipped 0.12 percent, the Spanish Ibex Index fell 0.33 percent, while Italy’s FTSE MIB Index gained 0.27 percent. Meanwhile the German DAX rose 0.01 percent, and the French CAC 40 gained 0.01 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 released minutes of its latest meeting.

Posted-In: Mid-Afternoon Market UpdateNews Eurozone Commodities Global Intraday Update Markets Movers

 

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