Market Overview

Mid-Day Market Update: Progress Software Drops On Weak Results; Medivation Shares Surge


Midway through trading Thursday, the Dow traded up 0.04 percent to 17,723.79 while the NASDAQ gained 0.19 percent to 4,878.57. The S&P also rose, gaining 0.04 percent to 2,064.76.

Leading and Lagging Sectors

On Thursday, utilities shares jumped by 0.51 percent. Meanwhile, top gainers in the sector included American Midstream Partners LP (NYSE: AMID), up 4 percent, and Energy Transfer Partners LP (NYSE: ETP), up 4 percent.

In trading on Thursday, basic materials shares fell by 0.40 percent. Meanwhile, top losers in the sector included Silver Wheaton Corp. (USA) (NYSE: SLW), down 6 percent, and Harmony Gold Mining Co. (ADR) (NYSE: HMY), down 4 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 98 percent to $2.43. 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 19 percent to $44.67 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 18 percent to $6.81. 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 7 percent to $23.70 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 45 percent to $0.415. 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.

aTyr Pharma Inc (NASDAQ: LIFE) was down, falling around 19 percent to $3.96. aTyr Pharma reported a Q4 loss of $(0.70) per share and announced Phase 1b/2 results for Resolaris in its first rare myopathy trial. aTyr Pharma also named Dr. Sanjay Shukla as Chief Medical Officer.


In commodity news, oil traded up 1.25 percent to $38.80, while gold traded up 0.62 percent to $1,236.20.

Silver traded up 1.34 percent Thursday to $15.42, while copper fell 0.18 percent to $2.19.


European shares were lower today. The eurozone's STOXX 600 fell 0.98 percent, the Spanish Ibex Index dropped 1.73 percent, while Italy's FTSE MIB Index dropped 1.23 percent. Meanwhile, the German DAX declined 0.72 percent, and the French CAC 40 slipped 1.23 percent, while U.K. shares fell 0.37 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.

Supplies of natural gas declined by 25 billion cubic feet for the week ended March 25, the U.S. Energy Information Administration reported. However, analysts were expecting a drop of 20 billion to 24 billion cubic feet.

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


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