Mid-Morning Market Update: Markets Mostly Higher; Ciena Profit Tops Expectations

Following the market opening Tuesday, the Dow traded up 0.01 percent to 24,878.36 while the NASDAQ gained 1.44 percent to 7,362.54. The S&P also rose, gaining 0.12 percent to 2,724.23.

Leading and Lagging Sectors

Tuesday morning, the basic materials shares gained 1.02 percent. Meanwhile, top gainers in the sector included Clearwater Paper Corp CLW, up 5 percent, and SurModics, Inc. SRDX, up 5 percent.

In trading on Tuesday, utilities shares fell 0.83 percent. Meanwhile, top losers in the sector included RGC Resources Inc. RGCO, down 4 percent, and MDU Resources Group Inc MDU down 2 percent.

Top Headline

Ciena Corporation CIEN reported better-than-expected results for its first quarter.

Ciena reported adjusted earnings of $0.15 per share on sales of $646.1 million. However, analysts were expecting earnings of $0.13 per share on sales of $642.0 million.

Equities Trading UP

Amedica Corporation AMDA shares shot up 34 percent to $2.68 after the company reported the FDA clearance of Valeo C+CsC with Lumen Interbody Fusion Device.

Shares of CommerceHub Inc CHUBA got a boost, shooting up 23 percent to $22.50 as the company agreed to be acquired by GTCR and Sycamore Partners for $22.75 per share in cash.

Baozun Inc (ADR) BZUN shares were also up, gaining 19 percent to $43.76 after reporting Q4 results.

Equities Trading DOWN

GlycoMimetics Inc GLYC shares dropped 17 percent to $19.05 after reporting the design of phase 3 trial of GMI-1271 in relapsed/refractory AML. GlycoMimetics reported a Q4 loss of $0.27 per share.

Shares of Orchids Paper Products Company TIS were down 14 percent to $9.25 after the company reported downbeat quarterly results.
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TransAct Technologies Incorporated TACT was down, falling around 15 percent to $11.62 following a fourth quarter earnings and sales miss. The company also announced a $5 million share buyback plan.

Commodities

In commodity news, oil traded up 0.85 percent to $63.10 while gold traded up 0.81 percent to $1,330.60.

Silver traded up 1.39 percent Tuesday to $16.64, while copper rose 1.23 percent to $3.1665.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.64 percent, the Spanish Ibex Index rose 0.72 percent, while Italy’s FTSE MIB Index climbed 1.83 percent. Meanwhile the German DAX gained 0.88 percent, and the French CAC 40 rose 0.71 percent while U.K. shares rose 0.79 percent.

Economics

The Johnson Redbook Retail Sales Index fell 0.5 percent for February versus January.

U.S. factory orders declined 1.4 percent for January, versus economists’ expectations for a 1.3 percent gain.

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

Federal Reserve Governor Lael Brainard will speak in New York City at 7:00 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Houston at 8:30 p.m. ET.