Market Overview

Mid-Day Market Update: Movado Falls Following Downbeat Q3 Results; ChemoCentryx Shares Surge

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Midway through trading Tuesday, the Dow traded up 0.12% to 28099.40 while the NASDAQ rose 0.2% to 8649.45. The S&P also rose, gaining 0.11% to 3137.11.

Leading and Lagging Sectors

Real estate shares climbed 0.9% on Tuesday. Meanwhile, top gainers in the sector included Safehold Inc. (NYSE: SAFE), up 7%, and CBL & Associates Properties, Inc (NYSE: CBL), up 5%.

In trading on Friday, energy shares fell 0.7%.

Top Headline

Best Buy Co Inc (NYSE: BBY) reported upbeat earnings for its third quarter and raised its guidance.

Best Buy reported third-quarter earnings of $1.13 per share on Tuesday, which beat the analyst consensus estimate of $1.03. The company reported quarterly sales of $9.764 billion, which beat the analyst consensus estimate of $9.7 billion.

Best Buy raised fiscal year 2020 EPS from $5.60-$5.75 to $5.81-$5.91 versus the $5.74 estimate and narrowed sales guidance from $43.1-$43.6 billion to $43.2-$43.6 billion versus the $43.38 billion estimate.

Equities Trading UP

ChemoCentryx, Inc. (NASDAQ: CCXI) shares shot up 281% to $30.74 after the company announced the pivotal phase-III ADVOCATE trial of avacopan for the treatment of patients with ANCA-associated vasculitis met both primary endpoints.

Shares of ToughBuilt Industries, Inc. (NASDAQ: TBLT) got a boost, shooting up 38% to $0.2203 after the company announced its Amazon storefront achieved revenues of $1.8 million in the U.S. and Canada in its first 7 months of operation.

Nutanix, Inc. (NASDAQ: NTNX) shares were also up, gaining 16% to $33.31 after the company reported better-than-expected Q1 EPS and sales results.

Equities Trading DOWN

Movado Group, Inc. (NYSE: MOV) shares tumbled 24% to $19.16 after the company reported worse-than-expected Q3 EPS and sales results. The company also cut its FY20 sales guidance below the analyst estimates.

Shares of Titan Machinery Inc. (NASDAQ: TITN) were down 17% to $14.90 after the company reported downbeat Q3 results and narrowed FY20 EPS guidance.

MTS Systems Corporation (NASDAQ: MTSC) was down, falling 16% to $50.62 after the company reported downbeat Q4 earnings and reported the purchase of R&D's operating entities for upfront payment of $55 million.

Commodities

In commodity news, oil traded up 0.3% to $58.16, while gold traded up 0.2% to $1,459.60.

Silver traded up 0.9% Tuesday to $17.03, while copper rose 0.4% to $2.658.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.17%, the Spanish Ibex Index rose 0.08%, while Italy’s FTSE MIB Index gained 0.37%. Meanwhile, the German DAX slipped 0.03%, and the French CAC 40 rose 0.21% while UK shares rose 0.1%.

Economics

The US goods trade deficit shrank to $66.5 billion in October, versus $70.5 billion in the prior month, the advance estimate showed.

Wholesale inventories increased 0.2% in October, following a revised 0.7% decline in September.

The S&P CoreLogic Case-Shiller home price index increased 2.1% year-over-year in September, versus a 2.0% rise in the prior month.

The FHFA house price index increased 0.6% in September, compared to a 0.2% rise in the prior month.

U.S. new home sales report declined 0.7% to an annual rate of 733,000 in October 2019, versus a revised 4.5% rise in September.

The Conference Board consumer confidence index fell to 125.5 for November, versus prior reading of 126.1.

The Richmond Fed manufacturing index dropped to a reading of (1) in November, versus prior reading of 8.

Federal Reserve Member of the Board of Governors Lael Brainard is set to speak in New York at 1:00 p.m. ET.

The Treasury is set to auction 5-year notes at 1:00 p.m. ET.

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

 

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