Market Overview

Mid-Afternoon Market Update: China Finance Online Falls After Q3 Results; Iterum Therapeutics Shares Gain

Share:

Toward the end of trading Friday, the Dow traded up 0.18% to 28673.17 while the NASDAQ fell 0.12% to 9,011.29. The S&P also rose, gaining 0.04% to 3,241.33.

Leading and Lagging Sectors

Consumer staples shares climbed 0.4% on Friday. Meanwhile, top gainers in the sector included Rite Aid Corporation (NYSE: RAD), up 11%, and Village Farms International Inc (NASDAQ: VFF), up 7%.

In trading on Friday, financial shares fell 0.2%.

Top Headline

Flexion Therapeutics Inc (NASDAQ: FLXN) said the FDA approved its sNDA for a label expansion for Zilretta in osteoarthritis knee pain.

"ZILRETTA is an invaluable non-opioid option for managing chronic OA knee pain, and it is encouraging to see a new product label that better informs clinical decision making," Dr. John Richmond, a clinician, said in a statement.

Originally, the FDA had set a PDUFA action date of Oct. 14, which was extended by three months.

Equities Trading UP

Iterum Therapeutics plc (NASDAQ: ITRM) shares shot up 135% to $5.77 after the company reported the completion of enrollment in Phase 3 trial of oral sulopenem in uncomplicated urinary tract infection.

Shares of Castle Biosciences, Inc. (NASDAQ: CSTL) got a boost, shooting up 20% to $34.40. Canaccord Genuity maintained Castle Biosciences with a Buy and raised the price target from $34 to $35.

Pintec Technology Holdings Limited (NASDAQ: PT) shares were also up, gaining 70% to $2.18 after the company announced an agreement deal with China Unicom to offer next-generation handset financing services to its broad base of subscribers.

Equities Trading DOWN

LAIX Inc. (NASDAQ: LAIX) shares tumbled 16% to $4.8127.

Shares of Tetraphase Pharmaceuticals, Inc. (NASDAQ: TTPH) were down 16% to $3.04 after climbing 50% on Thursday.

China Finance Online Co. (NASDAQ: JRJC) was down, falling 8% to $0.91 following Q3 results. China Finance Online reported a Q3 loss of $0.09 per share, versus a year-ago loss of $0.26 per share. Its sales slipped to $8.051 million from $8.614 million.

Commodities

In commodity news, oil traded down 0.1% to $61.66, while gold traded up 0.2% to $1,517.80.

Silver traded down 0.4% Friday to $17.925, while copper fell 0.8% to $2.8275.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.21%, the Spanish Ibex Index rose 0.4%, while Italy’s FTSE MIB Index declined 0.59%. Meanwhile, the German DAX gained 0.27%, and the French CAC 40 rose 0.13% while UK shares rose 0.17%.

Economics

Domestic supplies of natural gas dropped 161 billion cubic feet for the week ended December 20, the U.S. Energy Information Administration reported. However, analysts projected a decline of 150 to 153 billion cubic feet.

U.S. crude supplies dropped 5.4 million barrels for the week ended December 20, the Energy Information Administration reported. However, analysts expected a fall of 3 million barrels. Gasoline supplies rose 2 million barrels, while distillate supplies fell 200,000 barrels

The total number of active U.S. oil rigs slipped by 8 to 677 rigs this week, Baker Hughes Inc reported.

Data on farm prices for November will be released at 3:00 p.m. ET.

 

Related Articles (FLXN + CSTL)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com