Mid-Day Market Update: Anaplan Jumps Following Upbeat Q1 Results; Kezar Life Sciences Shares Slide

Midway through trading Tuesday, the Dow traded up 0.18 percent to 25631 while the NASDAQ rose 0.32 percent to 7,661. The S&P also rose, gaining 0.15 percent to 2,830.

Leading and Lagging Sectors

Communication services shares rose by 0.9 percent on Tuesday. Meanwhile, top gainers in the sector included Momo Inc MOMO, up 11 percent, and Phoenix New Media Limited FENG, up 7 percent.

In trading on Tuesday, consumer staples shares fell by 0.8 percent.

Top Headline

Booz Allen Hamilton Holding Corporation BAH reported better-than-expected results for its fourth quarter.

Booz Allen Hamilton reported adjusted quarterly earnings of 64 cents per share, which beat the analyst consensus estimate of 62 cents. The company’s quarterly sales of $1.78 billion beat the analyst consensus estimate of $1.74 billion.

Booz Allen Hamilton said it expects FY20 adjusted earnings of $2.90 to $3.05 per share, versus analysts’ estimates of $3.00 per share.

Equities Trading UP

Soliton Inc SOLY shares shot up 101 percent to $11.53 after the company received FDA 510(k) approval for its acoustic wave device for dermal tattoo clearing.

Shares of SeaWorld Entertainment, Inc. SEAS got a boost, shooting up 19 percent to $32.42 after the company reported it will acquire approximately 5.6 million shares for $150 million from an affiliate Of PAG and Hill Path Capital.

Anaplan, Inc. PLAN shares were also up, gaining 19 percent to $44.20 after the company reported better-than-expected Q1 EPS and sales results. The company also raised its FY19 sales guidance.

Equities Trading DOWN

Kezar Life Sciences, Inc. KZR shares tumbled 44 percent to $9.50 after the company announced disappointing KZR-616 efficacy data with two healthy volunteers in the 60 mg cohort requiring hospitalization.

Shares of Bluegreen Vacations Corporation BXG were down 12 percent to $9.06 after receiving termination notice from Bass Pro, Inc. and affiliates.

Seadrill Limited SDRL was down, falling 20 percent to $4.41 after Carnegie cut its price target on the company's stock from $24.16 to $2.76.

Commodities

In commodity news, oil traded up 0.7 percent to $59.03, while gold traded down 0.5 percent to $1,277.60.

Silver traded down 1.8 percent Tuesday to $14.29, while copper rose 0.1 percent to $2.7005.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2 percent, the Spanish Ibex Index fell 0.3 percent, while Italy’s FTSE MIB Index fell 0.6 percent. Meanwhile, the German DAX declined 0.3 percent, and the French CAC 40 slipped 0.4 percent while UK shares rose 0.1 percent.

Economics

The S&P CoreLogic Case-Shiller home price index increased 2.7 percent year-over-year in March, versus a revised 3 percent rise in the prior month.

The Federal Housing Finance Agency house price index rose 0.1 percent for March, versus a revised 0.4 percent gain in February.

The Conference Board consumer confidence index increased to 134.1 in May, compared to previous reading of 129.2.

The Treasury will auction 3-month bills and 5-year notes at 1:00 p.m. ET.