Market Overview

Mid-Afternoon Market Update: Dow Down Over 200 Points; TRACON Pharmaceuticals Shares Slide

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Toward the end of trading Friday, the Dow traded down 0.93 percent to 22,646.23 while the NASDAQ declined 2.02 percent to 6,396.73. The S&P also fell, dropping 1.1 percent to 2,440.26.

Leading and Lagging Sectors

Friday afternoon, the utilities shares climbed 1.3 percent. Meanwhile, top gainers in the sector included Unitil Corporation (NYSE: UTL) up 4 percent, and AmeriGas Partners, L.P. (NYSE: APU) up 5 percent.

In trading on Friday, communication services shares fell 2.3 percent.

Top Headline

CarMax, Inc (NYSE: KMX) reported better-than-expected earnings for its third quarter, while sales missed views.

CarMax posted quarterly earnings of $1.09 per share on sales of $4.3 billion. Analysts were projecting earnings of $1 per share on revenue of $4.32 billion.

Equities Trading UP

MICT Inc (NASDAQ: MICT) shares got a boost, shooting up 121 percent to $0.6686 after the company announced Brookfield Interactive, ParagonEx, and MICT will merge and form a new company called Global Fintech Holdings.

Shares of Obalon Therapeutics Inc (NASDAQ: OBLN) shot up 37 percent to $2.2399 after the company announced FDA approval of Obalon Navigation System.

Christopher & Banks Corporation (NYSE: CBK) shares were also up, gaining 64 percent to $0.5103 after the corporation announced a $2 million buyback.

Equities Trading DOWN

Perrigo Company PLC (NYSE: PRGO) shares dropped 26 percent to $38.70 after Irish regulators asked the company to pay around $1.87 billion in tax liabilities. The company plans to appeal Irish tax authorities on behalf of its Elan Pharmaceuticals, whose Tysabri intellectual property and Biogen Idec assets were said to be improperly reported in 2013. Perrigo's management assured no payments are required and liquidity will remain unaffected until a final determination is reached.

Shares of Therapix Biosciences Ltd. (NASDAQ: TRPX) were down 26 percent to $3.3674. Therapix Biosciences has delivered notice of termination to FSD Pharma for previously announced acquisition letter of intent.

TRACON Pharmaceuticals, Inc. (NASDAQ: TCON) was down, falling around 40 percent to $0.61 after the company announced its Phase 2 TRAXAR trial did not meet its primary endpoint.

Commodities

In commodity news, oil traded up 0.01 percent to $45.88 while gold traded down 0.59 percent to $1,260.40.

Silver traded down 1.17 percent Friday to $14.695, while copper fell 0.93 percent to $2.6715.

 

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.03 percent, the Spanish Ibex Index dipped 0.46 percent, while Italy’s FTSE MIB Index declined 0.97 percent. Meanwhile the German DAX gained 0.21 percent, and the French CAC 40 rose 0.04 percent while U.K. shares rose 0.14 percent.

Economics

U.S. durable goods orders rose 0.8 percent for November, following a 4.3 percent drop in the previous month.

The U.S. economy expanded at an annual pace of 3.4 percent for the third quarter.

Consumer spending increased 0.4 percent in November, following a 0.8 percent rise in the previous. Incomes increased 0.2 percent, versus a 0.5 percent increase in October.

The final reading of University of Michigan's consumer sentiment index rose to 98.3 in December, compared to a preliminary reading of 97.5. Economists were expecting a reading of 97.2.

The total number of active U.S. oil rigs gained by 10 to 883 rigs this week, Baker Hughes Inc reported.

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

 

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