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Mid-Morning Market Update: Markets Open Higher; Allergan Earnings Top Views


Following the market opening Tuesday, the Dow traded up 0.78 percent to 17,843.36 while the NASDAQ climbed 0.32 percent to 4,765.42. The S&P also rose, gaining 0.64 percent to 2,071.86.

Leading and Lagging Sectors

On Tuesday, the telecommunications services sector proved to be a source of strength for the market. Top gainers in the sector included NTT Docomo Inc (ADR) (NYSE: DCM), Philippine Long Distance Telphn Co (ADR) (NYSE: PHI), and Nippon Telegraph & Telephone Corp (ADR) (NYSE: NTT).

In trading on Tuesday, healthcare shares fell by 0.1 percent. Meanwhile, top losers in the sector included NewLink Genetics Corp (NASDAQ: NLNK), down 30 percent, and Omeros Corporation (NASDAQ: OMER), down 17 percent.

Top Headline

Allergan plc (NYSE: AGN) reported adjusted earnings of $3.04 a share, compared to $2.65 a share in the previous year quarter. This was $0.03 a share higher than the estimations of $3.01 a share.

The company's adjusted top line grew 48.1 percent to $3.9 billion from $2.56 billion in the same quarter last year. Analysts predicted the company to generate revenue of $3.95 billion.

Allergan's board has authorized a fresh share buyback program of a maximum of $10 billion of its common stock.

Equities Trading UP

ChemoCentryx Inc (NASDAQ: CCXI) shares shot up 70 percent to $3.58 following announcement of license agreement for CCX168. ChemoCentryx posted a Q1 loss of $0.34 per share.

Shares of Inc. (NASDAQ: STMP) got a boost, shooting up 8 percent to $95.55 after the company reported stronger-than-expected quarterly results.

Sodastream International Ltd (NASDAQ: SODA) shares were also up, gaining 12 percent to $16.50 as the company reported better-than-expected Q1 results.

Equities Trading DOWN

NewLink Genetics Corp (NASDAQ: NLNK) shares dropped 32 percent to $11.27 following announcement of failed pancreatic cancer trial.

Shares of SolarCity Corp (NASDAQ: SCTY) were down 24 percent to $17.17 as the company reported a wider-than-expected loss for its first quarter and issued a weak outlook for its current quarter.

MannKind Corporation (NASDAQ: MNKD) was down, falling around 20 percent to $1.05. MannKind reported a Q1 loss of $0.06 per share and priced registered direct public offering of 48.54 million common stock and warrants at a combined purchase price of $1.03 per share.


In commodity news, oil traded up 0.32 percent to $43.58 while gold traded down 0.11 percent to $1,265.20.

Silver traded up 0.12 percent Tuesday to $17.11, while copper rose 0.05 percent to $2.11.


European shares were higher today. The eurozone's STOXX 600 surged 0.83 percent, the Spanish Ibex Index climbed 1.29 percent, while Italy's FTSE MIB Index rose 1.55 percent. Meanwhile, the German DAX gained 0.49 percent, and the French CAC 40 gained 0.35 percent while U.K. shares rose 0.33 percent.


U.S. wholesale inventories rose 0.10 percent for March, versus economists' expectations for a 0.10 percent growth.

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


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