Market Overview

Mid-Afternoon Market Update: Dow Rises Over 100 Points; Akari Therapeutics Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded up 0.52 percent to 26649.46 while the NASDAQ gained 1.36 percent to 8,124.01. The S&P also rose, gaining 0.91 percent to 2,934.57.

Leading and Lagging Sectors

Tuesday afternoon, the health care shares rose 2 percent. Meanwhile, top gainers in the sector included Eidos Therapeutics Inc (NASDAQ: EIDX) up 18 percent, and Athersys, Inc. (NASDAQ: ATHX) up 18 percent.

In trading on Tuesday, consumer staples shares fell 0.3 percent.

Top Headline

Twitter, Inc. (NYSE: TWTR) reported better-than-expected earnings for its first quarter.

First-quarter GAAP earnings came in at 9 cents per share while non-GAAP earnings were 37 cents per share versus the analyst estimate of 15 cents. Sales of $787 million beat the $775.23-million estimate.

The first-quarter's 330 million average monthly active users were lower than 336 million average MAUs in the first quarter of 2018. The company sees second-quarter sales of $770 million-$830 million versus a $819.3-million estimate, as well as operating income of $35 million-$70 million.

 

Equities Trading UP

Akari Therapeutics, Plc (NASDAQ: AKTX) shares got a boost, shooting up 20 percent to $4.04 after the company announced Phase 2 clinical data in orphan skin disease Bullous Pemphigoid showed no adverse events and rapid reduction in Disease A.

Shares of Hasbro, Inc. (NASDAQ: HAS) shot up 15 percent to $100.92 after the company reported a surprise profit for the first quarter.

Immunic, Inc. (NASDAQ: IMUX) shares were also up, gaining 22 percent to $17.46 after Omega Funds reported 13.56 percent stake in the company.

 

Equities Trading DOWN

Moleculin Biotech, Inc. (NASDAQ: MBRX) shares dropped 46 percent to $1.62 after the company priced 9.375 million units at $1.60 for its offering.

Shares of Emerge Energy Services LP (NYSE: EMES) were down 77 percent to $0.38 after the company entered into a debt restructuring settlement. The company stated it would opt for Chapter 11 bankruptcy if the restructuring is no longer the better strategic option.

Presbia PLC (NASDAQ: LENS) was down, falling around 40 percent to $0.33 after the FDA said it would not grant the company's pending application for premarket approval for its Microlens. The company also announced a reduction in staffing.

Commodities

In commodity news, oil traded up 1.1 percent to $66.30 while gold traded down 0.4 percent to $1,272.80.

Silver traded down 1.4 percent Tuesday to $14.765, while copper fell 0.3 percent to $2.8925.

 

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.23 percent, the Spanish Ibex Index fell 0.57 percent, while Italy’s FTSE MIB Index fell 0.27 percent. Meanwhile the German DAX gained 0.11 percent, and the French CAC 40 climbed 0.20 percent while U.K. shares rose 0.85 percent.

Economics

The Johnson Redbook Retail Sales Index rose 1.2 percent during the first two weeks of April versus March.

The FHFA house price index rose 0.3 percent for February, versus a 0.6 percent rise in January.

US new home sales rose 4.5 percent at an annual rate of 692,000 for March.

The Richmond Fed manufacturing index fell to a reading of 3 for April, versus a prior reading of 10.

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

 

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