Market Overview

Mid-Day Market Update: Crude Oil Up Over 1%; Protalix BioTherapeutics Shares Spike Higher

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Midway through trading Tuesday, the Dow traded up 0.87 percent to 25,262.89 while the NASDAQ climbed 0.85 percent to 7,908.62. The S&P also rose, gaining 0.76 percent to 2,828.23.

Leading and Lagging Sectors

On Tuesday, the energy shares climbed 1.65 percent. Meanwhile, top gainers in the sector included EP Energy Corporation (NYSE: EPE) up 6 percent, and Penn Virginia Corporation (NASDAQ: PVAC) up 5 percent.

In trading on Tuesday, utilities shares fell 1.14 percent.

Top Headline

Alphabet Inc (NASDAQ: GOOGL) reported stronger-than-expected results for its second quarter on Monday.

Alphabet posted quarterly profit of $10.58 per share, on revenue of $32.66 billion. Analysts projected earnings of 9.59 per share on revenue of $32.17 billion.

 

Equities Trading UP

Protalix BioTherapeutics, Inc. (NYSE: PLX) shares shot up 19 percent to $0.52 after the company announced the expansion of its partnership with Chiesi Farmaceuti. As part of the agreement, Chiesi was granted U.S. rights for the development and commercialization of Protalix's PRX-102 for the treatment of Fabry disease.

Shares of EyeGate Pharmaceuticals, Inc. (NASDAQ: EYEG) got a boost, shooting up 17 percent to $0.7001 after the company reported the FDA approval of two Investigational Device Exemption applications for the company’s Ocular Bandage Gel.

Bridgeline Digital, Inc. (NASDAQ: BLIN) shares were also up, gaining 31 percent to $1.96 as the company disclosed that a global engine manufacturer launched a UK B2C eCommerce website on Bridgeline's Unbound Platform.

 

Equities Trading DOWN

Beasley Broadcast Group, Inc. (NASDAQ: BBGI) shares dropped 16 percent to $7.45. Beasley Broadcast Group priced its 3.13 million share offering at $7.50 per share.

Shares of Whirlpool Corporation (NYSE: WHR) were down 14 percent to $129.145 after the company reported weaker-than-expected results for its second quarter and lowered its FY18 guidance.

Gastar Exploration Inc. (NYSE: GST) was down, falling around 34 percent to $0.14 after the company filed an update to March 23rd prospectus, detailing 170 million share common stock offering. Gastar also reported resignation of 2 board members and retention of advisors for review of strategic alternatives including 'potential restructuring of its balance sheet.’ Imperial Capital downgraded Gastar Exploration from In-Line to Underperform and lowered the price target from $1 to $0.14.

Commodities

In commodity news, oil traded up 1.44 percent to $68.87 while gold traded up 0.28 percent to $1,237.90.

Silver traded up 1.17 percent Tuesday to $15.605, while copper rose 2.97 to $2.828.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 surged 1 percent, the Spanish Ibex Index rose 0.64 percent, while Italy’s FTSE MIB Index rose 0.98 percent. Meanwhile the German DAX climbed 1.36 percent, and the French CAC 40 surged 1.24 percent while U.K. shares rose 1.04 percent.

Economics

The Markit manufacturing PMI rose to 55.50 for July, versus prior reading of 55.40. The services PMI slipped to 56.20 for July, versus previous reading of 56.50.

The Richmond Fed's manufacturing index declined to 20 in July, compared to 21 in June.

The Treasury will auction 2-year notes at 1:00 p.m. ET.

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

 

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