Market Overview

Mid-Day Market Update: Netflix Climbs Following Q4 Results; Insmed Shares Plummet

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Midway through trading Tuesday, the Dow traded up 0.03 percent to 26,223.05 while the NASDAQ gained 0.60 percent to 7,452.40. The S&P also rose, gaining 0.25 percent to 2,840.06.

Leading and Lagging Sectors

On Tuesday, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Chesapeake Utilities Corporation (NYSE: CPK) and American States Water Co (NYSE: AWR).

In trading on Tuesday, basic materials shares fell 0.61 percent. Meanwhile, top losers in the sector included Vale SA (ADR) (NYSE: VALE), down 5 percent, and Coeur Mining Inc (NYSE: CDE) down 4 percent.

Top Headline

Johnson & Johnson (NYSE: JNJ) reported better-than-expected results for its fourth quarter.

Johnson & Johnson posted adjusted earnings of $1.74 per share in the quarter on revenue of $20.20 billion which exceeded Wall Street's expectations for $1.72 per share and $20.07 billion.

Equities Trading UP

Chinanet Online Holdings Inc (NASDAQ: CNET) shares shot up 19 percent to $4.46 as the company reported a blockchain joint venture.

Shares of ResMed Inc. (NYSE: RMD) got a boost, shooting up 18 percent to $103.34 following a big second quarter earnings beat. Needham upgraded ResMed from Underperform to Hold.

Netflix, Inc. (NASDAQ: NFLX) shares were also up, gaining 11 percent to $252.48 after reporting better-than-expected sales for its fourth quarter. The company also issued strong first quarter earnings and sales guidance.

Equities Trading DOWN

Insmed Incorporated (NASDAQ: INSM) shares dropped 8 percent to $28.33 after the company reported a proposed offering of convertible senior notes.

Shares of Pretium Resources Inc (NYSE: PVG) were down 21 percent to $8.48 after the company issued an operations update of ramp-up at the high-grade gold Brucejack Mine for fourth quarter 2017 and the first six months. The company also issued guidance for the first six months of 2018.

New Oriental Education & Tech Grp (ADR) (NYSE: EDU) was down, falling around 6 percent to $93.29 after reporting Q2 results.

Commodities

In commodity news, oil traded up 0.46 percent to $63.66 while gold traded up 0.43 percent to $1,337.60.

Silver traded down 0.29 percent Tuesday to $16.94, while copper fell 2.03 percent to $3.1335.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.17 percent, the Spanish Ibex Index climbed 0.25 percent, while Italy’s FTSE MIB Index slipped 0.14 percent. Meanwhile the German DAX gained 0.65 percent, and the French CAC 40 fell 0.22 percent while U.K. shares rose 0.27 percent.

Economics

The Richmond Fed manufacturing index dropped to 14.00 for January, versus prior reading of 20.00. Economists projected a reading of 19.00.

The Treasury will auction 2-year notes at 1:00 p.m. ET.

Chicago Federal Reserve Bank President Charles Evans is set to speak in Chicago, Illinois at 6:30 p.m. ET.

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

 

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