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Market Overview

Mid-Afternoon Market Update: Crude Oil Up 5%; Pier 1 Imports Shares Spike Higher

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Toward the end of trading Monday, the Dow traded up 0.17 percent to 17,035.05 while the NASDAQ declined 0.63 percent to 4,687.50. The S&P also fell, dropping 0.22 percent to 1,995.54.

Leading and Lagging Sectors

On Monday, basic materials shares rose by 1.86 percent. Top gainers in the sector included Cliffs Natural Resources Inc (NYSE: CLF), Coeur Mining Inc (NYSE: CDE), and Dorchester Minerals LP (NASDAQ: DMLP).

In trading on Monday, technology shares fell by 0.86 percent. Meanwhile, top losers in the sector included Cree, Inc. (NASDAQ: CREE), down 10 percent, and MakeMyTrip Limited (NASDAQ: MMYT), down 5 percent.

Top Headline

Del Taco Restaurants Inc (NASDAQ: TACO) reported fourth-quarter earnings on Monday morning, boosting investors' spirits despite an EPS short and barely beating sales estimates. However, same-store sales were up nearly 6 percent for the quarter.

Del Taco earned $0.12 a share on $133.4 million in revenue against estimates of $0.16 on sales of $133.3 million. The company also announced a share repurchase program with a ceiling of $25 million.

Equities Trading UP

National Interstate Corporation (NASDAQ: NATL) shares shot up 31 percent to $29.66 as American Financial Group Inc (NYSE: AFG) reported a proposal to purchase public minority stake in National Interstate for $30 per share in cash.

Shares of Pier 1 Imports Inc (NYSE: PIR) got a boost, shooting up 26 percent to $6.90 after the company reported preliminary Q4 results. Pier 1 Imports expects Q4 earnings of $0.18 to 0.22 per share and total sales to drop around 1.3 percent year-over-year.

Proteostasis Therapeutics Inc (NASDAQ: PTI) shares were also up, gaining 28 percent to $7.12. Baird initiated coverage on Proteostasis Therapeutics with a Outperform rating and a $13.00 price target. RBC Capital initiated coverage on Proteostasis Therapeutics with a Outperform rating and a $20.00 price target. HC Wainwright initiated coverage of Proteostasis Therapeutics with a Buy rating and a price target of $15.

Equities Trading DOWN

Celldex Therapeutics, Inc. (NASDAQ: CLDX) shares dropped 53 percent to $3.87 after the company reported that it will discontinue its Phase 3 study of RINTEGA for newly diagnosed glioblastoma. The independent Data Safety and Monitoring Board has said the company's RINTEGA is unlikely to meet primary overall survival endpoint. Wedbush downgraded Celldex Therapeutics from Outperform to Neutral.

Shares of COMSCORE, Inc. (NASDAQ: SCOR) were down 34 percent to $27.04 following announced delay to 10-K filing, cancelled buyback and delayed investor day.

Roka Bioscience Inc (NASDAQ: ROKA) was down, falling around 18 percent to $0.890. On Friday, Roka Bioscience reported a Q4 loss of $0.58 per share on revenue of $1.5 million. Leerink Swann downgraded Roka Bioscience from Outperform to Market Perform and lowered the price target to $1.00.

Commodities

In commodity news, oil traded up 5.04 percent to $37.73, while gold traded down 0.32 percent to $1,266.60.

Silver traded down 0.25 percent Monday to $15.66, while copper rose 0.15 percent to $2.28.

Eurozone

European shares closed lower today. The eurozone's STOXX 600 fell 0.25 percent, the Spanish Ibex Index rose 0.23 percent, while Italy's FTSE MIB Index fell 1.20 percent. Meanwhile, the German DAX slipped 0.46 percent, and the French CAC 40 declined 0.32 percent, while U.K. shares fell 0.27 percent.

Economics

There were no major US economic releases Monday.

 

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