Market Overview

Mid-Afternoon Market Update: Commercial Vehicle Group Falls Following Q4 Results; Bovie Medical Shares Surge

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Toward the end of trading Tuesday, the Dow traded down 0.19 percent to 25,131.53 while the NASDAQ declined 0.56 percent to 7,545.62. The S&P also fell, dropping 0.29 percent to 2,774.91.

Leading and Lagging Sectors

Tuesday afternoon, the non-cyclical consumer goods & services shares gained 0.20 percent.

In trading on Tuesday, technology shares fell 0.55 percent. Meanwhile, top losers in the sector included Silicom Ltd (NASDAQ: SILC), down 11 percent, and TTEC Holdings Inc (NASDAQ: TTEC) down 8 percent.

Top Headline

Dicks Sporting Goods Inc (NYSE: DKS) posted upbeat earnings for its fourth quarter, while sales missed expectations. The company also disclosed that it will no longer provide quarterly guidance.

Adjusted earnings came in at $1.22 per share, beating estimates by 2 cents. The company’s sales came in at $2.66 billion, versus analysts’ estimates of 2.73 billion. Its same-store sales slipped 2.0 percent.

Equities Trading UP

Proteostasis Therapeutics Inc (NASDAQ: PTI) shares shot up 49 percent to $6.16 after the biopharmaceutical company that focuses on treating diseases caused by an imbalance in the proteostasis network announced an update. The company said the FDA granted a Breakthrough Therapy Designation for its PTI-428, a cystic fibrosis transmembrane conductance regulator (CFTR) amplifier.

Shares of Northstar Realty Europe Corp (NYSE: NRE) got a boost, shooting up 16 percent to $12.86 following Q4 results.

Bovie Medical Corporation (NYSE: BVX) shares were also up, gaining 22 percent to $2.83 following a fourth quarter earnings and sales beat.

Equities Trading DOWN

Commercial Vehicle Group, Inc. (NASDAQ: CVGI) shares dropped 22 percent to $8.64 after the company posted downbeat results for its fourth quarter.

Shares of CounterPath, Corp. (NASDAQ: CPAH) were down 21 percent to $3.66 after the company reported results for its third quarter.

Advaxis, Inc. (NASDAQ: ADXS) was down, falling around 18 percent to $1.82. Advaxis reported a Q1 loss of $0.49 per share and announced a clinical hold in axalimogene filolisbac Phase 1/2 combination study with AstraZeneca's IMFINZI.

Commodities

In commodity news, oil traded down 1.29 percent to $60.57 while gold traded up 0.45 percent to $1,326.70.

Silver traded up 0.36 percent Tuesday to $16.595, while copper rose 0.24 percent to $3.1315.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.10 percent, the Spanish Ibex Index fell 0.56 percent, while Italy’s FTSE MIB Index slipped 0.63 percent. Meanwhile the German DAX declined 1.81 percent, and the French CAC 40 fell 0.92 percent while U.K. shares fell 1.10 percent.

Economics

The NFIB small business optimism index increased 0.7 point to a reading of 107.6 in February.

The consumer price index increased 0.2 percent for February, versus economists’ expectations for a 0.2 percent growth.

The Johnson Redbook Retail Sales Index fell 0.3 percent during the first week of March versus February.

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

 

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