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Market Overview

Mid-Afternoon Market Update: Fang Drops After Q1 Results; Invivo Therapeutics Shares Surge


Toward the end of trading Tuesday, the Dow traded down 0.07 percent to 21,514.68 while the NASDAQ declined 0.44 percent to 6,211.49. The S&P also fell, dropping 0.40 percent to 2,443.77.

Leading and Lagging Sectors

Healthcare shares rose by 0.60 percent in the US market on Tuesday. Top gainers in the sector included ZIOPHARM Oncology Inc. (NASDAQ: ZIOP), Arena Pharmaceuticals, Inc. (NASDAQ: ARNA), and ImmunoGen, Inc. (NASDAQ: IMGN).

In trading on Tuesday, energy shares fell by 1.79 percent. Meanwhile, top losers in the sector included Cenovus Energy Inc (USA) (NYSE: CVE), down 11 percent, and Zion Oil & Gas, Inc. (NASDAQ: ZN), down 20 percent.

Top Headline

Lennar Corporation(NYSE: LEN) reported stronger-than-expected results for its second quarter on Tuesday.

Lennar posted quarterly earnings of $0.91 per share on revenue of $3.3 billion. However, analysts were expecting earnings of $0.78 per share on revenue of $2.87 billion.

Equities Trading UP

Vivint Solar Inc (NYSE: VSLR) shares shot up 18 percent to $5.15. Goldman Sachs upgraded Vivint Solar from Neutral to Buy.

Shares of Invivo Therapeutics Holdings Corp (NASDAQ: NVIV) got a boost, shooting up 11 percent to $2.67 as the company reported new patient enrollment into INSPIRE study at Allegheny General Hospital.

Lipocine Inc (NASDAQ: LPCN) shares were also up, gaining 6 percent to $4.28 as the company disclosed that LPCN 1021 met its primary endpoint.

Equities Trading DOWN

Egalet Corp (NASDAQ: EGLT) shares dropped 14 percent to $2.47. Egalet disclosed that it has received a Complete Response Letter from the FDA for prior approval supplement for 10 mg and 15 mg dosage strengths of OXAYDO.

Shares of Cenovus Energy Inc (USA) (NYSE: CVE) were down 11 percent to $6.95 after the company reported that its President and CEO Brian Ferguson will retire on October 31, 2017.

Fang Holdings Ltd (NYSE: SFUN) was down, falling around 10 percent to $3.31. Fang reported a Q1 net loss of $12 million on revenue of $109.8 million.


In commodity news, oil traded down 2.53 percent to $43.08 while gold traded down 0.24 percent to $1,243.70.

Silver traded down 0.47 percent Tuesday to $16.425, while copper fell 1.17 percent to $2.5755.


European shares closed lower today. The eurozone’s STOXX 600 slipped 0.70 percent, the Spanish Ibex Index fell 0.95 percent, while Italy’s FTSE MIB Index declined 0.97 percent. Meanwhile the German DAX dropped 0.58 percent, and the French CAC 40 declined 0.32 percent while U.K. shares fell 0.68 percent.


The U.S. current-account deficit increased 2.5 percent to $116.8 billion for the first quarter. However, economists were expecting a deficit of $124 billion in the quarter.

The Johnson Redbook Retail Sales Index rose 0.7 percent during the first three weeks of June versus May.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in San Francisco at 3:00 p.m. ET.


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