Market Overview

Mid-Day Market Update: Ferroglobe Drops Following Downbeat Q3 Results; Spirit Airlines Shares Climb

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Midway through trading Tuesday, the Dow traded down 0.10 percent to 24,615.61 while the NASDAQ climbed 0.14 percent to 7,091.41. The S&P also rose, gaining 0.11 percent to 2,676.41.

Leading and Lagging Sectors

On Tuesday, the communication services shares climbed 0.3 percent. Meanwhile, top gainers in the sector included LINE Corporation (NYSE: LN) up 9 percent, and Gravity Co., LTD. (NASDAQ: GRVY) up 8 percent.

In trading on Tuesday, materials shares fell 1.6 percent.

Top Headline

Hibbett Sports, Inc. (NASDAQ: 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. (NYSE: SAVE) shares got a boost, shooting up 17 percent to $59.71 after the company raised Q4 TRASM and CASM guidance. Spirit Airlines 8-K filing showed expectation for raised fourth quarter TRASM guidance, from 6 percent year-over-year to be up 11 percent year-over-year. The company sees fourth quarter CASM Ex Fuel up 5-5.5 percent year-over-year.

Shares of Aethlon Medical, Inc. (NASDAQ: AEMD) shot up 23 percent to $1.44 after the company's cancer therapy received Breakthrough Device designation from the FDA.

Arsanis, Inc. (NASDAQ: ASNS) shares were also up, gaining 71 percent to $1.98 after the company announced a merger agreement with X4 Pharma.

 

Equities Trading DOWN

Ferroglobe PLC (NASDAQ: GSM) shares dropped 55 percent to $2.1450 after the company reported weaker-than-expected results for its third quarter.

Shares of G1 Therapeutics, Inc. (NASDAQ: GTHX) were down 18 percent to $32.78 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 (NASDAQ: FRAN) was down, falling around 17 percent to $1.925 after the company issued a weak forecast for the third quarter.

 

Commodities

In commodity news, oil traded up 0.56 percent to $51.92 while gold traded down 0.48 percent to $1,222.80.

Silver traded down 0.37 percent Tuesday to $14.29, while copper fell 0.76 percent to $2.752.

 

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.61 percent, the Spanish Ibex Index fell 0.39 percent, while Italy’s FTSE MIB Index slipped 0.43 percent. Meanwhile the German DAX dropped 0.62 percent, and the French CAC 40 declined 0.58 percent while U.K. shares fell 0.46 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 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.

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

 

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