Market Overview

Mid-Day Market Update: Support.com Surges After Q1 Results; Solid Biosciences Shares Drop

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Midway through trading Tuesday, the Dow traded up 0.76 percent to 25,518.63 while the NASDAQ climbed 0.91 percent to 7,716.42. The S&P also rose, gaining 0.78 percent to 2,833.93.

Leading and Lagging Sectors

On Tuesday, the information technology shares rose by 1.4 percent. Meanwhile, top gainers in the sector included STMicroelectronics N.V. (NYSE: STM) up 6 percent, and Zscaler, Inc. (NASDAQ: ZS) up 5 percent.

In trading on Tuesday, utilities shares fell 0.5 percent.

Top Headline

Ralph Lauren Corp (NYSE: RL) reported better-than-expected earnings for its fourth quarter on Tuesday.

Ralph Lauren reported quarterly earnings of $1.07 per share on sales of $1.505 billion. However, analysts were expecting earnings of $0.89 per share on sales of $1.47 billion.

Ralph Lauren raised its quarterly dividend from $0.6250 per share to $0.6875 per share. The company said it expects FY20 net sales growth of 2 percent to 3 percent year over year and Q1 net sales growth 3 percent to 5 percent year over year. Ralph Lauren added $600 million to its buyback program.

 

Equities Trading UP

INSYS Therapeutics, Inc. (NASDAQ: INSY) shares got a boost, shooting up 26 percent to $1.20 following a 74 percent decline Monday after the company warned of a possible bankruptcy. Janney Capital downgraded the stock from Buy to Neutral Tuesday morning.

Shares of Support.com, Inc. (NASDAQ: SPRT) shot up 22 percent to $2.60 following Q1 results. Support.com posted Q1 earnings of $0.08 per share on sales of $18.1 million.

SPI Energy Co., Ltd. (NASDAQ: SPI) shares were also up, gaining 14 percent to $3.8775 after the company reported a joint venture to create an agriculture company and build up to 5MW PV power projects in Arizona.

Equities Trading DOWN

Solid Biosciences Inc. (NASDAQ: SLDB) shares dropped 29 percent to $6.27 after the company reported a wider-than-expected Q1 loss and announced negative data from its Phase 1/2 IGNITE DMD trial. Credit Suisse downgraded Solid Biosciences from Neutral to Underperform and lowered the price target from $7 to $6.

Shares of Fuel Tech, Inc. (NASDAQ: FTEK) were down 31 percent to $1.72. Fuel Tech reported Q1 net loss of $0.05 per share, versus a year-ago loss of $0.01 per share. Sales came in at $10.155 million, missing estimates by $3.585 million.

Myovant Sciences Ltd. (NASDAQ: MYOV) was down, falling around 27 percent to $12.61, despite reporting positive headline phase 3 results, potentially due to further data analysis showing the company's Relugolix drug having a lower placebo adjusted response rate than Abbvie's Elaris drug.

Commodities

In commodity news, oil traded up 1.1 percent to $61.68 while gold traded down 0.4 percent to $1,297.10.

Silver traded up 0.2 percent Tuesday to $14.805, while copper rose 0.2 percent to $2.7255.

 

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.8 percent, the Spanish Ibex Index rose 0.6 percent, while Italy’s FTSE MIB Index gained 0.7 percent. Meanwhile the German DAX gained 0.8 percent, and the French CAC 40 rose 1.3 percent while U.K. shares rose 0.9 percent.

Economics

The NFIB small business optimism index increased 1.7 points to a reading of 103.5 for April.

The import price index rose 0.2 percent for April, while export prices increased 0.2 percent last month.

The Johnson Redbook Retail Sales Index rose 1.3 percent during the first week of May versus April.

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

 

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