Market Overview

Mid-Afternoon Market Update: Dow Rises Over 50 Points; Hibbett Shares Slide On Weak Outlook

Share:

Toward the end of trading Tuesday, the Dow traded up 0.29 percent to 20,471.73 while the NASDAQ climbed 0.18 percent to 5,774.12. The S&P also rose, gaining 0.26 percent to 2,334.20.

Leading and Lagging Sectors

Healthcare shares climbed by 0.60 percent in trading on Tuesday. Meanwhile, top gainers in the sector included Cynosure, Inc. (NASDAQ: CYNO), and Oclaro, Inc. (NASDAQ: OCLR).

In trading on Tuesday, utilities shares fell by 0.58 percent. Meanwhile, top losers in the sector included SCANA Corporation (NYSE: SCG), down 5 percent, and Unitil Corporation (NYSE: UTL), down 3 percent.

Top Headline

T-Mobile US Inc (NYSE: TMUS) reported better-than-expected fourth quarter results.

T-Mobile posted Q4 earnings of $0.45 per share on revenue of $10.18 billion. Analysts were expecting earnings of $0.29 per share on revenue of $9.84 billion.

Equities Trading UP

ZAIS Group Holdings, Inc. (NASDAQ: ZAIS) shares shot up 104 percent to $4.18. Christian Zugel disclosed a 7.5 percent stake in Zais Group.

Shares of Cynosure, Inc. (NASDAQ: CYNO) got a boost, shooting up 28 percent to $65.93. Hologic, Inc. (NASDAQ: HOLX) announced plans to buy Cynosure for $1.65 billion.

GigPeak Inc (NYSE: GIG) shares were also up, gaining 13 percent to $3.06. Integrated Device Technology Inc (NASDAQ: IDTI) agreed to acquire GigPeak for around $250 million in cash.

Equities Trading DOWN

Aviragen Therapeutics Inc (NASDAQ: AVIR) shares dropped 39 percent to $0.660 after the company reported top-line results from its Phase 2b SPIRITUS trial of vapendavir. Ladenburg Thalmann downgraded Aviragen Therapeutics from Buy to Neutral.

Shares of Gevo, Inc. (NASDAQ: GEVO) were down around 32 percent to $1.59. Gevo reported the pricing of $11.9 million public offering of common stock and warrants and signed a Letter of Intent with HCS Holding for the commercial supply of isooctane.

Hibbett Sports, Inc. (NASDAQ: HIBB) was down, falling around 13 percent to $28.95 after the company issued a weak forecast for the fourth quarter and fiscal 2018. Susquehanna downgraded Hibbett from Positive to Neutral, while SunTrust Robinson Humphrey downgraded the stock from Buy to Hold.

Commodities

In commodity news, oil traded up 0.49 percent to $53.69 while gold traded up 0.32 percent to $1,229.70.

Silver traded up 0.81 percent Tuesday to $17.97, while copper fell 1.31 percent to $2.75.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.02 percent, the Spanish Ibex Index rose 0.28 percent, while Italy’s FTSE MIB Index surged 0.65 percent. Meanwhile the German DAX dropped 0.02 percent, and the French CAC 40 rose 0.16 percent while U.K. shares fell 0.14 percent.

Economics

The Producer Price Index rose 0.6 percent for January, versus economists’ expectations for a 0.3 percent growth.

The Johnson Redbook Retail Sales Index increased 0.4 percent during the first two weeks of February versus January.

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

 

Related Articles (CYNO + AVIR)

View Comments and Join the Discussion!

Is AR All It's Cracked Up To Be?

12 Funniest #TrumpValentines