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

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 ITCB, up 7%, and BRP Group, Inc. BRP, up 9%.

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

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 $22.10 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 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. 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. 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. 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. 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.

Posted In: NewsEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Afternoon Market Update
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...