Market Overview

Mid-Day Market Update: ServiceNow Jumps On Strong Q1 Results; Trueblue Shares Slide

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Midway through trading Thursday, the Dow traded down 0.11 percent to 18,075.52 while the NASDAQ surged 0.26 percent to 4,961.08. The S&P also fell, dropping 0.06 percent to 2,101.22.

Leading and Lagging Sectors

On Thursday, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) and GenMark Diagnostics, Inc (NASDAQ: GNMK).

In trading on Thursday, utilities shares fell by 1.21 percent. Meanwhile, top losers in the sector included Unitil Corporation (NYSE: UTL), down 9 percent, and National Grid plc (ADR) (NYSE: NGG), down 3 percent.

Top Headline

General Motors Company (NYSE: GM) reported stronger-than-expected earnings for its first quarter on Thursday.

General Motors reported quarterly earnings of $2.0 billion, or $1.24 per share, compared to $900 million, or $0.56 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings came in at $1.26 per share, beating analysts' estimates of $1.01 per share.

Its revenue rose to $37.3 billion from $35.7 billion, versus analysts' expectations of $35.41 billion.

Equities Trading UP

Crestwood Equity Partners LP (NYSE: CEQP) shares shot up 45 percent to $18.58. Consolidated Edison, Inc. (NYSE: ED) and Crestwood Equity Partners will form a natural gas pipeline and storage business joint venture.

Shares of ServiceNow Inc (NYSE: NOW) got a boost, shooting up 15 percent to $75.05 as the company reported better-than-expected Q1 results.

Greenhill & Co., Inc. (NYSE: GHL) shares were also up, gaining 11 percent to $22.17 as the company announced upbeat results for the first quarter.

Equities Trading DOWN

Trueblue Inc (NYSE: TBI) shares dropped 24 percent to $20.53 after the company reported downbeat Q1 revenue and issued a weak forecast for the full year.

Shares of Natural Grocers by Vitamin Cottage Inc (NYSE: NGVC) were down 29 percent to $14.51 as the company reported weak preliminary results for the second quarter.

Sarepta Therapeutics Inc (NASDAQ: SRPT) was down, falling around 41 percent to $11.72 after the U.S. Food and Drug Administration released briefing documents which consisted of an updated clinical review of the company's Duchenne muscular dystrophy drug, eteplirsen. According to The Street's biotech expert Adam Feuerstein, the FDA's update still marks a "negative clinical review" of the drug.

Commodities

In commodity news, oil traded down 1.83 percent to $43.37 while gold traded down 0.30 percent to $1,250.60.

Silver traded down 0.63 percent Thursday to $17.08, while copper fell 0.16 percent to $2.24.

Eurozone

European shares were mostly lower today. The eurozone's STOXX 600 declined 0.38 percent, the Spanish Ibex Index gained 0.59 percent, while Italy's FTSE MIB Index fell 0.05 percent. Meanwhile, the German DAX gained 0.09 percent, and the French CAC 40 dropped 0.16 percent, while U.K. shares fell 0.54 percent.

Economics

Initial jobless claims dropped by 6,000 to 247,000 in the latest week, according to the Labor Department. However, economists were projecting claims reach 263,000 in the same week.

The Philadelphia Fed manufacturing index declined to -1.60 for April, versus a prior reading of 12.40. However, economists were expecting a reading of 8.90.

The Chicago Fed National Activity Index dropped to a reading of -0.44 for March.

The Conference Board's Leading Economic Index rose 0.20 percent for March, versus economists' expectations for a 0.40 percent growth.

Supplies of natural gas increased 7 billion cubic feet for the week ended April 15, the U.S. Energy Information Administration said. However, analysts were expecting a gain of 2 billion cubic feet.

Posted-In: Earnings News Guidance Eurozone Commodities Global Intraday Update Markets

 

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