Mid-Morning Market Update: Markets Mostly Lower; Walgreens Earnings Top Expectations

Following the market opening Thursday, the Dow traded down 0.38 percent to 23,235.56 while the NASDAQ climbed 0.18 percent to 6,649.06. The S&P also fell, dropping 0.14 percent to 2,503.46.

Leading and Lagging Sectors

Thursday morning, the materials shares climbed 0.2 percent. Meanwhile, top gainers in the sector included Harmony Gold Mining Co. HMY up 8 percent, and Coeur Mining Inc CDE up 9 percent.

In trading on Thursday, consumer staples shares fell 1.3 percent.

Top Headline

Walgreens Boots Alliance Inc WBA reported better-than-expected earnings for its first quarter.

Walgreens posted quarterly earnings of $1.46 per share on sales of $33.793 billion. Analysts were projecting earnings of $1.43 per share on revenue of $33.75 billion. Its same-store sales at U.S. pharmacies increased 2.8 percent. Walgreens Boots Alliance late Wednesday announced a collaboration with Alphabet's Verily.

Equities Trading UP

Inpixon INPX shares got a boost, shooting up 54 percent to $4.61 after the company announced it is on track to ship record number of IPA Sensor 4000SE in Q4.

Shares of Agenus Inc. AGEN shot up 27 percent to $2.56 after the company announced a collaboration deal with Gilead to develop immuno-oncology therapies. Agenus is set to receive $150 million.

Aimmune Therapeutics, Inc. AIMT shares were also up, gaining 16 percent to $25.19 after the company announced it submitted its investigational new drug application for AR201 for the treatment of egg allergy. The company also announced a supply agreement with Michael Foods, Inc.

Equities Trading DOWN

DBV Technologies S.A. DBVT shares dropped 66 percent to $4.8237 after the company withdrew its Biologics License Application (BLA) from the FDA due to insufficient data on manufacturing procedures and quality controls. DBV says it plans to resubmit its BLA as soon as possible.

Shares of ADMA Biologics, Inc. ADMA were down 46 percent to $2.2690 after receiveing Complete Response Letter from the FDA for BIVIGAM approval supplement submission.

G1 Therapeutics, Inc. GTHX was down, falling around 28 percent to $20.65 after reporting top-line results from a mid-stage trial that evaluated its Trilaciclib (in two doses) along with chemotherapy regimen Topotecan as second- and third-line treatment of small-cell lung cancer. The company said the study met both primary endpoints of reducing the duration and occurrence of Grade 4 neutropenia.

 

Commodities

In commodity news, oil traded down 2.66 percent to $46.89 while gold traded up 0.35 percent to $1,260.80.

Silver traded up 0.15 percent Thursday to $14.84, while copper fell 0.53 percent to $2.7015.

 

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 1 percent, the Spanish Ibex Index dipped 1.77 percent, while Italy’s FTSE MIB Index declined 1.37 percent. Meanwhile the German DAX declined 1.14 percent, and the French CAC 40 dipped 1.64 percent while U.K. shares fell 0.43 percent.

Economics

U.S. initial jobless claims increased 8,000 to 214,000 for the latest week. However, economists were projecting a 219,000 reading.

The Philadelphia Fed manufacturing index dropped to 9.4 in December, versus 12.9 in November. Economists expected a reading of 15.6 reading.

The index of leading economic indicators rose 0.2 percent for November.

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

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

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