Market Overview

Mid-Afternoon Market Update: Shoe Carnival Climbs On Upbeat Earnings; Genesco Shares Drop

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Toward the end of trading Thursday, the Dow traded up 0.18 percent to 21,931.12 while the NASDAQ climbed 0.85 percent to 6,422.21. The S&P also rose, gaining 0.47 percent to 2,469.14.

Leading and Lagging Sectors

Thursday afternoon, the healthcare shares climbed by 1.39 percent. Meanwhile, top gainers in the sector included Impax Laboratories Inc (NASDAQ: IPXL), up 20 percent, and MannKind Corporation (NASDAQ: MNKD), up 11 percent.

In trading on Thursday, telecommunications services shares fell 0.02 percent. Meanwhile, top losers in the sector included Internet Gold Golden Lines Ltd (NASDAQ: IGLD), down 3 percent, and IDT Corporation (NYSE: IDT) down 1.2 percent.

Top Headline

Dollar General Corp. (NYSE: DG) reported better-than-expected results for its second quarter.

Dollar General posted quarterly earnings of $1.10 per share on revenue of $5.83 billion. However, analysts were expecting earnings of $1.09 per share on revenue of $5.8 billion.

Dollar General now expects FY17 GAAP earnings of $4.35 to $4.50 per share, versus earlier forecast of $4.25 to $4.50 per share.

Equities Trading UP

Shoe Carnival, Inc. (NASDAQ: SCVL) shares shot up 22 percent to $20.07 as the company reported stronger-than-expected results for its second quarter on Wednesday.

Shares of Nano Dimension Ltd - ADR (NASDAQ: NNDM) got a boost, shooting up 10 percent to $4.53 after the company reported a collaboration with CAD MicroSolutions to distribute 3D printer to Canada.

ChannelAdvisor Corp (NASDAQ: ECOM) shares were also up, gaining 8 percent to $11.57. First Analysis upgraded ChannelAdvisor from Equal-Weight to Overweight.

Equities Trading DOWN

Steadymed Ltd (NASDAQ: STDY) shares dropped 31 percent to $4.10 after the company disclosed that it has received a Refusal To File letter from the FDA related to Trevyent NDA.

Shares of Titan Machinery Inc. (NASDAQ: TITN) were down 17 percent to $12.90 after the company posted a wider-than-expected quarterly loss and lowered its outlook for the year.

Genesco Inc. (NYSE: GCO) was down, falling around 15 percent to $21.70 after the company posted weaker-than-expected results for its second quarter and lowered its FY18 earnings outlook.

Commodities

In commodity news, oil traded up 2.85 percent to $47.27 while gold traded up 0.65 percent to $1,322.60.

Silver traded up 0.38 percent Thursday to $17.57, while copper rose 0.32 percent to $3.097.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 climbed 0.77 percent, the Spanish Ibex Index gained 0.52 percent, while Italy’s FTSE MIB Index rose 0.77 percent. Meanwhile the German DAX climbed 0.44 percent, and the French CAC 40 rose 0.58 percent while U.K. shares rose 0.89 percent.

Economics

Initial jobless claims increased 1,000 to 236,000 last week. However, economists were expecting claims to reach 237,000 last week.

Consumer spending increased 0.3 percent in July, versus economists’ expectations for a 0.4 percent gain. Personal income gained 0.40 percent last month, compared to economists’ estimates of 0.30 percent growth.

The Chicago PMI held steady at 58.9 for August, versus economists’ estimates for a reading of 58.5.

The pending home sales index declined 0.8 percent for July. However, economists were expecting a 0.5 percent growth.

Domestic supplies of natural gas climbed 30 billion cubic feet for the week ended August 25, the U.S. Energy Information Administration reported. However, analysts were expecting a gain of 32 billion cubic feet.

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

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

 

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