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Market Overview

Mid-Day Market Update: Crude Oil Down 2%; Five Prime Therapeutics Shares Spike Higher

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Midway through trading Thursday, the Dow traded up 0.28 percent to 16,972.22 while the NASDAQ climbed 0.46 percent to 4,804.84. The S&P also rose, gaining 0.37 percent to 2,001.51.

Leading and Lagging Sectors

In trading on Thursday, financial shares jumped by 0.84 percent. Top gainers in the sector included BofI Holding, Inc. (NASDAQ: BOFI), up 13 percent, and GSV Capital Corp (NASDAQ: GSVC), up 12 percent.

In trading on Thursday, basic materials shares slipped by 0.86 percent. Meanwhile, top losers in the sector included HORSEHEAD HOLDING CORP. (NASDAQ: ZINC), down 14 percent, and KMG Chemicals, Inc. (NYSE: KMG), off 10 percent.

Top Headline

Citigroup Inc (NYSE: C) reported better-than-expected earnings for the third quarter on Thursday.

The New York-based bank posted a quarterly profit of $4.29 billion, or $1.35 per share, versus $2.84 billion, or $0.88 per share, in the year-ago period. Excluding accounting adjustments, Citigroup earned $1.31 per share.

Its revenue dropped to $18.69 billion from $19.69 billion, while revenue excluding accounting adjustments fell 8 percent to $18.5 billion. Analysts were expecting a profit of $1.28 per share on revenue of $18.5 billion.

Equities Trading UP

Five Prime Therapeutics Inc (NASDAQ: FPRX) shares shot up 58 percent to $26.67 following announcement of worldwide license, collaboration agreement on CSF1R antibody program with Bristol-Myers Squibb Co (NYSE: BMY).

Shares of Keryx Biopharmaceuticals (NASDAQ: KERX) got a boost, shooting up 8 percent to $4.05 after the company reported a $125 million private placement of Convertible Senior Notes due 2020, with the Baupost Group.

DexCom, Inc. (NASDAQ: DXCM) shares were also up, gaining 16 percent to $81.91 after the company reported preliminary unaudited revenue for the third quarter of roughly $105 million, up 52 percent year-over-year.

Equities Trading DOWN

Imprivata Inc (NYSE: IMPR) shares tumbled 37 percent to $10.96 after the company reported preliminary third quarter financial results.

Shares of Garmin Ltd. (NASDAQ: GRMN) were down 14 percent to $31.93 on weak Q3 preliminary results.

Netflix, Inc. (NASDAQ: NFLX) was down, falling 8 percent to $101.46 after the company reported Q3 results. The company added 3.62 million streaming subscribers during the recent quarter. It added 0.88 million new US members in the latest quarter.

Commodities

In commodity news, oil traded down 2.02 percent to $45.70, while gold traded up 0.65 percent to $1,187.50.

Silver traded up 0.17 percent Thursday to $16.15, while copper rose 0.02 percent to $2.42.

Eurozone

European shares were higher today. The eurozone's STOXX 600 climbed 1.46 percent, the Spanish Ibex Index rose 0.64 percent, while Italy's FTSE MIB Index surged 1.74 percent. Meanwhile, the German DAX climbed 1.50 percent, and the French CAC 40 jumped 1.44 percent, while U.K. shares rose 1.10 percent.

Economics

The consumer price index dropped 0.2 percent in September, versus economists' expectations for a 0.2 percent decline.

US jobless claims declined 7,000 to 255,000 in the week ended October 10. Economists were estimating claims to total 270,000.

The Empire State manufacturing index increased to negative 11.36 in October, compared to negative 14.67 in September. Economists were expecting a reading of negative 8.

The Philadelphia Fed manufacturing index gained to a reading of negative 4.5 in October, versus a reading of negative 6.0 in September. Economists were expecting a reading of negative 1.0.

 

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Posted-In: Earnings News Guidance Eurozone Commodities Global Intraday Update Markets

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