Market Overview

Mid-Morning Market Update: Markets Gain; Oracle Shares Fall Following Q3 Results

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Following the market opening Tuesday, the Dow traded up 0.53 percent to 24,740.03 while the NASDAQ gained 0.19 percent to 7,358.48. The S&P also rose, gaining 0.17 percent to 2,717.41.

Leading and Lagging Sectors

Tuesday morning, the energy shares gained 0.97 percent.

In trading on Tuesday, telecommunication services shares fell 0.44percent. Meanwhile, top losers in the sector included Overstock.com Inc (NASDAQ: OSTK), down 9 percent, and Bitauto Hldg Ltd (ADR) (NYSE: BITA) down 10 percent.

Top Headline

Oracle Corporation (NYSE: ORCL) shares fell over 9 percent despite reporting a third quarter earnings beat. Adjusted earnings came in at 83 cents per share, beating estimates by 11 cents. Sales came in at $9.776 billion, versus estimates of $9.781 billion.

The company also reported that third quarter cloud SaaS sales were up 33 percent year-over-year.

Equities Trading UP

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) shares shot up 31 percent to $40.36 as the company disclosed that its phase 2 OASIS trial for Ulcerative Colitis treatment met primary and all secondary endpoints. The company plans to initiate a phase 3 trial.

Shares of Restoration Robotics, Inc. (NASDAQ: HAIR) got a boost, shooting up 5 percent to $7.39 after the company disclosed that it has received the FDA clearance for implantation function.

Marinus Pharmaceuticals, Inc. (NASDAQ: MRNS) shares were also up, gaining 18 percent to $4.84.

Equities Trading DOWN

Proteostasis Therapeutics, Inc. (NASDAQ: PTI) shares dropped 18 percent to $5.75 after reporting proposed public offering of common stock.

Shares of Northern Oil and Gas, Inc (NYSE: NOG) were down 15 percent to $1.95 after the company announced a $105 million offering. The company also raised FY18 production growth guidance.

The Children's Place, Inc. (NASDAQ: PLCE) was down, falling around 8 percent to $127.25. Children's Place reported upbeat earnings for its fourth quarter, while sales misses estimates. The company also announced a $250 million buyback plan.

Commodities

In commodity news, oil traded up 1.77 percent to $63.16 while gold traded down 0.70 percent to $1,308.60.

Silver traded down 0.96 percent Tuesday to $16.17, while copper fell 1.36 percent to $3.04.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.33 percent, the Spanish Ibex Index fell 0.05 percent, while Italy’s FTSE MIB Index rose 0.57 percent. Meanwhile the German DAX gained 0.38 percent, and the French CAC 40 slipped 1.13 percent while U.K. shares rose 0.39 percent.

Economics

The Federal Open Market Committee will begin its two-day policy meeting today.

The Treasury will auction 4-week bills at 11:30 a.m. ET.

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

 

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