Market Overview

Mid-Afternoon Market Update: Schmitt Industries Rises Following Strong Q4 Results; Resources Connection Shares Slide

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Toward the end of trading Thursday, the Dow traded down 0.31 percent to 25,121.55 while the NASDAQ declined 0.24 percent to 7,835.57. The S&P also fell, dropping 0.20 percent to 2,809.99.

Leading and Lagging Sectors

Thursday afternoon, the utilities shares climbed 1.27 percent. Meanwhile, top gainers in the sector included Dominion Energy, Inc. (NYSE: D) up 3 percent, and Spark Energy, Inc. (NASDAQ: SPKE) up 5 percent.

In trading on Thursday, financial shares fell 1.41 percent.

Top Headline

Philip Morris International Inc. (NYSE: PM) reported better-than-expected earnings for its second quarter. However, the company lowered its earnings guidance for 2018.

The company posted quarterly profit of $1.41 per share, on revenue of $7.726 billion. Analysts projected earnings of $1.24 per share on revenue of $7.57 billion.

 

Equities Trading UP

Schmitt Industries, Inc.. (NASDAQ: SMIT) shares shot up 32 percent to $3.16 after reporting strong Q4 results. Schmitt Industries posted Q4 earnings of $0.06 per share, compared to year-ago loss of $0.14 per share. Its sales rose to $3.79 million from $3.65 million.

Shares of Establishment Labs Holdings Inc. (NASDAQ: ESTA) got a boost, shooting up 39 percent to $24.99. Establishment Labs priced its 3.71 million share offering at $18 per share.

Tilray, Inc. (NASDAQ: TLRY) shares were also up, gaining 29 percent to $21.965. Tilray priced its 9 million share offering at $17 per share.

Equities Trading DOWN

Mersana Therapeutics, Inc. (NASDAQ: MRSN) shares dropped 29 percent to $11.65 as the FDA placed partial clinical hold on the company’s XMT-1522 cancer drug after patient death, which is not confirmed to be related to drug.

Shares of Resources Connection, Inc. (NASDAQ: RECN) were down 12 percent to $15.0499. Resources Connection reported Q4 earnings of $4 million on revenue of $183.8 million.

Medigus Ltd. (NASDAQ: MDGS) was down, falling around 12 percent to $3.26. Medigus priced its 2.837 million share offering at $3.50 per unit.

Commodities

In commodity news, oil traded up 1.37 percent to $69.70 while gold traded down 0.20 percent to $1,225.50.

Silver traded down 0.99 percent Thursday to $15.42, while copper fell 1.90 to $2.7075.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 declined 0.23 percent, the Spanish Ibex Index fell 0.33 percent, while Italy’s FTSE MIB Index fell 0.40 percent. Meanwhile the German DAX dropped 0.62 percent, and the French CAC 40 slipped 0.56 percent while U.K. shares rose 0.10 percent.

Economics

Initial jobless claims fell 8,000 to 207,000 in the latest week. However, economists were expecting a 220,000 reading.

The Philly Fed manufacturing index increased 6 points to a reading of 25.7 for July. However, economists were projecting a reading of 21.5.

The index of leading economic indicators rose 0.5 percent for June.

Domestic supplies of natural gas climbed 46 billion cubic feet for the week ended July 13, the U.S. Energy Information Administration reported. Analysts expected a gain of 58 billion cubic feet.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

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

 

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