Mid-Day Market Update: Tallgrass Energy Jumps Following Acquisition News; Proteostasis Therapeutics Shares Plummet

Midway through trading Tuesday, the Dow traded up 0.20% to 28291.87 while the NASDAQ fell 0.01% to 8813.40. The S&P also rose, gaining 0.08% to 3,194.13.

Leading and Lagging Sectors

Utilities shares climbed 0.6% on Tuesday. Meanwhile, top gainers in the sector included Sunnova Energy International Inc. NOVA, up 7%, and The Southern Company SO, up 3%.

In trading on Tuesday, real estate shares fell 0.6%.

Top Headline

Jabil Inc. JBL reported better-than-expected Q1 EPS and sales results.

Jabil posted quarterly earnings of $1.05 per share, versus analysts’ estimates of $0.94 per share. The company reported sales of $7.506 billion, versus expectations of $6.95 billion.

For fiscal 2020, Jabil raised its adjusted earnings guidance to $3.60 per share from $3.45 per share.

Equities Trading UP

Tallgrass Energy, LP TGE shares shot up 21% to $22.09 after the company announced it will be acquired by Blackstone Infrastructure Partners for $22.45 per share.

Shares of ImmunoGen, Inc. IMGN got a boost, shooting up 10% to $4.27 after the FDA advised the company that a new single-arm study in ovarian cancer could support accelerated approval for Mirvetuximab Soravtansine. Based on FDA feedback, the company will initiated a new pivotal trial.

iBio, Inc. IBIO shares were also up, gaining 30% to $0.2524 after the company reported a progress update on its Bio-Better Rituximab collaboration with CC-Pharming.

Equities Trading DOWN

Proteostasis Therapeutics, Inc. PTI shares tumbled 55% to $1.97 after the company reported results from its Phase 2 study evaluating CFTR Modulator combinations in F508del homozygous Cystic Fibrosis patients.

Shares of Adamas Pharmaceuticals, Inc. ADMS were down 42% to $4.24 after reporting top-line results from INROADS Phase 3 trial of ADS-5102 for multiple sclerosis patients with walking impairment.

China Ceramics Co., Ltd. CCCL was down, falling 31% to $0.6680 after the company priced a 1.2 million share offering at $0.75 per share.

Commodities


In commodity news, oil traded up 1% to $60.82, while gold traded up 0.1% to $1,481.10.

Silver traded down 0.2% Tuesday to $17.08, while copper rose 0.1% to $2.8135.

Euro zone


European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.7%, the Spanish Ibex Index fell 0.58%, while Italy’s FTSE MIB Index rose 0.49%. Meanwhile, the German DAX dropped 0.82%, and the French CAC 40 fell 0.31% while UK shares rose 0.05%.

Economics

U.S. housing starts rose 3.2% to an annual rate of 1.365 million units in November, versus revised 1.323 million in the prior month. Building permits rose 1.4% to an annual rate of 1,482 thousand in November.

U.S. industrial production rose 1.1% in November, compared to 0.9% drop in October.

The number of job openings climbed to 7.267 million in October, versus revised 7.032 million in the prior month, according to the Labor Department's JOLTS report.

Federal Reserve Bank of New York President John Williams will speak at 12:30 p.m. ET.

Federal Reserve Bank of Boston President Eric Rosengren is set to speak at 1:00 p.m. ET.