Market Overview

Mid-Morning Market Update: Markets Open Higher; Progress Software Reports Strong Preliminary Results

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Following the market opening Tuesday, the Dow traded up 0.30 percent to 22,123.71 while the NASDAQ climbed 0.10 percent to 6,438.64. The S&P also rose, gaining 0.22 percent to 2,493.68.

Leading and Lagging Sectors

Tuesday morning, the basic materials shares surged 0.48 percent. Meanwhile, top gainers in the sector included Sociedad Quimica y Minera de Chile (ADR) (NYSE: SQM), up 5 percent, and LSB Industries, Inc. (NYSE: LXU), up 4 percent.

In trading on Tuesday, utilities shares fell 0.46 percent. Meanwhile, top losers in the sector included Brookfield Infrastructure Partners L.P. (NYSE: BIP), down 5 percent, and Ameren Corp (NYSE: AEE) down 1 percent.

Top Headline

Progress Software Corporation (NASDAQ: PRGS) reported strong preliminary results for its third quarter and lifted its quarterly dividend by 12 percent.

Progress Software expects Q3 adjusted earnings of $0.48 per share on revenue of $97.6 million. Analysts were projecting earnings of $0.42 per share on revenue of $95.8 million.

The company increased its quarterly dividend to $0.14 per share from $0.125 per share.

Equities Trading UP

Aethlon Medical, Inc. (NASDAQ: AEMD) shares shot up 74 percent to $3.23 after the company disclosed Expedited Access Pathway designation from the FDA to accelerate US access to Hemopurifier.

Shares of Aldeyra Therapeutics Inc (NASDAQ: ALDX) got a boost, shooting up 69 percent to $7.10 as the company disclosed 'positive' results from dry eye disease Phase 2a clinical trial.

Quotient Ltd (NASDAQ: QTNT) shares were also up, gaining 32 percent to $4.91 after the company reports results from latest MosaiQ performance evaluation studies prior to commencing verification and validation studies.
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Equities Trading DOWN

SAGE Therapeutics Inc (NASDAQ: SAGE) shares dropped 17 percent to $73.23 after the company disclosed that its Phase 3 STATUS trial of brexalonone in super-refractory status epilepticus did not meet its primary endpoint.

Shares of BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) were down 7 percent to $5.34 as the company reported a $80 million offering of common stock.

Advaxis, Inc. (NASDAQ: ADXS) was down, falling around 14 percent to $5.88. Advaxis reported a Q3 loss of $32.6 million.

Commodities

In commodity news, oil traded up 0.37 percent to $48.25 while gold traded down 0.25 percent to $1,332.30.

Silver traded down 0.12 percent Tuesday to $17.88, while copper fell 1.40 percent to $3.023.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.64 percent, the Spanish Ibex Index rose 0.23 percent, while Italy’s FTSE MIB Index gained 0.67 percent. Meanwhile the German DAX climbed 0.59 percent, and the French CAC 40 rose 0.71 percent while U.K. shares fell 0.26 percent.

Economics

The NFIB small business optimism index rose 0.1 point to 105.3 for August.

The Johnson Redbook Retail Sales Index gained 4.5 percent year-over-year in the week ending September 9.

The Treasury is set to auction 4-and 52-week bills at 11:30 a.m. ET.

The Treasury will auction 10-year notes at 1:00 p.m. ET.

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

 

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