Mid-Day Market Update: Crude Oil Up Over 4%; Express Shares Fall On Weak Outlook
Midway through trading Thursday, the Dow traded up 0.40 percent to 19,200.18 while the NASDAQ declined 1.02 percent to 5,269.28. The S&P also fell, dropping 0.07 percent to 2,197.20.
Leading and Lagging Sectors
In trading on Thursday, technology shares fell by 1.63 percent. Meanwhile, top losers in the sector included Amkor Technology, Inc. (NASDAQ: AMKR), down 7 percent, and Inphi Corporation (NYSE: IPHI), down 8 percent.
Dollar General Corp. (NYSE: DG) posted downbeat earnings for its third quarter on Thursday.
Dollar General posted quarterly earnings of $235.3 million, or $0.84 per share cents, or $0.86 per share, in the year-ago period. The latest quarter results include a $0.05 per share charge in relocation costs.
Its revenue increased to $5.32 billion from $5.07 billion. However, analysts were expecting earnings of $0.93 per share on revenue of $5.37 billion.
Equities Trading UP
Christopher & Banks Corporation (NYSE: CBK) shares shot up 19 percent to $2.05 after the company posted better-than-expected quarterly results.
Tilly's Inc (NYSE: TLYS) shares were also up, gaining 34 percent to $13.30 after the company posted upbeat Q3 results.
Equities Trading DOWN
Heat Biologics Inc (NASDAQ: HTBX) shares dropped 56 percent to $1.25 following a negative outcome of its bladder cancer study. Heat Biologics said its phase 2 trial of Vesigenurtacel-L (HS-410) in combination with BCG in patients with non-muscle invasive bladder cancer (NMIBC) failed to meet primary endpoint.
Shares of Aradigm Corporation (NASDAQ: ARDM) were down 57 percent to $2.26. Aradigm disclosed that it has met primary and secondary endpoint in ORBIT-4. However, it missed ORBIT-3 primary and secondary endpoint.
Express, Inc. (NYSE: EXPR) was down, falling around 22 percent to $10.43 after the company issued a weak outlook for the fourth quarter.
In commodity news, oil traded up 4.29 percent to $51.56 while gold traded down 0.26 percent to $1,170.80.
Silver traded up 0.62 percent Thursday to $16.59, while copper rose 0.09 percent to $2.64.
European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.33 percent, the Spanish Ibex Index fell 0.22 percent, while Italy’s FTSE MIB Index gained 0.99 percent. Meanwhile the German DAX dropped 1 percent, and the French CAC 40 slipped 0.39 percent while U.K. shares fell 0.45 percent.
Initial jobless claims increased 17,000 to 268,000 in the latest week. However, economists were expecting claims to reach 253,000 in the week.
The Markit manufacturing PMI rose to 54.10 for November, versus a prior reading of 53.90. Economists projected a reading of 53.90.
The ISM manufacturing PMI increased to 53.20 in November, versus a previous reading of 51.90. Economists were expecting a reading of 52.20.
U.S. construction spending rose 0.50 percent for October, versus economists’ expectations for a 0.50 percent growth.
Supplies of natural gas declined 50 billion cubic feet for the week ended November 25, the U.S. Energy Information Administration reported. Analysts were expecting a drop of 53 billion cubic feet.
Data on money supply for the recent week will be released at 4:30 p.m. ET.
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