Market Overview

Mid-Afternoon Market Update: Kohl's Falls On Downbeat Earnings; Myovant Sciences Shares Climb

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Toward the end of trading Tuesday, the Dow traded down 0.33% to 27,943.49 while the NASDAQ rose 0.31% to 8,576.50. The S&P also fell, dropping 0.01% to 3,121.93.

Leading and Lagging Sectors

Health care shares climbed 0.5% on Tuesday. Meanwhile, top gainers in the sector included Myovant Sciences Ltd. (NASDAQ: MYOV), up 99%, and Athenex, Inc. (NASDAQ: ATNX), up 36%.

In trading on Tuesday, energy shares fell 1%.

Top Headline

Home Depot Inc (NYSE: HD) reported upbeat earnings for its third quarter, while sales missed estimates. The company also cut its FY19 sales growth forecast.

Home Depot posted quarterly earnings of $2.53 per share, beating analysts’ estimates of $2.52 ;per share. Its sales came in at $27.2 billion, missing expectation of $27.53 billion. Same-store sales increased 3.6% during the quarter.

Home Depot said it expects FY19 sales to rise about 1.8%, versus previous outlook of a 2.3% rise. The company projects same-store sales growth of 3.5%.

Equities Trading UP

Myovant Sciences Ltd. (NYSE: MYOV) shares shot up 99% to $12.03 following a positive late-stage clinical readout. Myovant said the Phase 3 study dubbed HERO that evaluated once-daily oral relugolix 120mg in men with advanced prostate cancer met the primary efficacy endpoint, as well as six key secondary endpoints.

Shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) got a boost, shooting up 78% to $2.70 after the company late Monday reported a combined $130 million of new projects om Alaska, Canada and the Middle East.

The Medicines Company (NASDAQ: MDCO) shares were also up, gaining 19% to $69.85 following reports Novartis is considering making an offer to acquire the company.

Equities Trading DOWN

Intelsat S.A. (NYSE: I) shares tumbled 19% to $6.51 after Evercore ISI Group downgraded the stock from Outperform to In-Line and lowered the price target from $38 to $11 per share.

Shares of KLX Energy Services Holdings, Inc. (NASDAQ: KLXE) were down 27% to $5.36 after the company announced Q3 cost reduction program. The company sees Q3 charge of $13 million.

Kohl's Corporation (NYSE: KSS) was down, falling 19% to $47.54 after the company reported worse-than-expected Q3 EPS results. The company also cut FY19 EPS guidance.

Commodities

In commodity news, oil traded down 3% to $55.35, while gold traded up 0.2% to $1,474.30.

Silver traded up 0.7% Tuesday to $17.115, while copper rose 1.4% to $2.656.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 fell 0.12%, the Spanish Ibex Index rose 0.01%, while Italy’s FTSE MIB Index fell 0.57%. Meanwhile, the German DAX climbed 0.11%, and the French CAC 40 fell 0.35% while UK shares rose 0.22%.

Economics

U.S. housing starts rose 3.8% to an annual rate of 1.314 million for October. Building permits increased 5% to an annual rate of 1.461 million.

The Johnson Redbook Retail Sales Index fell 0.3% during the first two weeks of November versus October.

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

 

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