Market Overview

Mid-Day Market Update: Inovalon Drops After Lowered Outlook; Achaogen Shares Surge

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Midway through trading Tuesday, the Dow traded up 0.43 percent to 19,881.05 while the NASDAQ climbed 1.18 percent to 5,476.19. The S&P also rose, gaining 0.57 percent to 2,269.78.

Leading and Lagging Sectors

Technology shares gained around 1.53 percent in trading on Tuesday. Meanwhile, top gainers in the sector included Veeco Instruments Inc. (NASDAQ: VECO), and Extreme Networks, Inc (NASDAQ: EXTR).

In trading on Tuesday, basic materials shares were relative laggards, down on the day by about 1.1 percent. Meanwhile, top losers in the sector included Northwest Pipe Company (NASDAQ: NWPX), down 10 percent, and POSCO (ADR) (NYSE: PKX), down 6 percent.

Top Headline

On Monday, VeriFone Systems Inc (NYSE: PAY) reported better-than-expected earnings for its fourth quarter, but issued a weak outlook for the first quarter.

Verifone reported Q4 adjusted earnings of $0.30 per share on revenue of $468 million. Analysts were expecting earnings of $0.29 per share on revenue of $461.3 million.

Verifone projects Q1 earnings of $0.20 per share on revenue of $450 million. Analysts expected earnings of $0.36 per share on revenue of $471 million.


Equities Trading UP

Neovasc Inc (US) (NYSE: NVCN) shares shot up 11 percent to $2.51 after the company reported the close of its $75 million transaction with Boston Scientific Corporation (NYSE: BSX).

Shares of Achaogen Inc (NASDAQ: AKAO) got a boost, shooting up 16 percent to $15.17 as the company reported an offering of 5.7 million shares.

VeriFone Systems Inc (NYSE: PAY) shares were also up, gaining 8 percent to $17.66. VeriFone reported better-than-expected earnings for its fourth quarter, but issued a weak outlook for the first quarter.


Equities Trading DOWN

Proteon Therapeutics Inc (NASDAQ: PRTO) shares dropped 75 percent to $2.47 after the company disclosed that it did not meet primary endpoint in Phase 3 PATENCY-1 trial.

Shares of Inovalon Holdings Inc (NASDAQ: INOV) were down 36 percent to $9.52 as the company cut its earnings and revenue guidance for full year 2016.

LifeVantage Corp (NASDAQ: LFVN) was down, falling around 14 percent to $8.32. LifeVantage reported Q1 earnings of $0.13 per share on revenue of $54.9 million.


Commodities


In commodity news, oil traded down 0.20 percent to $53.64 while gold traded down 0.42 percent to $1,160.90.

Silver traded down 1.15 percent Tuesday to $16.99, while copper fell 1.20 percent to $2.59.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 1.10 percent, the Spanish Ibex Index rose 1.64 percent, while Italy’s FTSE MIB Index climbed 2.28 percent. Meanwhile the German DAX climbed 0.93 percent, and the French CAC 40 rose 0.98 percent while U.K. shares rose 1.13 percent.

Economics

The Federal Open Market Committee will begin its two-day policy meeting today.

U.S. import prices declined 0.30 percent for November, versus economists’ expectations for a 0.40 percent drop.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

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

 

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