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Mid-Day Market Update: NASDAQ Down Over 1%; TubeMogul Shares Surge Following Acquisition News

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Midway through trading Thursday, the Dow traded up 0.77 percent to 18,733.33 while the NASDAQ declined 1.09 percent to 5,193.64. The S&P also rose, gaining 0.01 percent to 2,163.32.

Leading and Lagging Sectors

On Thursday, industrial shares gained by 1.21 percent. Meanwhile, top gainers in the sector included NL Industries Inc (NYSE: NL), and Manitowoc Company Inc (NYSE: MTW).

In trading on Thursday, non-cyclical consumer goods & services shares fell by 2.30 percent. Meanwhile, top losers in the sector included ConAgra Foods Inc (NYSE: CAG), down 27 percent, and Lifeway Foods, Inc. (NASDAQ: LWAY), down 13 percent.

Top Headline

Ralph Lauren Corp (NYSE: RL) reported better-than-expected earnings for its second quarter and retained its fiscal 2017 forecast.

Ralph Lauren reported Q2 earnings of $1.90 per share on revenue of $1.82 billion. However, analysts were expecting earnings of $1.71 per share on revenue of $1.8 billion.


Equities Trading UP

TubeMogul Inc (NASDAQ: TUBE) shares shot up 82 percent to $13.93 after Adobe Systems Incorporated (NASDAQ: ADBE) announced a deal to buy the company for $540 million, net of cash and debt.

Shares of Eleven Biotherapeutics Inc (NASDAQ: EBIO) got a boost, shooting up 19 percent to $2.61 after surging 32.53 percent on Wednesday. Eleven Biotherapeutics is expected to report Q3 financial results on November 14, 2016.

Omeros Corporation (NASDAQ: OMER) shares were also up, gaining 16 percent to $11.76 after the company posted a narrower-than-expected Q3 loss.


Equities Trading DOWN

CPI Card Group Inc (NASDAQ: PMTS) shares dropped 35 percent to $3.30 after the company reported downbeat Q3 results and issued a weak FY16 forecast.

Shares of Sunworks Inc (NASDAQ: SUNW) were down 21 percent to $2.26. Sunworks reported a Q3 loss of $0.29 per share on revenue of $17.6 million.

Avid Technology, Inc. (NASDAQ: AVID) was down, falling around 26 percent to $4.69. Avid reported Q3 net income of $9.1 million on revenue of $119.019 million.


Commodities


In commodity news, oil traded down 1.44 percent to $44.62 while gold traded down 0.69 percent to $1,264.70.

Silver traded up 1.07 percent Thursday to $18.58, while copper rose 3.52 percent to $2.55.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.18 percent, the Spanish Ibex Index dropped 1.63 percent, while Italy’s FTSE MIB Index climbed 0.15 percent. Meanwhile the German DAX dropped 0.14 percent, and the French CAC 40 fell 0.22 percent while U.K. shares fell 1.21 percent.

Economics

Initial jobless claims declined by 11,000 to 254,000 for the latest week. Economists were expecting claims to reach 260,000 in the week.

Supplies of natural gas climbed 54 billion cubic feet for the week ended November 4, the U.S. Energy Information Administration reported. Analysts projected a gain of 51 billion cubic foot.

The Treasury budget data for October is schedule for release at 2:00 p.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

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

 

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