Mid-Morning Market Update: Markets Open Higher; TJX Earnings Top Estimates

Following the market opening Tuesday, the Dow traded up 0.5 percent to 25,809.18 while the NASDAQ rose 0.79 percent to 7,763.23. The S&P also rose, gaining 0.63 percent to 2,857.25.

Leading and Lagging Sectors

Information technology shares rose by 1 percent on Tuesday. Meanwhile, top gainers in the sector included Infinera Corp. INFN, up 11 percent, and USA Technologies, Inc. USAT, up 9 percent.

In trading on Tuesday, consumer staples shares fell by 0.1 percent.

Top Headline

TJX Companies Inc TJX reported better-than-expected results for its first quarter

TJX reported quarterly earnings of 57 cents per share, which beat the analyst consensus estimate of 55 cents. The company reported quarterly sales of $9.278 billion, which beat the analyst consensus estimate of $9.21 billion.

For the second quarter, TJX expects Q2 earnings of $0.61 to $0.62 per share and same-store sales growth of 2 percent to 3 percent. For the year, the company now projects earnings of $2.56 to $2.61 per share.
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Equities Trading UP

CIRCOR International, Inc. CIR shares shot up 44 percent to $44.05 after Crane Co. CR reported a $45 per share cash bid for CIRCOR.

Shares of JMU Ltd- ADR JMU got a boost, shooting up 43 percent to $1.74 after the company acquired Unicorn Investment Limited.

OncoSec Medical Incorporated ONCS shares were also up, gaining 24 percent to $4.66 after the company was granted an exclusive global rights to a patent for the combination of IL-12 DNA with checkpoint inhibitors.

Equities Trading DOWN

BioCryst Pharmaceuticals, Inc. BCRX shares tumbled 47 percent to $3.9250 following news a Phase 3 trial of BCX7353 met its primary endpoint but the 150mg dose showed a disappointing attack rate of 44 percent vs the placebo.

Shares of Mallinckrodt plc MNK were down 27 percent to $9.55 after filing suit against U.S. Department of Health and Human Services and Centers for Medicare and Medicaid Services to Protect medicaid patient access to Acthar® Gel.

Ocular Therapeutix, Inc. OCUL was down, falling 17 percent to $2.80 after the company reported its Phase 3 trail of OTX-TP for glaucome treatment did not meet its primary endpoint. Cowen and Raymond James downgraded the stock.

Commodities

In commodity news, oil traded up 0.5 percent to $63.42, while gold traded down 0.5 percent to $1,271.30.

Silver traded down 0.4 percent Tuesday to $14.39, while copper fell 0.2 percent to $2.721.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.6 percent, the Spanish Ibex Index gained 0.4 percent, while Italy’s FTSE MIB Index climbed 0.7 percent. Meanwhile, the German DAX climbed 1 percent, and the French CAC 40 rose 0.5 percent while UK shares gained 0.5 percent.

Economics

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

U.S. existing home sales fell 0.4 percent at an annual rate of 5.19 million for April. However, economists were expecting a 5.37 million rate.

Chicago Federal Reserve Bank President Charles Evans will speak at 10:45 a.m. ET.

The Treasury is set to auction 52-week bills at 11:30 a.m. ET.

Boston Federal Reserve Bank President Eric Rosengren is set to speak in New York at 12:00 p.m. ET.