Market Overview

Mid-Day Market Update: Crude Oil Down 1.8%; Nutrisystem Shares Climb On Upbeat Earnings

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Midway through trading Tuesday, the Dow traded down 1.11 percent to 23,894.96 while the NASDAQ declined 0.13 percent to 7,057.36. The S&P also fell, dropping 0.53 percent to 2,634.01.

Leading and Lagging Sectors

On Tuesday, the information technology shares rose 0.02 percent. Meanwhile, top gainers in the sector included Quantenna Communications, Inc. (NASDAQ: QTNA), up 18 percent, and Electronics for Imaging, Inc. (NASDAQ: EFII) up 16 percent.

In trading on Tuesday, energy shares tumbled 1.80 percent.

Top Headline

Pfizer Inc. (NYSE: PFE) reported better-than-expected earnings for its first quarter, while sales missed views.

Pfizer reported Q1 adjusted earnings of $0.77 per share on revenue of $12.91 billion. Analysts expected earnings of $0.75 per share on sales of $13.15 billion.

Equities Trading UP

Heat Biologics, Inc. (NASDAQ: HTBX) shares shot up 79 percent to $3.8395. The nano-cap biotechnology saw its stock soar 87 percent throughout Monday's session and was higher by more than 120 percent at one point. There was no company specific news to support the volatility, but the movement could be attributed to recent trader interest in "low float stocks." In Heat Biologics case, there are approximately 5.6 million shares outstanding.

Shares of Inogen, Inc. (NASDAQ: INGN) got a boost, shooting up 20 percent to $168.26 following its first-quarter earnings report that saw FY18 sales guidance raised. Earnings came in at 48 cents per share, up from 27 cents per share last year. Sales came in at $79.1 million, beating estimates by $15 million.

Nutrisystem, Inc. (NASDAQ: NTRI) shares were also up, gaining 23 percent to $35.55 after reporting better-than-expected Q1 earnings.

Equities Trading DOWN

CommScope Holding Company, Inc. (NASDAQ: COMM) shares dropped 29 percent to $27.0101 after the company reported Q1 results and lowered its FY18 earnings guidance.

Shares of Intevac, Inc. (NASDAQ: IVAC) were down 27 percent to $4.75 after reporting a first-quarter sales miss.

TDH Holdings, Inc. (NASDAQ: PETZ) was down, falling around 24 percent to $3.5099 following fiscal year 2017 results.

Commodities

In commodity news, oil traded down 1.8 percent to $67.34 while gold traded down 1.21 percent to $1,303.30.

Silver traded down 1.93 percent Tuesday to $16.085, while copper fell 1.69 percent to $3.022.

 

Economics

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

The IHS Markit manufacturing PMI rose to 56.5 in April, from 55.6 in March.

The ISM manufacturing index declined to 57.3 in April, compared to 59.3.

U.S. construction spending dropped 1.7 percent for March.

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

 

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