Market Overview

Mid-Afternoon Market Update: Crude Oil Down Over 1%; Roan Resources Shares Jump

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Toward the end of trading Tuesday, the Dow traded down 1.12% to 26614.99 while the NASDAQ fell 1% to 7,919.43. The S&P also fell, dropping 1.1% to 2,943.86.

Leading and Lagging Sectors

Utilities shares slipped by just 0.3% on Tuesday. Meanwhile, top gainers in the sector included Pure Cycle Corporation (NASDAQ: PCYO), up 2%, and Enel Chile S.A. (NYSE: ENIC), up 2%.

In trading on Tuesday, industrials shares fell 2.4%.

Top Headline

McCormick & Co (NYSE: MKC) reported better-than-expected third-quarter EPS results and raised fiscal year 2019 EPS guidance above analyst estimates.

The company reported third-quarter earnings of $1.46 per share, which beat the analyst consensus estimate of $1.29. McCormick raised its fiscal year 2019 EPS guidance from a range of $5.20-$5.30 to a range of $5.30-$5.35 versus the $5.28 Street estimate.

Equities Trading UP

Roan Resources, Inc. (NYSE: ROAN) shares shot up 21% to $1.4925 after the company agreed to be acquired by Citizen Energy for $1.52 per share in cash.

Shares of Constellation Pharmaceuticals, Inc. (NASDAQ: CNST) got a boost, shooting up 13% to $7.32 after the company reported a $65 million private placement with new and existing investors.

Conformis, Inc. (NASDAQ: CFMS) shares were also up, gaining 20% to $2.23 after the company announced a development, license and distribution agreement with Stryker.

Equities Trading DOWN

Minerva Neurosciences, Inc. (NASDAQ: NERV) shares tumbled 27% to $5.66 after the company delayed the results for its Schizophrenia drug.

Shares of TD Ameritrade Holding Corporation (NASDAQ: AMTD) were down 25% to $34.92 after Schwab reportedly eliminated commissions for mobile and web US stock, ETF and options trades.

Reed's, Inc. (NASDAQ: REED) was down, falling 23% to $1.00 after the company issued weak preliminary third-quarter sales guidance. The company also announced Chairman John Belo will serve as interim CEO.

Commodities

In commodity news, oil traded down 1.2% to $53.45, while gold traded up 1% to $1,486.90.

Silver traded up 1.7% Tuesday to $17.29, while copper fell 0.6% to $2.566.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.31%, the Spanish Ibex Index fell 0.85%, while Italy’s FTSE MIB Index dropped 0.81%. Meanwhile, the German DAX dropped 1.32%, and the French CAC 40 slipped 1.41% while UK shares fell 0.65%.

Economics

The IHS Markit manufacturing PMI rose to 51.1 in September 2019, versus a preliminary reading of 51.0.

The ISM manufacturing index fell to 47.8 in September, versus a reading of 49.1 in the prior month.

U.S. construction spending rose 0.1% for August.

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

 

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