Market Overview

Mid-Day Market Update: InvenSense Climbs After Acquisition News; Merrimack Shares Drop

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Midway through trading Wednesday, the Dow traded down 0.10 percent to 19,954.43 while the NASDAQ declined 0.26 percent to 5,469.91. The S&P also fell, dropping 0.13 percent to 2,267.71.

Leading and Lagging Sectors

Energy shares gained around 0.6 percent in trading on Wednesday. Meanwhile, top gainers in the sector included Petrobras Argentina SA ADR (NYSE: PZE), and Southwestern Energy Company (NYSE: SWN).

In trading on Wednesday, healthcare shares slipped by 0.48 percent. Meanwhile, top losers in the sector included Fluidigm Corporation (NASDAQ: FLDM), down 6 percent, and BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX), down 5 percent.

Top Headline

Finish Line Inc (NASDAQ: FINL) reported weaker-than-expected results for its fiscal third quarter and issued a downbeat forecast.

Finish Line said it lost $0.24 per share in the third quarter on revenue of $371.7 million. Wall Street analysts were expecting the company to lose just $0.18 per share on revenue of $411 million.

For the full fiscal year ending February 25, 2017, Finish Line expects its comparable store sales to be as high as 1 percent and as low as flat. The company also expects to earn between $0.68 and $0.73 per share which is below Wall Street's expectations of $0.95 per share.

Equities Trading UP

Merus NV (NASDAQ: MRUS) shares shot up 48 percent to $20.88. Incyte Corporation (NASDAQ: INCY) and Merus announced a global strategic research collaboration to discover and develop bispecific antibodies.

Shares of Internap Corp (NASDAQ: INAP) got a boost, shooting up 34 percent to $1.51. Internap reported the completion of the initial round of cost cuts. The company expects FY16 revenue of $297 million to $300 million. It also projects FY17 to decrease to $275 million to $285 million.

InvenSense Inc (NYSE: INVN) shares were also up, gaining 18 percent to $12.74 after TDK Corp announced plans to acquire InvenSense for $13 per share in cash.


Equities Trading DOWN

xG Technology Inc (NASDAQ: XGTI) shares dropped 55 percent to $1.63 after the company reported the pricing of its $10 million offering.

Shares of Merrimack Pharmaceuticals Inc (NASDAQ: MACK) were down 19 percent to $4.36 after the company announced that it will stop a Phase 2 study of its treatment to fight breast cancer.

Finish Line Inc (NASDAQ: FINL) was down, falling around 12 percent to $20.35 after the company reported weaker-than-expected results for its fiscal third quarter and issued a downbeat forecast.


Commodities


In commodity news, oil traded down 0.24 percent to $53.17 while gold traded down 0.07 percent to $1,132.80.

Silver traded down 0.76 percent Wednesday to $16.00, while copper fell 0.12 percent to $2.50.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.26 percent, the Spanish Ibex Index fell 0.37 percent, while Italy’s FTSE MIB Index dropped 0.07 percent. Meanwhile the German DAX rose 0.02 percent, and the French CAC 40 declined 0.38 percent while U.K. shares fell 0.04 percent.

Economics

The MBA’s index of mortgage application activity rose 2.5 percent for the latest week.

Existing-home sales rose 0.7 percent to an annual rate of 5.61 million in November, versus a downwardly revised pace of 5.57 million in October. Economists projected a rate of 5.50 million for November.

Crude supplies increased 2.2 million barrels for the week ended December 16, the U.S. Energy Information Administration reported. Analysts were expecting a drop of 2.3 million barrels. Gasoline stocks dropped 1.3 million barrels, while distillates slipped 2.42 million barrels.

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

 

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