Market Overview

Mid-Afternoon Market Update: Dow Rises Over 1%; Jabil Circuit Shares Decline Following Weak Results

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Toward the end of trading Thursday, the Dow traded up 1.09 percent to 17,514.46 while the NASDAQ climbed 0.31 percent to 4,778.93. The S&P also rose, gaining 0.83 percent to 2,043.98.

Leading and Lagging Sectors

On Thursday, basic materials shares rose by 3.08 percent. Top gainers in the sector included Cliffs Natural Resources Inc (NYSE: CLF), Companhia Siderurgica Nacional (ADR) (NYSE: SID), and Teck Resources Ltd (USA) (NYSE: TCK).

In trading on Thursday, healthcare shares dipped by 0.51 percent. Meanwhile, top losers in the sector included NxStage Medical, Inc. (NASDAQ: NXTM), down 8 percent, and Valeant Pharmaceuticals Intl Inc (NYSE: VRX), down 9 percent.

Top Headline

Michaels Companies Inc (NASDAQ: MIK) reported better-than-expected results for its fiscal fourth quarter.

Michaels Companies posted quarterly earnings of $183.7 million, or $0.87 per share, compared to $146.4 million, or $0.75 per share, in the year-ago period.

Its sales rose 4.6 percent to $1.68 billion. However, analysts were expecting earnings of $0.84 per share on revenue of $1.65 billion.
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Equities Trading UP

Vitae Pharmaceuticals Inc (NASDAQ: VTAE) shares shot up 81 percent to $7.43 on positive psoriasis data. The surge was driven by news about the company's experimental psoriasis drug. Top-line results from its Phase 2a proof-of-concept clinical trial of VTP-43742 in psoriatic patients showed a reduction in the skin condition of the treated patients.

Shares of Rofin-Sinar Technologies (NASDAQ: RSTI) got a boost, shooting up 37 percent to $31.50 as Coherent, Inc. (NASDAQ: COHR) announced its plans to buy Rofin-Sinar Technologies Inc in a deal valued at around $942 million.

FedEx Corporation (NYSE: FDX) shares were also up, gaining 11 percent to $159.79 after the company reported stronger-than-expected results for its fiscal third quarter on Wednesday.

Equities Trading DOWN

Bio Blast Pharma Ltd (NASDAQ: ORPN) shares dropped 31 percent to $2.92 as the company reported the pricing of $6.7 million registered direct offering for $3.10 per share.

Shares of Jabil Circuit, Inc. (NYSE: JBL) were down 10 percent to $19.86 as the company reported weaker-than-expected results for its fiscal second quarter and lowered its full-year outlook.

Guess?, Inc. (NYSE: GES) was down, falling around 15 percent to $18.23 after the company reported downbeat earnings for the fourth quarter and issued a weak forecast for the current quarter.

Commodities

In commodity news, oil traded up 3.85 percent to $39.94, while gold traded up 2.78 percent to $1,264.00.

Silver traded up 5.13 percent Thursday to $16.00, while copper rose 2.60 percent to $2.29.

Eurozone

European shares closed mostly lower today. The eurozone's STOXX 600 dropped 0.09 percent, the Spanish Ibex Index rose 0.18 percent, while Italy's FTSE MIB Index tumbled 0.66 percent. Meanwhile, the German DAX declined 0.91 percent, and the French CAC 40 dropped 0.45 percent, while U.K. shares rose 0.42 percent.

Economics

U.S. jobless claims increased 7,000 to 265,000 in the second week of March. However, economists were estimating claims to reach 268,000 in the week.

The U.S. current-account deficit declined 3.6 percent to $125.3 billion in the fourth quarter.

The Philadelphia Fed manufacturing index climbed to 12.40 in March, versus a prior reading of -2.80. However, economists were expecting a reading of -1.70.

The Consumer Board's leading economic index rose 0.10 percent for February, versus economists' expectations for a 0.20 percent growth.

 

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