Market Overview

Mid-Day Market Update: Crude Oil Up 3%; Bio-Path Holdings Shares Plummet

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Midway through trading Tuesday, the Dow traded up 0.39 percent to 24,003.02 while the NASDAQ climbed 1.26 percent to 6,993.02. The S&P also rose, gaining 0.76 percent to 2,602.30.

Leading and Lagging Sectors

On Tuesday, the health care shares rose 1.4 percent. Meanwhile, top gainers in the sector included Tyme Technologies, Inc. (NASDAQ: TYME) up 19 percent, and CorMedix, Inc. (NASDAQ: CRMD) up 14 percent.

In trading on Tuesday, materials shares fell 1.1 percent.

Top Headline

JPMorgan Chase & Co. (NYSE: JPM) reported weaker-than-expected earnings for its fourth quarter.

JPMorgan said it earned $1.98 per share in the fourth quarter on revenue of $26.1 billion, which may not compare to Wall Street's estimates of $2.25 per share and $27.28 billion.

The earnings miss is mostly due to the fixed income business unit, which generated revenue of $1.86 billion versus expectations of $2.2 billion.

 

Equities Trading UP

VirnetX Holding Corp (NYSE: VHC) shares got a boost, shooting up 41 percent to $5.47 after a US appeals court affirmed patent infringement verdict of VirnetX against Apple.

Shares of Microbot Medical Inc (NASDAQ: MBOT) shot up 86 percent to $18.25. adding to the whopping 308-percent gain shares saw in the regular session following the announcement the company received a European patent covering its ViRob technology platform. Microbot Medical reported a $3 million registered direct offering priced at-the-market.

Big 5 Sporting Goods Corporation (NASDAQ: BGFV) shares were also up, gaining 13 percent to $3.74 after the company reported stronger-than-expected sales for its fourth quarter. The company narrowed fourth quarter EPS guidance and issued strong FY18 EPS forecast.

Equities Trading DOWN

PG&E Corporation (NYSE: PCG) shares dropped 22 percent to $6.52 amid speculation the company will file for bankruptcy.

Shares of Bio-Path Holdings Inc (NASDAQ: BPTH) were down 34 percent to $0.1320. Bio-Path priced its 8.6 million share public offering of common stock at $0.13 per share.

Tilray, Inc. (NASDAQ: TLRY) was down, falling around 11 percent to $88.77 after the company signed a global revenue sharing agreement to develop and market consumer cannabis brands. Tilray will pay the company $100 million and up to $250 million upon achievement of certain milestones.

 

Commodities

In commodity news, oil traded up 3 percent to $52 while gold traded up 0.04 percent to $1,291.80.

Silver traded down 0.26 percent Tuesday to $15.645, while copper rose 0.57 percent to $2.65.

 

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.37 percent, the Spanish Ibex Index rose 0.24 percent, while Italy’s FTSE MIB Index dropped 0.17 percent. Meanwhile the German DAX climbed 0.15 percent, and the French CAC 40 rose 0.31 percent while U.K. shares rose 0.78 percent.

Economics

The Producer Price Index fell 0.2 percent for December, versus economists’ expectations for a 0.1 percent decline.

The NY Empire State manufacturing index dropped to3.90 for January, versus prior reading of 10.90. However, economists were expecting a reading of 10.75.

Dallas Federal Reserve Bank President Robert Kaplan will speak in Plano, TX at 1:00 p.m. ET.

Kansas City Federal Reserve Bank President Esther George is set to speak in Kansas City, MO at 1:00 p.m. ET.

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

 

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