Market Overview

Mid-Day Market Update: Ctrip.Com Climbs Following Upbeat Q4 Results; Barnes & Noble Education Shares Slide

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Midway through trading Tuesday, the Dow traded up 0.05 percent to 25,832.09 while the NASDAQ climbed 0.14 percent to 7,587.81. However, the S&P fell 0.02 percent to 2,792.40.

Leading and Lagging Sectors

On Tuesday, the consumer discretionary shares rose 0.5 percent. Meanwhile, top gainers in the sector included Ctrip.com International, Ltd. (NASDAQ: CTRP) up 20 percent, and Tuniu Corporation (NASDAQ: TOUR) up 13 percent.

In trading on Tuesday, financial shares fell 0.6 percent.

Top Headline

Target Corporation (NYSE: TGT) reported better-than-expected results for its fourth quarter on Tuesday.

Target said it earned $1.53 per share in the fourth quarter on revenue of $22.98 billion versus expectations of $1.52 per share and $22.96 billion.

Target said it expects FY19 EPS of $5.75 to $6.05 versus the $5.61 consensus estimate.

 

Equities Trading UP

Document Security Systems, Inc. (NYSE: DSS) shares got a boost, shooting up 61 percent to $1.6735 after the company signed an exclusive master distributor agreement with Advanced Cyber Security to distribute EdnpointLockV software.

Shares of YY Inc. (NASDAQ: YY) shot up 16 percent to $83.88 after reporting strong Q4 results.

Ctrip.Com International Ltd (NASDAQ: CTRP) shares were also up, gaining 21 percent to $42.42 after the company reported better-than-expected results for its fourth quarter on Monday.

Equities Trading DOWN

Atlas Financial Holdings, Inc. (NASDAQ: AFH) shares dropped 56 percent to $2.98 after the company in its earnings report indicated a need to increase reserve estimates for unpaid losses. Atlas Financial posted a Q4 loss of $4.47 per share on total revenue of $52.1 million.

Shares of Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS) were down 30 percent to $8.47 after the company reportedly suspended 2019 revenue guidance amid expected near-term unevenness in prescription growth and challenges related to plan switches. Multiple analysts downgraded the stock. Adamas Pharmaceuticals reported total fourth-quarter revenues of $13.315 million compared to $568,000 in the year-ago quarter. The net loss per share narrowed from $1.27 to $1.06, while the consensus estimate had called for a loss of $1.34 per share.

Barnes & Noble Education, Inc. (NYSE: BNED) was down, falling around 28 percent to $4.9365 after the company reported downbeat Q3 results. The company also extended its $500 million credit facility for five years.

Commodities

In commodity news, oil traded down 0.1 percent to $56.53 while gold traded down 0.2 percent to $1,284.60.

Silver traded up 0.2 percent Tuesday to $15.13, while copper rose 0.9 percent to $2.935.

 

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.15 percent, the Spanish Ibex Index fell 0.02 percent, while Italy’s FTSE MIB Index slipped 0.01 percent. Meanwhile the German DAX climbed 0.24 percent, and the French CAC 40 rose 0.21 percent while U.K. shares rose 0.69 percent.

Economics

The final reading of IHS Markit services PMI fell to 56 in February versus prior reading of 56.2. Economists estimated a reading of 56.2.

New-home sales rose 3.7 percent at an annual rate of 621,000 in December. However, economists were expecting a 600,000 rate.

The ISM's non-manufacturing index rose to 59.70 for February, versus prior reading of 56.70. Economists projected a reading of 57.30.

The U.S. Treasury budget report for February is schedule for release at 2:00 p.m. ET.

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

 

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