Market Overview

Mid-Afternoon Market Update: Avid Bioservices Jumps Following Strong Q2 Results; Conn's Shares Slide

Share:

Toward the end of trading Tuesday, the Dow traded up 0.06% to 27,926.48 while the NASDAQ rose 0.12% to 8,632.01. The S&P also rose, gaining 0.05% to 3,137.67.

Leading and Lagging Sectors

Information technology shares climbed 0.2% on Tuesday. Meanwhile, top gainers in the sector included Wrap Technologies Inc (NASDAQ: WRTC), up 8%, and GTT Communications, Inc. (NYSE: GTT), up 8%.

In trading on Tuesday, real estate shares fell 0.6%.

Top Headline

AutoZone (NYSE: AZO) reported better-than-expected Q1 EPS and sales results.

AutoZone reported quarterly earnings of $14.3 per share, beating analysts’ estimates of $13.77 per share. Its sales came in at $2.79 billion, versus expectations of $2.77 billion. AutoZone’s Q1 same store sales increased 3.4%.

Equities Trading UP

Equillium, Inc. (NASDAQ: EQ) shares shot up 13% to $4.58 after the FDA granted fast track designation for Itolizumab for the treatment of Lupus Nephritis.

Shares of Stratus Properties Inc. (NASDAQ: STRS) got a boost, shooting up 11% to $30.50. Ryman Hospitality Properties reported the purchase of Block 21 in Austin, Texas from Stratus Properties for $275 million.

Avid Bioservices, Inc. (NASDAQ: CDMO) shares were also up, gaining 19% to $6.93 after the company reported better-than-expected Q2 EPS and sales results. First Analyst also upgraded the stock from Outperform to Strong Buy.

Equities Trading DOWN

Francesca's Holdings Corporation (NASDAQ: FRAN) shares tumbled 38% to $12.36 after the company reported Q3 EPS results down from last year and worse-than-expected Q3 sales results.

Shares of Conn's, Inc. (NASDAQ: CONN) were down 32% to $13.99 after the company reported worse-than-expected Q3 sales results. The company also issued Q4 total retail sales down 5%-9%.

Construction Partners, Inc. (NASDAQ: ROAD) was down, falling 21% to $16.35 after the company reported worse-than-expected Q4 EPS and sales results.

Commodities

In commodity news, oil traded up 0.3% to $59.17, while gold traded up 0.3% to $1,468.60.

Silver traded up 0.5% Tuesday to $16.72, while copper rose 0.2% to $2.765.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 dropped 0.26%, the Spanish Ibex Index fell 0.36%, while Italy’s FTSE MIB Index rose 0.72%. Meanwhile, the German DAX dropped 0.27%, and the French CAC 40 rose 0.18% while UK shares fell 0.28%.

Economics

The Federal Open Market Committee begins its two-day policy meeting.

The NFIB small business optimism index increased to 104.7 in November, compared to 102.4 in October.

U.S. labor productivity declined by an annualized 0.2% in the third quarter, versus a preliminary estimate of a 0.3% drop. Unit labor costs increased by an annualized 2.5% during the quarter.

The Johnson Redbook Retail Sales Index rose 5% year-over -year during the first week of December.

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

 

Related Articles (AZO + CDMO)

View Comments and Join the Discussion!
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.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
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