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Market Overview

Mid-Day Market Update: Dow Rises Over 100 Points; InspireMD Shares Spike Higher

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Midway through trading Tuesday, the Dow traded up 0.52 percent to 24,327.86 while the NASDAQ gained 0.01 percent to 7,221.15. The S&P also rose, gaining 0.18 percent to 2,663.32.

Leading and Lagging Sectors

On Tuesday, the information technology shares gained 0.41 percent. Meanwhile, top gainers in the sector included Cheetah Mobile Inc. (NYSE: CMCM), up 8 percent, and Sierra Wireless, Inc. (NASDAQ: SWIR), up 6 percent.

In trading on Tuesday, real estate shares fell 0.49 percent.

Top Headline

McCormick & Company, Incorporated (NYSE: MKC) reported stronger-than-expected earnings for its first quarter and raised its FY18 earnings guidance.

McCormick reported adjusted earnings of $1.00 per share on revenue of $1.24 billion. However, analysts were expecting earnings of $0.91 per share on sales of $1.24 billion.

McCormick now expects FY18 adjusted earnings of $4.85 to $4.95 per share, versus earlier forecast of $4.80 to $4.90 per share.

 

Equities Trading UP

Astrotech Corporation (NASDAQ: ASTC) shares shot up 29 percent to $2.61 as the company disclosed that its new explosives trace detector, the TRACER 1000, has been accepted into the Transportation Security Administration’s Air Cargo Screening Technology Qualification Test program..

Shares of InspireMD, Inc. (NYSE: NSPR) got a boost, shooting up 29 percent to $2.6255 after the company disclosed that it has received regulatory approval for both CGuard EPS and MGuard Prime in Peru.

Sears Hometown and Outlet Stores, Inc. (NASDAQ: SHOS) shares were also up, gaining 19 percent to $2.50.

Equities Trading DOWN

Longfin Corp. (NASDAQ: LFIN) shares dropped 33 percent to $39.980 after FTSE Russell release showed that the co. failed to meet minimum 5% free float requirement as of February 14 cut off date and will be removed from the Russell Indexes on March 28 after the close.

Shares of RXi Pharmaceuticals Corporation (NASDAQ: RXII) were down 15 percent to $3.4432 after the company reported Q4 results and recent corporate highlights. RXi Pharma posted aQ4 loss of $0.84 per share on sales of $15,000.

Invitae Corporation (NYSE: NVTA) was down, falling around 16 percent to $5.88 after reporting a $50-million common stock offering.

Commodities

In commodity news, oil traded up 0.06 percent to $65.59 while gold traded down 0.95 percent to $1,348.00.

Silver traded down 0.98 percent Tuesday to $16.52, while copper rose 0.62 percent to $2.9885.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 1.10 percent, the Spanish Ibex Index climbed 0.82 percent, while Italy’s FTSE MIB Index jumped 0.84 percent. Meanwhile the German DAX rose 1.39 percent, and the French CAC 40 gained 0.82 percent while U.K. shares rose 1.45 percent.

Economics

The Johnson Redbook Retail Sales Index rose 0.1 percent during the first three weeks of March versus February.

The S&P Corelogic Case-Shiller home price index increased 6.4 percent year-over-year for January.

The Conference Board’s Consumer Confidence Index fell to 127.7 in March, versus a revised 130 in February. Economists projected a reading of 131.0.

The Richmond Fed Manufacturing Index declined to 15.00 for March, versus previous reading of 28.00. However, economists were expecting a reading of 23.00.

The Treasury will auction 5-year notes at 1:00 p.m. ET.

 

Related Articles (ASTC + CMCM)

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