Market Overview

Mid-Day Market Update: U.S. Stocks Turn Higher; Nivalis Therapeutics Shares Tumble After Failed Drug Trial



Midway through trading Tuesday, the Dow traded up 0.15 percent to 19,126.46 while the NASDAQ climbed 0.62 percent to 5,401.98. The S&P also rose, gaining 0.32 percent to 2,208.67.

Leading and Lagging Sectors

On Tuesday, healthcare shares gained by 0.58 percent. Meanwhile, top gainers in the sector included Kindred Healthcare, Inc. (NYSE: KND), and Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN).

In trading on Tuesday, energy shares fell by 1.15 percent. Meanwhile, top losers in the sector included Newpark Resources Inc (NYSE: NR), down 12 percent, and Kosmos Energy Ltd (NYSE: KOS), down 7 percent.

Top Headline

Tiffany & Co. (NYSE: TIF) reported better-than-expected results for its third quarter.

Tiffany posted quarterly earnings of $95.1 million, or $0.76 per share, versus earnings of $91 million, or $0.70 per share.

Its total sales increased 1.2 percent to 949.3 million. However, analysts were expecting earnings of $0.67 per share on revenue of $923.7 million.

Equities Trading UP

Genetic Technologies Limited (ADR) (NASDAQ: GENE) shares shot up 88 percent to $2.45 following announcement of a license agreement with The University of Melbourne.

Shares of CombiMatrix Corp (NASDAQ: CBMX) got a boost, shooting up 46 percent to $3.95 after the company reported that its pre-implantation genetic screening by next generation sequencing has been granted a conditional approval from the New York State Department of Health.

Dataram Corp (NASDAQ: DRAM) shares were also up, gaining 30 percent to $1.38 as the company disclosed that it has finalized an agreement to acquire U.S. Gold Corp.

Equities Trading DOWN

Nivalis Therapeutics Inc (NASDAQ: NVLS) shares dropped 57 percent to $2.67 after the company reported it failed to demonstrate benefit in absolute change in predicted FEV1 or in Sweat Chloride Reduction at 12 weeks. The failed trial has prompted four Wall Street firms to downgrade the issue including Raymond James, Cowen, Baird and Stifel.

Shares of Amicus Therapeutics, Inc. (NASDAQ: FOLD) were down 22 percent to $6.49 after the company announced the path forward for U.S. regulatory approval for migalastat, including an additional trial in Fabry disease, focused on gastrointestinal (GI) symptoms. Although the company did receive FDA approval for Migalastat, Adam Feuerstein tweeted that the FDA wants more data and could cause a delay for the rollout of the drug until 2019.

Shoe Carnival, Inc. (NASDAQ: SCVL) was down, falling around 11 percent to $26.91 after the company reported weak earnings for its third quarter and lowered its annual outlook.


In commodity news, oil traded down 3.78 percent to $45.30 while gold traded down 0.46 percent to $1,188.30.

Silver traded down 0.24 percent Tuesday to $16.64, while copper fell 2.62 percent to $2.60.


European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.33 percent, the Spanish Ibex Index rose 0.55 percent, while Italy’s FTSE MIB Index surged 2.13 percent. Meanwhile the German DAX climbed 0.36 percent, and the French CAC 40 climbed 0.91 percent while U.K. shares fell 0.40 percent.


The U.S. economy expanded at an annual rate of 3.2 percent in the third quarter. However, economists were expecting a 3.1 percent growth rate.

The S&P/Case-Shiller home price index rose 0.4 percent for September, versus economists’ expectations for a 0.4 percent growth.

The Conference Board's consumer confidence index surged to 107.10 in November, versus a prior reading of 98.60. Economists were expecting a reading of 101.20.


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