Mid-Morning Market Update: Markets Mostly Lower; JPMorgan Tops Q4 Expectations
Following the market opening Tuesday, the Dow traded up 0.03% to 28915.99 while the NASDAQ fell 0.16% to 9259.39. The S&P also fell, dropping 0.16% to 3,283.01.
Leading and Lagging Sectors
Financial shares climbed 0.3% on Tuesday. Meanwhile, top gainers in the sector included Jianpu Technology Inc - ADR (NYSE: JT), up 7%, and First Republic Bank (NYSE: FRC), up 6%.
In trading on Tuesday, energy shares fell 0.7%.
Top Headline
JPMorgan Chase & Co. (NYSE: JPM) reported better-than-expected results for its fourth quarter on Tuesday.
JPMorgan reported earnings of $2.57 per share, which beat the analyst consensus estimate of $2.35. The company reported fourth-quarterly sales of $28.3 billion, which beat the analyst consensus estimate of $27.96 billion
Equities Trading UP
RTI Surgical Holdings, Inc. (NASDAQ: RTIX) shares shot up 69% to $4.65 after the company announced it will sell its OEM Business for $490 million. The company also issued preliminary Q4 and FY19 sales guidance above analyst estimates.
Shares of XBiotech Inc. (NASDAQ: XBIT) got a boost, shooting up 39% to $25.92 after the company announced it has commenced a tender offer to purchase up to $420 million of its common shares.
Inpixon (NASDAQ: INPX) shares were also up, gaining 35% to $4.91 after falling 9.9% on Monday.
Equities Trading DOWN
Stemline Therapeutics, Inc. (NASDAQ: STML) shares tumbled 33% to $6.37. Stemline Therapeutics announced preliminary results for 2019 and said it expects Elzonris net revenue of $43.2 million for the full year and $11.8 million for the fourth quarter. Analysts, on average, are forecasting revenueof $15.06 million for the fourth quarter and $46.44 million for the full year..
Shares of NantKwest, Inc. (NASDAQ: NK) were down 15% to $5.76. NantKwest and ImmunityBio announced complete response in metastatic pancreatic cancer in first patient to receive PD-L1 tumor-targeted natural killer cells (PD-L1.t-haNK) combined with N-803 IL-15 fusion protein.
GameStop Corp. (NYSE: GME) was down, falling 16% to $4.5854 after the company reported holiday sales were down 27.5% year-over-year and comparable sales were down 24.7% year-over-year.
Commodities
In commodity news, oil traded up 0.5% to $58.38, while gold traded down 0.3% to $1,545.60.
Silver traded down 1.1% Tuesday to $17.795, while copper fell 0.3% to $2.853.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.2%, the Spanish Ibex Index fell 0.6%, while Italy’s FTSE MIB Index dropped 0.3% Meanwhile, the German DAX dropped 0.2%, and the French CAC 40 slipped 0.4% while UK shares rose 0.1%.
Economics
The NFIB small business optimism index dropped to 102.7 in December, versus a reading of 104.7 in November.
The Consumer Price Index rose 0.2% for December, versus economists’ expectations for a 0.2% increase.
Federal Reserve Bank of Kansas City President Esther George will speak at 1:00 p.m. ET.
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