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Market Overview

Mid-Afternoon Market Update: Crude Oil Rises Over 1%; ImmunoGen Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded up 0.20% to 28292.14 while the NASDAQ rose 0.07% to 8,820.42. The S&P also rose, gaining 0.09% to 3,194.27.

Leading and Lagging Sectors

Financial shares climbed 0.6% on Tuesday. Meanwhile, top gainers in the sector included Itau CorpBanca (NYSE: ITCB), up 7%, and BRP Group, Inc. (NYSE: BRP), up 9%.

In trading on Tuesday, real estate shares fell 1.2%.

Top Headline

Jabil Inc. (NYSE: 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 (NYSE: TGE) shares shot up 21% to $22.10 after the company announced it will be acquired by Blackstone Infrastructure Partners for $22.45 per share.

Shares of ImmunoGen, Inc. (NASDAQ: IMGN) got a boost, shooting up 15% to $4.4650 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. (NYSE: IBIO) shares were also up, gaining 27% to $0.2459 after the company reported a progress update on its Bio-Better Rituximab collaboration with CC-Pharming.

Equities Trading DOWN

Proteostasis Therapeutics, Inc. (NASDAQ: PTI) shares tumbled 60% to $1.7243 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. (NASDAQ: ADMS) were down 43% to $4.13 after reporting top-line results from INROADS Phase 3 trial of ADS-5102 for multiple sclerosis patients with walking impairment.

China Ceramics Co., Ltd. (NASDAQ: CCCL) was down, falling 30% to $0.6801 after the company priced a 1.2 million share offering at $0.75 per share.

Commodities

In commodity news, oil traded up 1.2% to $60.91, while gold traded up 0.1% to $1,480.60.

Silver traded down 0.3% Tuesday to $17.055, while copper fell 0.1% to $2.8085.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 declined 0.68%, the Spanish Ibex Index fell 0.67%, while Italy’s FTSE MIB Index rose 0.45%. Meanwhile, the German DAX dropped 0.89%, and the French CAC 40 fell 0.39% while UK shares rose 0.08%.

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.

 

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

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