Market Overview

Mid-Afternoon Market Update: Crude Oil Up 1.4%; Apogee Enterprises Shares Fall On Earnings Miss

Share:

Toward the end of trading Tuesday, the Dow traded up 0.93 percent to 26,304.91 while the NASDAQ climbed 1 percent to 7,974.76. The S&P also rose, gaining 0.75 percent to 2,910.53.

Leading and Lagging Sectors

Tuesday afternoon, the consumer discretionary shares rose 1.28 percent. Meanwhile, top gainers in the sector included Formula One Group (NASDAQ: FWONK) up 8 percent, and Kandi Technologies Group, Inc. (NASDAQ: KNDI) up 8 percent.

In trading on Tuesday, real estate shares fell 0.51 percent.

Top Headline

AutoZone, Inc. (NYSE: AZO) reported better-than-expected earnings for its fourth quarter, while sales missed views.

AutoZone posted quarterly earnings of $18.54 per share on sales of $3.56 billion. However, analysts were expecting earnings of $17.99 per share on sales of $3.60 billion.

 

Equities Trading UP

Viking Therapeutics Inc (NASDAQ: VKTX) shares shot up 96 percent to $20.38 after announcing top-line results from Phase 2 study of VK2809. The study achieved primary endpoint.

Shares of BioHiTech Global, Inc. (NASDAQ: BHTG) got a boost, shooting up 15 percent to $3.56 after the company disclosed that it has received local permit approval to build HEBioT resource recovery facility in Rensselaer New York.

ChemoCentryx, Inc. (NASDAQ: CCXI) shares were also up, gaining 11 percent to $11.60. Vifor Pharma Group raised equity stake in ChemoCentryx from 6.6% to 21.2%.

Equities Trading DOWN

Twin Disc, Incorporated (NASDAQ: TWIN) shares dropped 10 percent to $23.4301 after reporting a $30 million common stock offering.

Shares of China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS) were down 18 percent to $9.15 after reporting 1H results. China Internet Nationwide Financial Services posted 1H earnings of $0.31 per share on sales of $11.42 million.

Apogee Enterprises, Inc. (NASDAQ: APOG) was down, falling around 11 percent to $43.16 after the company missed Q2 earnings estimates and cut FY19 guidance.

Commodities

In commodity news, oil traded up 1.4 percent to $69.85 while gold traded down 0.25 percent to $ 1,202.80.

Silver traded down 0.16 percent Tuesday to $14.20, while copper rose 3.15 to $2.7345.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.11 percent, the Spanish Ibex Index rose 0.46 percent, while Italy’s FTSE MIB Index climbed 0.55 percent. Meanwhile the German DAX climbed 0.51 percent, and the French CAC 40 rose 0.28 percent while U.K. shares fell 0.03 percent.

Economics

The Johnson Redbook Retail Sales Index rose 0.3 percent during the first two weeks of September versus August.

The NAHB housing market index was unchanged at 67 for September.

The Treasury International Capital report for July is schedule for release at 4:00 p.m. ET.

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

 

Related Articles (APOG + AZO)

View Comments and Join the Discussion!

UBS: Market Now Understands Durability Of Fortinet's Business

Gain Altitude With This Aerospace ETF