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Market Overview

Mid-Afternoon Market Update: Chegg Surges After Strong Q4 Results; Dare Bioscience Shares Slide


Toward the end of trading Tuesday, the Dow traded up 0.25 percent to 24,661.51 while the NASDAQ climbed 0.39 percent to 7,009.21. The S&P also rose, gaining 0.29 percent to 2,663.75.

Leading and Lagging Sectors

Tuesday afternoon, the basic materials shares climbed 0.44 percent. Meanwhile, top gainers in the sector included Louisiana-Pacific Corporation (NYSE: LPX), up 6 percent, and AptarGroup, Inc. (NYSE: ATR), up 10 percent.

In trading on Tuesday, telecommunications services shares tumbled 0.82 percent. Meanwhile, top losers in the sector included Telecom Italia SpA (ADR) (NYSE: TI), down 3 percent, and Telecom Argentina SA (ADR) (NYSE: TI) down 2 percent.

Top Headline

PepsiCo, Inc. (NASDAQ: PEP) reported better-than-expected earnings for its fourth quarter.

The company said it earned $1.31 per share on revenue of $19.53 billion in the fourth quarter. However, Wall Street analysts were expecting the company to earn $1.30 per share on revenue of $19.39 billion.

PepsiCo raised its annual dividend from $3.22 per share to $3.71 per share and announced a $15 billion buyback program. PepsiCo expects FY 2018 adjusted earnings of $5.70 per share, versus analysts’ estimates of $5.67 per share.


Equities Trading UP

GNC Holdings Inc (NYSE: GNC) shares shot up 28 percent to $5.35 following announcement of $300 million investment from Harbin Pharmaceuticals. GNC reported in-line quarterly earnings.

Shares of WMIH Corp. (NASDAQ: WMIH) got a boost, shooting up 55 percent to $1.23. The insurance company agreed to merge with Nationstar Mortgage Holdings Inc (NYSE: NSM). Nationstar shareholders could chose to receive $18.00 in cash or 12.7793 of WMIH common stock for each share owned. Nationstar shareholders will own around 36 percent of the combined entity with WMIH shareholders owning the remaining 64 percent.

Chegg Inc (NYSE: CHGG) shares were also up, gaining 19 percent to $19.41 after reporting a fourth quarter earnings and sales beat and raising FY18 guidance.

Equities Trading DOWN

Dare Bioscience Inc (NASDAQ: DARE) shares dropped 40 percent to $1.67. Dare Bioscience priced 5 million common share and warrants to buy up to 3.5 million common shares at $3 per share.

Shares of Helios and Matheson Analytics Inc (NASDAQ: HMNY) were down 30 percent to $5.61 after the company reported pricing of its $105 million public offering.

Affimed NV (NASDAQ: AFMD) was down, falling around 15 percent to $2.08. Affimed priced its 11.5 million share public offering of common stock at 2.00 per share.


In commodity news, oil traded up 0.07 percent to $59.33 while gold traded up 0.23 percent to $1,329.40.

Silver traded down 0.24 percent Tuesday to $16.53, while copper rose 2.38 percent to $3.16.


European shares closed lower today. The eurozone’s STOXX 600 declined 0.63 percent, the Spanish Ibex Index fell 1.23 percent, while Italy’s FTSE MIB Index dipped 1.35 percent. Meanwhile the German DAX dropped 0.70 percent, and the French CAC 40 fell 0.60 percent while U.K. shares fell 0.13 percent.


The NFIB small business optimism index gained 2 points to a reading of 106.9 in January. However, economists were expecting a reading of 105.5.

The Johnson Redbook Retail Sales Index dropped 1.1 percent during the first week of February versus January.


Related Articles (ATR + AFMD)

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