Market Overview

Mid-Day Market Update: Cato Rises After Q2 Results; Retrophin Shares Plunge

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Midway through trading Thursday, the Dow traded up 0.18% to 26,251.10 while the NASDAQ fell 0.65% to 7967.71. The S&P also fell, dropping 0.31% to 2915.45.

Leading and Lagging Sectors

Financial shares rose 0.5% on Thursday. Meanwhile, top gainers in the sector included Federal National Mortgage Association (OTC: FNMA), up 8%, and Sirius International Insurance Group, Ltd. (NASDAQ: SG), up 16%.

In trading on Thursday, materials shares fell 0.7%.

Top Headline

Hormel Foods Corporation (NYSE: HRL) reported better-than-expected third-quarter EPS and sales results. The company also reaffirmed 2020 EPS and sales guidance above analyst estimates.

Hormel Foods reported third-quarter earnings of 37 cents per share, which beat the analyst consensus estimate of 36 cents. The company reported quarterly sales of $2.291 billion, which beat the analyst consensus estimate of $2.29 billion.

Equities Trading UP

The Cato Corporation (NYSE: CATO) shares shot up 18% to $16.27 after the company reported Q2 EPS results up from last year and better-than-expected sales results..

Shares of Cemtrex, Inc. (NASDAQ: CETX) got a boost, shooting up 22% to $2.22 after the company reported the complete sale of its EMS subsidiary.

Net Element, Inc. (NASDAQ: NETE) shares were also up, gaining 56% to $5.16 after the company disclosed that its subsidiary, Unified Payments, is entering the $13 billion property management industry through its partnership with VIP Systems.

Equities Trading DOWN

Clearside Biomedical, Inc. (NASDAQ: CLSD) shares tumbled 42% to $0.7288 after the FDA requested stability data for XIPERE. The company said it expects to receive a complete Complete Response Letter and plans to resubmit its New Drug Application in Q1 of 2020.

Shares of Avinger, Inc. (NASDAQ: AVGR) were down 33% to $1.1219. Avinger priced 3,813,559 share underwritten public offering of common stock at $1.18 per share.

Retrophin, Inc. (NASDAQ: RTRX) was down, falling 27% to $12.69 after the company reported its Phase 3 FORT study of Fosmetpantotenate did not meet its primary or secondary endpoints.

Commodities

In commodity news, oil traded down 0.8% to $55.24, while gold traded down 0.3% to $1,510.70.

Silver traded down 0.4% Thursday to $17.085, while copper fell 1.3% to $2.551.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.47%, the Spanish Ibex Index rose 0.14%, while Italy’s FTSE MIB Index slipped 0.14%. Meanwhile, the German DAX fell 0.53% and the French CAC 40 fell 0.93% while UK shares fell 1.05%.

Economics

U.S. initial jobless claims fell 12,000 to 209,000 for the latest week. Economists were expecting a reading of 215,000.

The IHS Markit manufacturing flash PMI declined to 49.9 in August, compared to prior reading of 50.4. Services flash PMI slipped to 50.9 in August from 53.

The index of leading economic indicators rose 0.5% for July.

Domestic supplies of natural gas climbed 59 billion cubic feet for the week ended August 16, the U.S. Energy Information Administration reported. However, analysts projected a gain of 61 billion cubic feet.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

Posted-In: Mid-Day Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

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