Mid-Morning Market Update: Markets Mostly Lower; Hibbett Sports Misses Q3 Expectations

Following the market opening Tuesday, the Dow traded down 0.33 percent to 24,560.12 while the NASDAQ declined 0.01 percent to 7,081.50. The S&P also fell, dropping 0.04 percent to 2,672.31.

Leading and Lagging Sectors

Tuesday morning, the communication services shares climbed 0.5 percent. Meanwhile, top gainers in the sector included LINE Corporation LN up 9 percent, and Frontier Communications Corporation FTR up 5 percent.

In trading on Tuesday, materials shares fell 1.3 percent.

Top Headline

Hibbett Sports, Inc. HIBB reported weaker-than-expected results for its third quarter and lowered its FY19 EPS guidance.

Hibbett Sports posted quarterly earnings of $0.14 per share on time charter revenues of $216.9 million. However, analysts were expecting a profit of $0.16 per share on revenue of $217.28 million.

Hibbett now expects FY19 adjusted earnings of $1.55 to $1.65 per share, versus previous forecast of $1.57 to $1.75 per share.

 

Equities Trading UP

Spirit Airlines, Inc. SAVE shares got a boost, shooting up 19 percent to $60.83 after the company raised Q4 TRASM and CASM guidance.

Shares of Aethlon Medical, Inc. AEMD shot up 22 percent to $1.43 after the company's cancer therapy received Breakthrough Device designation from the FDA.

Arsanis, Inc. ASNS shares were also up, gaining 79 percent to $2.078 after the company announced a merger agreement with X4 Pharma.

 

Equities Trading DOWN

Ferroglobe PLC GSM shares dropped 53 percent to $2.22 after the company reported weaker-than-expected results for its third quarter.

Shares of G1 Therapeutics, Inc. GTHX were down 16 percent to $33.545 following Phase 2 data for trilaciclib in combo with chemo/Tecentriq which showed statistically significant improvements in primary endpoints but no statistical difference in candidate vs placebo groups.

Francesca's Holdings Corporation FRAN was down, falling around 18 percent to $1.895 after the company issued a weak forecast for the third quarter.

 

Commodities

In commodity news, oil traded down 0.56 percent to $51.34 while gold traded up 0.12 percent to $1,230.20.

Silver traded up 0.22 percent Tuesday to $14.375, while copper fell 0.99 percent to $2.7455.

 

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.47 percent, the Spanish Ibex Index fell 0.19 percent, while Italy’s FTSE MIB Index slipped 0.36 percent. Meanwhile the German DAX dropped 0.36 percent, and the French CAC 40 declined 0.33 percent while U.K. shares fell 0.37 percent.

Economics

The Johnson Redbook Retail Sales Index rose 0.8 percent during the first three weeks of November versus October.

The S&P Corelogic Case-Shiller home price index rose 5.1 percent for September, versus a 5.5 percent increase in August.

The Conference Board's Consumer Confidence Index declined to 135.70 for November, versus prior reading of 137.90.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

The Treasury will auction 5-year notes at 1:00 p.m. ET.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in New York, NY at 2:30 p.m. ET.

Kansas Federal Reserve Bank President Esther George is set to speak in New York, NY at 2:30 p.m. ET.

Chicago Federal Reserve Bank President Charles Evans will speak in New York, NY at 2:30 p.m. ET.