Market Overview

Mid-Day Market Update: Puma Biotechnology Climbs Following Strong Q4 Results; Intrexon Shares Slide

Share:

Midway through trading Friday, the Dow traded down 0.01 percent to 25,914.55 while the NASDAQ climbed 0.12 percent to 7,541.22. The S&P also rose, gaining 0.12 percent to 2,787.79.

Leading and Lagging Sectors

On Friday, the energy shares rose 1.1 percent. Meanwhile, top gainers in the sector included Independence Contract Drilling, Inc. (NYSE: ICD) up 12 percent, and Weatherford International plc (NYSE: WFT) up 13 percent.

In trading on Friday, real estate shares fell 1.1 percent.

Top Headline

Foot Locker, Inc. (NYSE: FL) reported better-than-expected earnings for its fourth quarter.

Foot Locker said it earned $1.56 per share in the fourth quarter on revenue of $2.272 billion versus expectations of $1.39 per share and $2.18 billion. Same-store sales climbed 9.7 percent during the quarter. The company projects double-digit EPS growth and mid-single digit comps growth in FY19.

Equities Trading UP

Puma Biotechnology, Inc. (NASDAQ: PBYI) shares got a boost, shooting up 39 percent to $38.79 after the company reported better-than-expected Q4 EPS and sales estimates. The company also reported a 204% year-over-year increase in sales of its NERLYNX breast cancer treatment.

Shares of GlobalSCAPE, Inc. (NYSE: GSB) shot up 30 percent to $5.92 following Q4 results. GlobalSCAPE posted Q4 earnings of $0.17 per share on sales of $9.27 million.

Farfetch Limited (NYSE: FTCH) shares were also up, gaining 20 percent to $29.51 after reporting strong Q4 results.

Equities Trading DOWN

ImmunoGen, Inc. (NASDAQ: IMGN) shares dropped 46 percent to $2.55 after the company's Phase 3 FORWARD I study of mirvetuximab soravtansine for ovarian cancer failed to meet its primary endpoint.

Shares of Intrexon Corporation (NASDAQ: XON) were down 34 percent to $5.27 after the company reported worse than expected Q4 EPS and Northland Securities downgraded the stock from Outperform to Market Perform.

Nutanix, Inc. (NASDAQ: NTNX) was down, falling around 33 percent to $33.66. Nutanix reported a narrower-than-expected loss for its second quarter, but issued weak 2019 guidance.

Commodities

In commodity news, oil traded down 1.68 percent to $56.26 while gold traded down 0.93 percent to $1,303.90.

Silver traded down 1.66 percent Friday to $15.375, while copper fell 0.1 percent to $2.945.

 

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.39 percent, the Spanish Ibex Index rose 0.07 percent, while Italy’s FTSE MIB Index gained 0.17 percent. Meanwhile the German DAX gained 0.75 percent, and the French CAC 40 rose 0.47 percent while U.K. shares rose 0.45 percent.

Economics

U.S. consumer spending fell 0.5 percent for December, while personal income slipped 0.1 percent in December.

The IHS Markit final manufacturing PMI fell to 53 in February, compared to previous reading of 53.7. However, economists estimated a reading of 53.7.

The ISM manufacturing index declined to a reading of 54.2 in February, versus prior reading of 56.6. Economists were expecting a reading of 55.5.

The final reading of the University of Michigan’s consumer sentiment index dropped to 93.8 in February, from the initial reading of 95.5. However, economists projected a reading of 95.6.

Atlanta Federal Reserve Bank President Raphael Bostic is set to speak in Washington, DC at 12:50 p.m. ET.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

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

 

Related Articles (FL + FTCH)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Funko Shares Rally After Q4 Print, BMO Lifts Price Target

Today's Pickup: Schematic Ventures Partner Talks Freight-Tech; Etsy One-Ups Amazon On Emissions Reductions