Market Overview

Mid-Afternoon Market Update: Ascena Retail Climbs Following Strong Earnings; Axovant Sciences Shares Plunge

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Toward the end of trading Tuesday, the Dow traded up 0.09 percent to 22,316.33 while the NASDAQ climbed 0.41 percent to 6,396.47. The S&P also fell, gaining 0.16 percent to 2,500.59.

Leading and Lagging Sectors

Tuesday afternoon, the technology shares surged 0.59 percent. Meanwhile, top gainers in the sector included Points International Ltd (USA) (NASDAQ: PCOM), up 8 percent, and 21Vianet Group Inc (NASDAQ: VNET), up 15 percent.

In trading on Tuesday, healthcare shares fell 0.25 percent. Meanwhile, top losers in the sector included Repligen Corporation (NASDAQ: RGEN), down 14 percent, and NewLink Genetics Corp (NASDAQ: NLNK) down 10 percent.

Top Headline

FactSet Research Systems Inc. (NYSE: FDS) reported better-than-expected earnings for its fourth quarter.

FactSet posted quarterly adjusted earnings of $1.90 per share on revenue of $326.6 million. Analysts expected earnings of $1.89 per share on sales of $325.3 million.

FactSet expects Q1 adjusted earnings of $1.93 to $1.99 per share, on revenue of $327 million to $333 million.

Equities Trading UP

Izea Inc (NASDAQ: IZEA) shares shot up 24 percent to $6.03 after jumping 51.56 percent on Monday. IZEA disclosed that it has been awarded several contracts.

Shares of Ascena Retail Group Inc (NASDAQ: ASNA) got a boost, shooting up 9 percent to $2.37 after the company posted stronger-than-expected results for its fourth quarter.

Actua Corp (NASDAQ: ACTA) shares were also up, gaining 25 percent to $15.25 after the company agreed to sell 3 businesses for $549 million.

Equities Trading DOWN

Axovant Sciences Ltd (NASDAQ: AXON) shares dropped 72 percent to $6.83 following the announcement that its Phase 3 Intepirdine MINDSET clinical trial did not meet its co-primary efficacy endpoints. The drug is being tested for use with patients with Alzheimer's disease. Oppenheimer downgraded Axovant Sciences from Outperform to Perform.

Shares of Genocea Biosciences Inc (NASDAQ: GNCA) were down 73 percent to $1.45 after the company announced a 40-percent workforce reduction Monday as it officially shifts focus to immuno-oncology and neoantigen cancer vaccines and explores strategic alternatives for its former lead candidate. Stifel Nicolaus downgraded Genocea Biosciences from Buy to Hold.

Kadmon Holdings Inc (NASDAQ: KDMN) was down, falling around 17 percent to $3.13 as the company reported mixed shelf offering.

Commodities

In commodity news, oil traded down 0.63 percent to $51.89 while gold traded down 0.66 percent to $1,302.80.

Silver traded down 1.27 percent Tuesday to $16.93, while copper fell 0.60 percent to $2.92.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.03 percent, the Spanish Ibex Index fell 0.26 percent, while Italy’s FTSE MIB Index rose 0.27 percent. Meanwhile the German DAX gained 0.08 percent, and the French CAC 40 gained 0.18 percent while U.K. shares fell 0.21 percent.

Economics

The Johnson Redbook Retail Sales Index rose 4.1 percent year-over-year during the first four weeks of September.

The S&P Corelogic Case-Shiller home price index gained 5.8 percent year-over-year for July.

New-home sales declined 3.4 percent to an adjusted annual pace of 560,000 in September. Economists projected a rate of 588,000 for September.

The Conference Board consumer confidence index slipped to 119.80 in September, versus revised reading of 120.40. However, economists projected a reading of 120.60.

The Richmond Fed's manufacturing index gained to 19.00 for September, versus prior reading of 14.00. Economists were expecting a reading of 13.00.

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

 

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