Market Overview

Mid-Afternoon Market Update: U.S. Stocks Turn Higher; Tilly's Shares Plunge

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Toward the end of trading Thursday, the Dow traded up 0.20 percent to 25,417.75 while the NASDAQ climbed 0.18 percent to 7,304.95. The S&P also fell, gaining 0.16 percent to 2,748.03.

Leading and Lagging Sectors

Thursday afternoon, the energy shares climbed 1 percent. Meanwhile, top gainers in the sector included Frontline Ltd (NYSE: FRO) up 11 percent, and Dynagas LNG Partners LP (NYSE: DLNG) up 13 percent.

In trading on Thursday, information technology shares fell 0.8 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 68 percent to $6.37. 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 Realm Therapeutics Plc (NASDAQ: RLM) shot up 33 percent to $3.44 following earlier press release highlighting updates on strategic review. Realm said it is considering separate sale of its HOCl-related assets, including Vashe royalty stream.

Adial Pharmaceuticals Inc (NASDAQ: ADIL) shares were also up, gaining 163 percent to $3.6783 after the company reported that it has established a Scientific Advisory Board and named Dr. Giovanni Addolorato as its first member and Chairperson.

Equities Trading DOWN

ShiftPixy Inc (NASDAQ: PIXY) shares dropped 35 percent to $2.8799 after reporting fourth-quarter results.

Shares of Tilly's, Inc. (NYSE: TLYS) were down 20 percent to $12.24. Tilly’s reported upbeat earnings for its third quarter, while sales missed estimates. The company issued weak fourth-quarter earnings guidance.

Build-A-Bear Workshop, Inc (NYSE: BBW) was down, falling around 13 percent to $6.40 following Q3 results. Build-A-Bear posted a Q3 loss of $0.42 per share on sales of $68.694 million.

 

Commodities

In commodity news, oil traded up 3.4 percent to $52.00 while gold traded down 0.07 percent to $1,228.90.

Silver traded down 0.62 percent Thursday to $14.365, while copper fell 1.01 percent to $2.785.

 

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.20 percent, the Spanish Ibex Index fell 0.04 percent, while Italy’s FTSE MIB Index climbed 0.23 percent. Meanwhile the German DAX dropped 0.01 percent, and the French CAC 40 climbed 0.46 percent while U.K. shares rose 0.49 percent.

Economics

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.

Domestic supplies of natural gas dropped 59 billion cubic feet for the week ended November 23, the U.S. Energy Information Administration reported. However, analysts expected a fall of 77 billion cubic feet.

The Federal Open Market Committee released minutes of its latest meeting.

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-Afternoon Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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