Skip to main content

Market Overview

Mid-Afternoon Market Update: Dow Rises 150 Points; Tailored Brands Shares Tumble

Share:

Toward the end of trading Thursday, the Dow traded up 0.55% to 27,287.06 while the NASDAQ rose 0.63% to 8,220.89. The S&P also rose, gaining 0.57% to 3,018.14.

Leading and Lagging Sectors

Materials shares climbed 1% on Thursday. Meanwhile, top gainers in the sector included AgroFresh Solutions, Inc. (NASDAQ: AGFS), up 9%, and Mountain Province Diamonds Inc. (NASDAQ: MPVD), up 8%.

In trading on Thursday, energy shares fell 0.6%.

Top Headline

Kroger Co (NYSE: KR) reported better-than-expected earnings for its second quarter, while sales missed views.

Second-quarter earnings came in at 44 cents per share, beating estimates of 41 cents. Sales came in at $28.17 billion, versus estimates by $28.38 billion.

Kroger plans to continue to reduce costs and says it is on track to deliver $100 million in incremental operating profit through alternative profit stream growth. Kroger maintained its 2019 outlook.

Equities Trading UP

Sintx Technologies, Inc. (NASDAQ: SINT) shares shot up 43% to $2.15 after Ascendiant Capital initiated coverage on the stock with a Buy rating and a $3 price target.

Shares of 111, Inc. (NASDAQ: YI) got a boost, shooting up 32% to $6.09. 111 reported the signing of a strategic cooperation agreement with Dong-E-E-Jiao Co., Ltd. for direct sourcing.

10x Genomics, Inc. (NASDAQ: TXG) shares were also up, gaining 43% to $55.74. 10x Genomics priced IPO of 10 million shares at $39 per share.

Equities Trading DOWN

Tocagen Inc. (NASDAQ: TOCA) shares tumbled 78% to $0.9001 following an adverse clinical trial readout. Tocagen, a thinly traded nano-cap biotech, said Thursday morning a Phase 3 TOCA 5 study evaluating Toca 511 and Toca FC in patients with recurrent, high-grade glioma undergoing resection missed the primary endpoint of overall survival compared to the standard of care.

Shares of Adverum Biotechnologies, Inc. (NASDAQ: ADVM) were down 40% to $7.17 after the company reported data from the first cohort of OPTIC phase 1 trial of ADVM-022 intravitreal gene therapy to treat wet AMD.

Tailored Brands, Inc. (NYSE: TLRD) was down, falling 28% to $5.18 after the company issued Q3 EPS guidance below analyst estimates. The company also suspended its quarterly dividend.

Commodities

In commodity news, oil traded down 1.7% to $54.82, while gold traded up 0.2% to $1,506.40.

Silver traded down 0.1% Thursday to $18.15, while copper rose 1.2% to $2.647.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index rose 0.25%, while Italy’s FTSE MIB Index rose 0.88%. Meanwhile, the German DAX rose 0.41% and the French CAC 40 climbed 0.44% while UK shares rose 0.09%.

Economics

The Consumer Price Index rose 0.1% for August, versus economists’ expectations for a 0.1% increase.

U.S. initial jobless claims fell 15,000 to 204,000 for the latest week. However, analysts were expecting a 215,000 reading.

Domestic supplies of natural gas climbed 78 billion cubic feet for the week ended September 6, the U.S. Energy Information Administration reported. However, analysts projected a gain of 87 billion cubic feet.

The U.S. federal government posted a budget deficit of $200 billion for August, the Treasury Department reported. However, analysts were projecting a deficit of $195 billion.

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

 

Related Articles (AGFS + ADVM)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com