Market Overview

Mid-Afternoon Market Update: Crude Oil Down 2.5%; Nutanix Shares Plunge On Weak Forecast

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Toward the end of trading Friday, the Dow traded up 0.49 percent to 26,043.91 while the NASDAQ climbed 0.91 percent to 7,601.26. The S&P also rose, gaining 0.68 percent to 2,803.35.

Leading and Lagging Sectors

Friday afternoon, the health care shares rose 1.2 percent. Meanwhile, top gainers in the sector included Puma Biotechnology, Inc. (NASDAQ: PBYI) up 42 percent, and Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) up 27 percent.

In trading on Friday, real estate shares fell 0.6 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 42 percent to $39.56 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 $5.90 following Q4 results. GlobalSCAPE posted Q4 earnings of $0.17 per share on sales of $9.27 million.

Bio-Path Holdings, Inc. (NASDAQ: BPTH) shares were also up, gaining 124 percent to $5.82 after the company announced it will present data at the 2019 Association for Cancer Research annual meeting on April 30. The stock is trading on roughly 44 times average volume.

Equities Trading DOWN

ImmunoGen, Inc. (NASDAQ: IMGN) shares dropped 46 percent to $2.53 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 37 percent to $5.02 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 30 percent to $34.90. Nutanix reported a narrower-than-expected loss for its second quarter, but issued weak 2019 guidance.

Commodities

In commodity news, oil traded down 2.5 percent to $55.79 while gold traded down 1.3 percent to $1,298.50.

Silver traded down 2.5 percent Friday to $15.24, while copper fell 0.5 percent to $2.932.

 

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.39 percent, the Spanish Ibex Index fell 0.11 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.

The total number of active U.S. oil rigs slipped by 10 to 843 rigs this week, Baker Hughes Inc reported.

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

 

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