Market Overview

Mid-Morning Market Update: Markets Edge Lower; Conn's Profit Beats Views

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Following the market opening Thursday, the Dow traded down 0.13 percent to 21,778.58 while the NASDAQ declined 0.11 percent to 6,386.33. The S&P also fell, dropping 0.12 percent to 2,462.70.

Leading and Lagging Sectors

Thursday morning, the non-cyclical consumer goods & services shares surged 0.54 percent.

In trading on Thursday, financial shares fell 0.38 percent. Meanwhile, top losers in the sector included Federated National Holding Co (NASDAQ: FNHC), down 7 percent, and Aspen Insurance Holdings Limited (NYSE: AHL) down 7 percent.

Top Headline

Conn's Inc (NASDAQ: CONN) reported better-than-expected earnings for its second quarter.

Conn's reported a Q2 adjusted profit of $0.26 per share on revenue of $366.6 million. However, analysts were expecting a loss at $0.02 per share on revenue of $371.91 million.

Equities Trading UP

RH (NYSE: RH) shares shot up 45 percent to $71.67 after the company reported better-than-expected results for its second quarter and raised its FY2017 outlook.

Shares of NewLink Genetics Corp (NASDAQ: NLNK) got a boost, shooting up 25 percent to $9.76 after the company offered updated data for indoximod plus KEYTRUDA. The updated data showed improvement of response rate for patients in advanced melanoma.

Verona Pharma plc (NASDAQ: VRNA) shares were also up, gaining 26 percent to $15.26 after the company disclosed positive top-line data from Phase 2a clinical trial in COPD with RPL554 dosed in addition to tiotropium.

Equities Trading DOWN

NCI Building Systems Inc (NYSE: NCS) shares dropped 19 percent to $13.55 after the company reported weaker-than-expected quarterly results.

Shares of Cellect Biotechnology Ltd. (NASDAQ: APOP) were down 12 percent to $8.60. Cellect Biotechnology reported a $4.3 million raise in a registered direct offering.

ABM Industries, Inc. (NYSE: ABM) was down, falling around 11 percent to $39.07 after the company reported weaker-than-expected profit for its third quarter.

Commodities

In commodity news, oil traded down 0.96 percent to $48.69 while gold traded up 0.42 percent to $1,344.60.

Silver traded up 0.39 percent Thursday to $17.98, while copper fell 0.86 percent to $3.1245.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 rose 0.41 percent, the Spanish Ibex Index rose 0.18 percent, while Italy’s FTSE MIB Index gained 0.03 percent. Meanwhile the German DAX climbed 0.96 percent, and the French CAC 40 rose 0.70 percent while U.K. shares rose 0.45 percent.

Economics

Initial jobless claims rose 62,000 to 298,000 in the latest week. However, economists were expecting claims to reach 241,000 last week.

U.S. nonfarm productivity rose 1.50 percent for the second quarter, versus economists’ expectations for a 1.30 percent growth.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.

The EIA’s weekly report on petroleum inventories is schedule for release at 11:00 a.m. ET.

Cleveland Federal Reserve Bank President Loretta Mester is set to speak in Pittsburgh at 12:15 p.m. ET.

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

Atlanta Federal Reserve Bank President Raphael Bostic will speak in Atlanta at 7:00 p.m. ET.

President Federal Reserve Bank of New York William Dudley is set to speak in New York at 7:00 p.m. ET.

Kansas City Federal Reserve Bank President Esther George will speak in Omaha at 8:15 p.m. ET.

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

 

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