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Market Overview

Mid-Afternoon Market Update: U.S. Stocks Turn Positive; American Woodmark Shares Fall On Earnings Miss


Toward the end of trading Thursday, the Dow traded up 0.18 percent to 17,821.51 while the NASDAQ climbed 0.21 percent to 4,962.80. The S&P also rose, gaining 0.16 percent to 2,102.65.

Leading and Lagging Sectors

Thursday afternoon, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from Keryx Biopharmaceuticals (NASDAQ: KERX) and Amicus Therapeutics, Inc. (NASDAQ: FOLD).

In trading on Thursday, technology shares fell by 0.32 percent. Meanwhile, top losers in the sector included Mitek Systems, Inc. (NASDAQ: MITK), down 13 percent, and Formula Systems (1985) Ltd. (ADR) (NASDAQ: FORTY), down 8 percent.

Top Headline

Joy Global Inc. (NYSE: JOY) reported stronger-than-expected Q2 earnings. However, its revenue failed to meet the Street analysts' estimations.

Joy Global reported a net loss of $15.3 million or a loss of $0.16 a share for the second quarter compared to net income of $55.9 million or $0.57 a share in the year-ago quarter. On an adjusted basis, earnings from continuing operations plunged to $0.09 a share from $0.64 a share in the previous year quarter. Street analysts' expected the company to report break-even per share. The company's net sales dropped 26 percent to $602 million from $810 million in the year earlier quarter. Street predicted the company to generate revenue of $607.72 million.

Going forward, the company expects sales and earnings for the year excluding restructuring charges and mark-to-market pension adjustments to be at the lower end of its earlier forecasted range of $2.4-$2.6 billion for sales and $0.10 to $0.50 for adjusted earnings per fully diluted share.

Equities Trading UP

Achaogen Inc (NASDAQ: AKAO) shares shot up 26 percent to $4.03. Achaogen raised $25 million in private placement and has been awarded a $20 million contract option by the BARDA to support the development of plazomicin. The company also disclosed that it achieved more than 50 percent patient enrollment in its ongoing final stage EPIC registration clinical trial of plazomicin.

Shares of Repros Therapeutics Inc (NASDAQ: RPRX) got a boost, shooting up 22 percent to $2.07 after reporting success of its Enclomiphene drug to treat secondary hypogonadism. The Drug is on track for registration decision in Fall 2017.

Joy Global Inc. (NYSE: JOY) shares were also up, gaining 18 percent to $19.65 as the company reported stronger-than-expected earnings for its second quarter.

Equities Trading DOWN

Conn's Inc (NASDAQ: CONN) shares dropped 24 percent to $8.95 as the company reported downbeat quarterly results. Conn's posted a Q1 loss of $0.31 per share on revenue of $389.1 million.

Shares of Sarepta Therapeutics Inc (NASDAQ: SRPT) were down 26 percent to $15.90 after reports surfaced that the U.S. Food and Drug Administration may pressure the company to provide its Duchenne muscular dystrophy patients with at-cost access to its eteplirsen therapy on a "compassionate use."

American Woodmark Corporation (NASDAQ: AMWD) was down, falling around 17 percent to $66.88 as the company reported weaker-than-expected quarterly earnings.


In commodity news, oil traded up 0.27 percent to $49.14 while gold traded down 0.12 percent to $1,213.30.

Silver traded up 0.62 percent Thursday to $16.03, while copper fell 0.22 percent to $2.07.


European shares closed mixed today. The eurozone's STOXX 600 gained 0.07 percent, the Spanish Ibex Index rose 0.46 percent, while Italy's FTSE MIB Index fell 0.24 percent. Meanwhile the German DAX gained 0.03 percent, and the French CAC 40 declined 0.21 percent, while U.K. shares fell 0.10 percent.


U.S. initial jobless claims slipped 1,000 to 267,000 in the recent week. However, economists were projecting claims to reach 2.70,000 in the week.

Private-sector employers added 173,000 jobs in May, according to the Automatic Data Processing Inc. However, economists were expecting a gain of 175,000 jobs.

U.S. crude supplies dropped 1.4 million barrels for the week ended May 27, the U.S. Energy Information Administration reported. However, analysts estimated a decline of 3.1 million barrels. Gasoline supplies slipped 1.5 million barrels, while distillate stockpiles dropped 1.3 million barrels last week.


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