Market Overview

Mid-Day Market Update: Crude Oil Down Over 3%; Biocept Shares Spike Higher

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Midway through trading Tuesday, the Dow traded up 0.91 percent to 23,808.63 while the NASDAQ climbed 0.95 percent to 6,818.02. The S&P also rose, gaining 0.63 percent to 2,561.99.

Leading and Lagging Sectors

On Tuesday, the industrial shares climbed 1 percent. Meanwhile, top gainers in the sector included Navistar International Corp (NYSE: NAV) up 18 percent, and YRC Worldwide Inc (NASDAQ: YRCW) up 10 percent.

In trading on Tuesday, energy shares fell 0.7 percent.

Top Headline

Darden Restaurants, Inc. (NYSE: DRI) reported better-than-expected earnings for its second quarter on Tuesday.

Darden Restaurants reported quarterly earnings of $0.92 per share which beat the analyst consensus estimate of $0.90. The company reported quarterly sales of $1.973 billion which missed the analyst consensus estimate of $1.98 billion.

Darden Restaurants expects FY19 earnings of $5.60 to $5.70 per share.

Equities Trading UP

Marin Software Incorporated (NASDAQ: MRIN) shares got a boost, shooting up 33 percent to $3.79 after the company announced it has entered a revenue sharing agreement with Google. The company also raised Q4 guidance.

Shares of Navistar International Corporation (NYSE: NAV) shot up 15 percent to $27.36 after the company reported better-than-expected results for its fourth quarter.

Biocept, Inc. (NASDAQ: BIOC) shares were also up, gaining 63 percent to $1.12 after the company entered a software license and laboratory data supply agreement with Prognos..

 

Equities Trading DOWN

Champions Oncology, Inc. (NASDAQ: CSBR) shares dropped 20 percent to $7.65. Champions Oncology reported Q2 revenues of $6.7 million, up 28.6 percent year-over-year, and non-GAAP EPS of 3 cents compared to break-even results a year ago.

Shares of Nemaura Medical Inc. (NASDAQ: NMRD) were down 39 percent to $0.8500 after the company priced its $2.5 million share common stock offering at $1.02 per share.

OptimizeRx Corporation (NASDAQ: OPRX) was down, falling around 17 percent to $9.64 after the company priced its offering of approximately 2.1 million shares at $10 per share.

 

Commodities

In commodity news, oil traded down 3.19 percent to $48.29 while gold traded down 0.01 percent to $1,251.70.

Silver traded down 0.20 percent Tuesday to $14.73, while copper fell 2.31 percent to $2.691.

 

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.33 percent, the Spanish Ibex Index declined 0.81 percent, while Italy’s FTSE MIB Index rose 0.06 percent. Meanwhile the German DAX gained 0.17 percent, and the French CAC 40 fell 0.38 percent while U.K. shares fell 0.75 percent.

Economics

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

U.S. housing starts rose 3.2 percent at an annual rate of 1.256 million in November. Housing permits increased 5 percent at an annual rate of 1.328 million.

The Johnson Redbook Retail Sales Index declined 0.3 percent during the first two weeks of December versus November.

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

 

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