Market Overview

Mid-Afternoon Market Update: PVH Rises On Upbeat Results; Portola Pharmaceuticals Shares Slide


Toward the end of trading Thursday, the Dow traded down 0.25 percent to 17,459.30 while the NASDAQ declined 0.22 percent to 4,758.58. The S&P also fell, dropping 0.33 percent to 2,030.10.

Leading and Lagging Sectors

On Thursday, utilities shares gained by 0.44 percent. Meanwhile, top gainers in the sector included Consolidated Water Co. Ltd. (NASDAQ: CWCO), up 3 percent, and Middlesex Water Company (NASDAQ: MSEX), up 3 percent.

In trading on Thursday, financial shares dipped by 1.13 percent. Meanwhile, top losers in the sector included Genworth Financial Inc (NYSE: GNW), down 7 percent, and Federated National Holding Co (NASDAQ: FNHC), down 6 percent.

Top Headline

Finish Line Inc (NASDAQ: FINL) reported stronger-than-expected results for its fourth quarter on Thursday.

Finish Line posted adjusted earnings of $0.83 per share on revenue of $580.3 million. However, analysts were expecting a profit of $0.80 per share on revenue of $567.85 million

Equities Trading UP

Mercury Systems Inc (NASDAQ: MRCY) shares shot up 15 percent to $18.94 after the company agreed to acquire the embedded security, RF and Microwave and custom microelectronics businesses of Microsemi Corporation (NASDAQ: MSCC).

Shares of PVH Corp (NYSE: PVH) got a boost, shooting up 8 percent to $94.86 as the company reported upbeat results for its fourth quarter on Wednesday.

TiVo Inc. (NASDAQ: TIVO) shares were also up, gaining 21 percent to $9.30. The New York Times, citing sources familiar with the issue, said Rovi Corporation (NASDAQ: ROVI) is in advanced negotiations to acquire TiVo. TiVo shareholders would reportedly receive both cash and stock; however, the price tag is yet to be determined.

Equities Trading DOWN

Portola Pharmaceuticals Inc (NASDAQ: PTLA) shares dropped 30 percent to $20.08 after announcing Phase III Betrixaban results.

Shares of Spark Energy Inc (NASDAQ: SPKE) were down 14 percent to $20.96. Spark Energy reported Q4 GAAP EPS of $(0.01) and adjusted EBITDA of $16.3 million.

Sigma Designs Inc (NASDAQ: SIGM) was down, falling around 18 percent to $6.45. Sigma Designs reported Q4 adjusted earnings of $0.02 per share on revenue of $51.5 million.


In commodity news, oil traded down 0.68 percent to $39.52, while gold traded down 0.19 percent to $1,223.30.

Silver traded down 0.47 percent Thursday to $15.20, while copper fell 0.22 percent to $2.23.


European shares closed lower today. The eurozone's STOXX 600 fell 1.46 percent, the Spanish Ibex Index dropped 1.54 percent, while Italy's FTSE MIB Index declined 1.61 percent. Meanwhile, the German DAX slipped 1.71 percent, and the French CAC 40 dipped 2.13 percent, while U.K. shares fell 1.49 percent.


U.S. durable-goods orders declined 2.8 percent in February, versus economists' expectations for a 2.9 percent drop.

U.S. jobless claims came in little changed at 265,000 in the latest week. However, economists were projecting claims to reach 268,000 in the week.

The Markit Services PMI rose to 51.00 in March, versus a prior reading of 49.70. However, economists were expecting a reading of 51.30.

Posted-In: Earnings M&A News Eurozone Commodities Global Intraday Update Markets


Related Articles (CWCO + FINL)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
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.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
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

Why Is This Analyst's Chart Of The Week O'Reilly Automotive?

Tivo Merger Talk With Rovi Boost Shares