Mid-Afternoon Market Update: Neogen Falls After Q1 Results; Jaguar Health Shares Surge

Toward the end of trading Tuesday, the Dow traded down 0.18 percent to 26,513.86 while the NASDAQ climbed 0.19 percent to 8,008.03. The S&P also fell, dropping 0.08 percent to 2,917.06.

Leading and Lagging Sectors

Tuesday afternoon, the energy shares rose 0.67 percent. Meanwhile, top gainers in the sector included Basic Energy Services, Inc. BAS up 11 percent, and W&T Offshore, Inc. WTI up 9 percent.

In trading on Tuesday, utilities shares fell 1.29 percent.

Top Headline

FactSet Research Systems Inc. (NYSE: FDS reported weaker-than-expected results for its fourth quarter.

FactSet Research posted Q4 adjusted earnings of $2.20 per share on sales of $345.861 million. However, analysts were expecting earnings of $2.21 per share on sales of $346.51 million.

Equities Trading UP

Sonic Corp. SONC shares shot up 18 percent to $43.37. Sonic reached an agreement to sell itself to Inspire Brands for $2.3 billion, or $43.50 per share.

Shares of XO Group Inc. XOXO got a boost, shooting up 26 percent to $34.76 after it was earlier announced the company will become privately held and merge with WeddingWire for $35 per share in cash.

Jaguar Health, Inc. JAGX shares were also up, gaining 245 percent to $2.24 after reporting a distribution, license and supply agreement with Knight therapeutics for Mytesi.

Equities Trading DOWN

TG Therapeutics, Inc. TGTX shares dropped 37 percent to $5.825 after the company issued an update regarding UNITY-CLL Phase 3 trial. The independent Data Safety Monitoring Board advised the company that interim analysis of overall response rate could not be conducted, as data were not sufficiently mature to conduct analysis.

Shares of Opiant Pharmaceuticals, Inc. OPNT were down 18 percent to $17.48. Opiant Pharmaceuticals priced its 705,882 share common stock offering at $17 per share.

Neogen Corporation NEOG was down, falling around 15 percent to $75.336 following mixed Q1 results. Neogen posted upbeat Q1 earnings, while sales missed estimates.

Commodities

In commodity news, oil traded up 0.33 percent to $72.32 while gold traded up 0.06 percent to $1,205.10.

Silver traded up 1.04 percent Tuesday to $14.49, while copper fell 0.51 to $2.8215.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 climbed 0.46 percent, the Spanish Ibex Index fell 0.2 percent, while Italy’s FTSE MIB Index jumped 1.54 percent. Meanwhile the German DAX gained 0.19 percent, and the French CAC 40 rose 0.05 percent while U.K. shares rose 0.66 percent.

Economics

The Federal Open Market Committee begins its two-day policy meeting.

The S&P CoreLogic Case-Shiller 20-City home price index increased 5.9 percent year-over-year for July, versus a revised 6.4 percent gain in June.

The Conference Board consumer confidence index rose to 138.4 for September.

The Richmond Fed manufacturing index declined to 22.00 in September, versus prior reading of 24.00.