Market Overview

Mid-Morning Market Update: Markets Open Lower; Dollar Tree Issues Weak Guidance


Following the market opening Thursday, the Dow traded down 0.29 percent to 25,293.15 while the NASDAQ declined 0.46 percent to 7,258.33. The S&P also fell, dropping 0.39 percent to 2,733.07.

Leading and Lagging Sectors

Thursday morning, the energy shares climbed 0.5 percent. Meanwhile, top gainers in the sector included Contango Oil & Gas Company (NYSE: MCF) up 5 percent, and W&T Offshore, Inc. (NYSE: WTI) up 4 percent.

In trading on Thursday, utilities shares fell 0.9 percent.

Top Headline

Dollar Tree, Inc. (NASDAQ: DLTR) reported better-than-expected earnings for its third quarter, while sales missed estimates. The company also issued weak forecast for the fourth quarter.

Dollar Tree posted quarterly earnings of $1.18 per share on revenues of $5.54 billion. However, analysts were expecting a profit of $1.14 per share on revenue of $5.55 billion.

Dollar Tree now expects Q4 earnings of $1.86 to $1.95 per share, on sales of $6.1 billion to $6.21 billion. Analysts project earnings of $2 per share on sales of $6.23 billion.

Dollar Tree lowered its FY18 sales guidance from $22.75 billion to $22.97 billion, to $22.72 billion to $22.83 billion. The company now expects adjusted earnings of $4.86 to $4.95 per share, versus prior forecast of $4.85 to $5.05 per share.


Equities Trading UP

Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) shares got a boost, shooting up 93 percent to $7.35. The biopharma company announced Thursday ahead of the market open that the FDA has formally communicated through the minutes of an Oct. 29 Breakthrough Therapy Type B Clinical guidance meeting that it has accepted the study design of the new Phase 3 RECOVERY trial evaluating the company's TNX-102 SL as a bedtime treatment option for post-traumatic stress disorder, or PTSD.

Shares of Abercrombie & Fitch Co. (NYSE: ANF) shot up 22 percent to $20.83 after the company posted stronger-than-expected Q3 results.

Tech Data Corporation (NASDAQ: TECD) shares were also up, gaining 15 percent to $84.4153 after the company reported upbeat results for its third quarter.

Equities Trading DOWN

ShiftPixy Inc (NASDAQ: PIXY) shares dropped 23 percent to $3.39 after reporting fourth-quarter results.

Shares of Tilly's, Inc. (NYSE: TLYS) were down 18 percent to $12.559. Tilly’s reported upbeat earnings for its third quarter, while sales missed estimates. The company issued weak fourth-quarter earnings guidance.

Express, Inc. (NYSE: EXPR) was down, falling around 15 percent to $6.09. Express reported upbeat Q3 results, but issued weak forecast for the current quarter.



In commodity news, oil traded up 2.07 percent to $51.33 while gold traded up 0.23 percent to $1,232.60.

Silver traded down 0.17 percent Thursday to $14.43, while copper fell 0.37 percent to $2.803.



European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.11 percent, the Spanish Ibex Index fell 0.08 percent, while Italy’s FTSE MIB Index climbed 0.17 percent. Meanwhile the German DAX climbed 0.13 percent, and the French CAC 40 climbed 0.39 percent while U.K. shares rose 0.73 percent.


Initial jobless claims increased 10,000 to 234,000 for the latest week. However, economists projected a 220,000 reading.

U.S. consumer spending rose 0.6 percent for October, versus economists’ expectations for a 0.4 percent increase.

The pending home sales index fell 2.6 percent to a reading of 102.10 for October.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

Cleveland Federal Reserve Bank President Loretta Mester is set to speak in Boston, MA at 2:00 p.m. ET.

Chicago Federal Reserve Bank President Charles Evans will speak in Boston, MA at 2:00 p.m. ET.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Boston, Massachusetts at 3:00 p.m. ET.

Data on farm prices for October will be released at 3:00 p.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.


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


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