Market Overview

Mid-Day Market Update: NASDAQ Up Over 1%; Intec Pharma Shares Plunge After Q3 Results

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Midway through trading Thursday, the Dow traded up 0.76 percent to 23,447.34 while the NASDAQ climbed 1.18 percent to 6,785.04. The S&P also rose, gaining 0.74 percent to 2,583.62.

Leading and Lagging Sectors

On Thursday, the cyclical consumer goods & services sector proved to be a source of strength for the market. Leading the sector was strength from Griffon Corporation (NYSE: GFF) and Iconix Brand Group Inc (NASDAQ: ICON).

In trading on Thursday, energy shares were relative laggards, down on the day by about 0.11 percent. Meanwhile, top losers in the sector included PrimeEnergy Corporation (NASDAQ: PNRG), down 8 percent, and Oceaneering International (NYSE: OII) down 3 percent.

Top Headline

Wal-Mart Stores Inc (NYSE: WMT) reported better-than-expected earnings for its third quarter and lifted its full-year earnings forecast.

Wal-Mart posted quarterly adjusted earnings of $1 per share on revenue of $123.2 billion. However, analysts were expecting earnings of $0.97 per share on revenue of $121 billion. Comparable store sales rose 2.7 percent in the quarter.

It now projects full-year earnings of $4.38 to $4.46, versus its prior forecast of $4.30 to $4.40 per share.

Equities Trading UP

China Advanced Constructn Mtrls Grp Inc (NASDAQ: CADC) shares shot up 244 percent to $7.57 after gaining 2.33 percent on Wednesday.

Shares of Deswell Industries, Inc. (NASDAQ: DSWL) got a boost, shooting up 36 percent to $3.33 after the company reported 1H'18 results. The company posted sales of $29.8 million and earnings of $0.23 per share.

RH (NYSE: RH) shares were also up, gaining 24 percent to $102.93 after the company increased its outlook for third quarter and fiscal 2017.

Equities Trading DOWN

Intec Pharma Ltd (NASDAQ: NTEC) shares dropped 15 percent to $6.35. Intec Pharma reported a Q3 loss of $0.29 per share.

Shares of Diplomat Pharmacy Inc (NYSE: DPLO) were down 22 percent to $14.92. Diplomat Pharmacy agreed to buy LDI Integrated Pharmacy Services. Baird downgraded Diplomat Pharmacy from Outperform to Neutral.

AxoGen, Inc. (NASDAQ: AXGN) was down, falling around 10 percent to $22.35. AxoGen reported a proposed public offering of common stock.

Commodities

In commodity news, oil traded down 0.04 percent to $55.31 while gold traded up 0.21 percent to $1,280.40.

Silver traded up 0.79 percent Thursday to $17.105, while copper rose 0.16 percent to $3.082.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 surged 0.84 percent, the Spanish Ibex Index rose 0.90 percent, while Italy’s FTSE MIB Index rose 0.07 percent. Meanwhile the German DAX climbed 0.60 percent, and the French CAC 40 surged 0.73 percent while U.K. shares rose 0.25 percent.

Economics

Initial jobless claims gained 10,000 to 249,000 in the latest week. However, economists were expecting claims to reach 235,000 last week.

The Philly Fed manufacturing index dropped to 18.90 in November, versus prior reading of 27.90. Economists projected a reading of 25.00.

The import price index increased 0.2 percent for October, while export price index was flat.

U.S. industrial production rose 0.9 percent for October, beating economists’ expectations for a 0.6 percent gain.

The NAHB housing market index gained two points to 70 in November. Economists expected a reading of 67.

Domestic supplies of natural gas declined 18 billion cubic feet for the week ended November 10, the U.S. Energy Information Administration reported. Analysts expected a drop of 14 billion cubic feet.

Dallas Federal Reserve Bank President Robert Kaplan will speak in Houston at 1:10 p.m. ET.

Federal Reserve Governor Lael Brainard is set to speak in Ann Arbor, Michigan at 3:45 p.m. ET.

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

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

 

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