Mid-Day Market Update: Avid Bioservices Surges Following Earnings Beat; Netflix Shares Plunge

Midway through trading Tuesday, the Dow traded up 0.04 percent to 25,075.26 while the NASDAQ climbed 0.15 percent to 7,817.52. The S&P also rose, gaining 0.18 percent to 2,803.48.

Leading and Lagging Sectors

On Tuesday, the materials shares climbed 0.74 percent. Meanwhile, top gainers in the sector included Nevsun Resources Ltd. NSU up 14 percent, and Compañía de Minas Buenaventura S.A.A. BVN up 5 percent.

In trading on Tuesday, energy shares fell 0.36 percent.

Top Headline

Goldman Sachs Group Inc GS reported better-than-expected earnings for its second quarter.

The bank posted quarterly profit of $5.98 per share, up from $3.95 per share, in the year-ago period. Analysts projected earnings of $4.66 per share.

Its total revenue climbed to $9.40 billion, beating analysts’ estimates of $8.74 billion.

Equities Trading UP

AMERI Holdings, Inc. AMRH shares shot up 55 percent to $1.830 after announcing a project with MedData to implement robotic process automation solution.

Shares of Cellectar Biosciences, Inc. CLRB got a boost, shooting up 23 percent to $9.21 after the company reported a 94 percent reduction in overall tumor volume in Waldenstrom macroglobulinemia patient in Phase 2 CLR 131 clinical study.

Avid Bioservices, Inc. CDMO shares were also up, gaining 20 percent to $5.34 following a fourth-quarter earnings beat.

Equities Trading DOWN

CCA Industries, Inc. CAW shares dropped 8 percent to $2.65. CCA Industries posted a Q2 loss of $0.04 per share on sales of $4.225 million.

Shares of Netflix, Inc. NFLX were down 8 percent to $368.65. Netflix reported upbeat earnings for its second quarter, while sales missed estimates. The company’s subscriber growth also fell short of estimates. Netflix issued weak third-quarter earnings and sales guidance.

Omnicom Group Inc. OMC was down, falling around 8 percent to $71.89 following downbeat quarterly sales.

Commodities

In commodity news, oil traded down 0.91 percent to $67.44 while gold traded down 0.92 percent to $1,228.30.

Silver traded down 1.25 percent Tuesday to $15.615, while copper fell 0.18 to $2.7595.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.33 percent, the Spanish Ibex Index fell 0.04 percent, while Italy’s FTSE MIB Index rose 0.75 percent. Meanwhile the German DAX climbed 0.99 percent, and the French CAC 40 gained 0.25 percent while U.K. shares rose 0.46 percent.

Economics

The Johnson Redbook Retail Sales Index for the latest week is schedule for release at 8:55 a.m. ET.

U.S. industrial production rose 0.6 percent for June, versus economists’ expectations for a 0.5 percent gain.

The NAHB housing market index came in at 68.00 for July, versus economists’ estimates for a reading of 69.00.

The Treasury International Capital report for May will be released at 4:00 p.m. ET.