Market Overview

Mid-Morning Market Update: Markets Mostly Flat; Movado Issues Weak Forecast


Following the market opening Thursday, the Dow traded up 0.05 percent to 17,726.05 while the NASDAQ gained 0.03 percent to 4,870.82. The S&P fell, dropping 0.02 percent to 2,063.64.

Leading and Lagging Sectors

On Thursday, utilities shares jumped by 0.26 percent. Meanwhile, top gainers in the sector included Companhia Energetica Minas Gerais (ADR) (NYSE: CIG), up 4 percent, and Companhia Paranaense de Energia (ADR) (NYSE: ELP), up 2 percent.

In trading on Thursday, technology shares fell by 0.10 percent. Meanwhile, top losers in the sector included Lattice Semiconductor (NASDAQ: LSCC), down 5 percent, and Progress Software Corporation (NASDAQ: PRGS), down 9 percent.

Top Headline

Movado Group, Inc (NYSE: MOV) share issued a weak forecast for FY17. However, the company reported better-than-expected results for its fourth quarter and raised its quarterly dividend.

Movado reported Q4 adjusted earnings of $0.40 per share on revenue of $143.3 million. However, analysts were expecting earnings of $0.39 per share on revenue of $140.7 million. The company expects fiscal 2017 earnings of $1.85 to $2 per share on revenue of $585 million to $600 million. Analysts projected earnings of $2.27 per share on revenue of $615 million.

Movado reported a $50 million buyback plan and announced the retirement of its COO Rick Cote.

Equities Trading UP

Sky Solar Holdings Ltd (ADR) (NASDAQ: SKYS) shares shot up 16 percent to $1.43. Sky Solar Holdings reported a Q4 loss of $(0.15) per share on revenue of $12.202 million.

Shares of Medivation Inc (NASDAQ: MDVN) got a boost, shooting up 14 percent to $42.70 amid word of a new report from Bloomberg, saying the company is working with bankers to defend itself against preliminary interest of a takeover. However, Reuters separately reported the company is working with JPMorgan to handle interest from other companies, but said Medivation has no interest in selling itself.

PAR Technology Corporation (NYSE: PAR) shares were also up, gaining 17 percent to $6.75. Par Technology reported Q4 adjusted earnings of $0.13 per share on revenue of $56.8 million.

Equities Trading DOWN

Progress Software Corporation (NASDAQ: PRGS) shares dropped 9 percent to $23.20 after the company reported downbeat results for its fiscal first quarter and lowered its FY16 outlook. The company announced the retirement of its CFO Chris Perkins.

Shares of Eagle Bulk Shipping Inc (NASDAQ: EGLE) were down 44 percent to $0.417. Eagle Bulk Shipping announced after Wednesday's close it has reached an agreement with its lenders and holders of its equity to raise $105 million.

PBF Logistics LP (NYSE: PBFX) was down, falling around 8 percent to $18.50. PBF Logistics priced 2.5 million unit offering for gross proceeds of $46 million.


In commodity news, oil traded up 0.16 percent to $38.38, while gold traded up 1.07 percent to $1,241.70.

Silver traded up 2 percent Thursday to $15.52, while copper fell 0.53 percent to $2.18.


European shares were lower today. The eurozone's STOXX 600 fell 0.81 percent, the Spanish Ibex Index dropped 1.17 percent, while Italy's FTSE MIB Index dropped 1.17 percent. Meanwhile, the German DAX declined 0.61 percent, and the French CAC 40 slipped 0.89 percent, while U.K. shares fell 0.22 percent.


U.S. jobless claims gained 11,000 to 276,000 in the latest week. However, economists were expecting initial jobless claims to reach 268,000 in the seven days.

The Chicago PMI climbed to 53.60 in March, versus a prior reading of 47.60. However, economists were projecting a reading of 50.00.

Posted-In: Earnings M\u0026A News Guidance Eurozone Commodities Global Intraday Update


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