Market Overview

Mid-Day Market Update: Mallinckrodt Climbs After Q2 Beat; Gemphire Therapeutics Shares Plummet

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Midway through trading Tuesday, the Dow traded up 0.59 percent to 25,653.49 while the NASDAQ climbed 0.15 percent to 7,871.56. The S&P also rose, gaining 0.31 percent to 2,859.22.

Leading and Lagging Sectors

On Tuesday, the energy shares climbed 1.03 percent. Meanwhile, top gainers in the sector included Renewable Energy Group, Inc. (NASDAQ: REGI) up 14 percent, and Hornbeck Offshore Services, Inc. (NYSE: HOS) up 7 percent.

In trading on Tuesday, consumer staples shares fell 0.62 percent.

Top Headline

Emerson Electric Co. (NYSE: EMR) reported better-than-expected results for its third quarter.

Earnings came in at $0.88 per share, beating market estimates of $0.86 per share. Sales came in at $4.5 billion, beating estimates of $4.46 billion. Emerson Electric expects FY18 GAAP earnings of $3.30 to $3.40 per share.

Equities Trading UP

Orchids Paper Products Company (NYSE: TIS) shares shot up 49 percent to $3.25 after the company reported amendment to its credit agreement.

Shares of Mallinckrodt Public Limited Company (NYSE: MNK) got a boost, shooting up 23 percent to $29.9345 after the company reported stronger-than-expected results for its second quarter and raised its FY18 earnings outlook.

On Deck Capital Inc (NYSE: ONDK) shares were also up, gaining 25 percent to $8.50 after the company posted upbeat Q2 results and raised its FY18 guidance.

Equities Trading DOWN

Bellerophon Therapeutics, Inc. (NASDAQ: BLPH) shares dropped 78 percent to $0.4883. The Data Monitoring Committee has recommended that the Phase 3 INOvation-1 study evaluating INOpulse should be stopped for futility.

Shares of Gemphire Therapeutics Inc. (NASDAQ: GEMP) were down 51 percent to $3.5748. Gemphire Therapeutics announced the FDA has sought data from a sub-chronic toxicology study to support lifting of the partial clinical hold imposed on its gemcabene with respect to clinical trials of duration over six months. The agency also deemed the end-of-Phase 2 meeting and the subsequent initiation of Phase 3 trials investigating gemcabene in dyslipidemia indications and long-term safety exposure trials needed for registration will not take place until the partial hold is lifted. With the timeline for lifting the six-month clinical hold pushed forward from July 31, 2018 to Sept. 30, 2019, the company amended its loan agreement with SVB for purposes of the requirement to provide cash security to SVB, or prepayment of the loan. Separately, the company also said it amended its agreement with Pfizer over gemcabene it signed in April 2011, extending the date of the agreed deadline for the first commercial sales.

Spark Therapeutics, Inc. (NASDAQ: ONCE) was down, falling around 30 percent to $54.20 after the company reported Q2 financial results and recent business progress.

Commodities

In commodity news, oil traded up 0.28 percent to $69.20 while gold traded up 0.17 percent to $1,219.80.

Silver traded up 0.31 percent Tuesday to $15.395, while copper rose 0.97 to $2.758.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.63 percent, the Spanish Ibex Index rose 0.66 percent, while Italy’s FTSE MIB Index gained 1.32 percent. Meanwhile the German DAX climbed 0.61 percent, and the French CAC 40 rose 1.04 percent while U.K. shares rose 0.90 percent.

Economics

The Johnson Redbook Retail Sales Index rose 0.9 percent during the first four weeks of July versus June.

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Data on consumer credit for June will be released at 3:00 p.m. ET.

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

 

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