Market Overview

Mid-Day Market Update: Crude Oil Down Over 2%; One Stop Systems Shares Surge

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Midway through trading Wednesday, the Dow traded up 0.21% to 29257.26 while the NASDAQ rose 0.54% to 9,421.24. The S&P also rose, gaining 0.31% to 3,331.07.

Leading and Lagging Sectors

Information technology shares climbed 1% on Wednesday. Meanwhile, top gainers in the sector included Wrap Technologies Inc (NASDAQ: WRTC), up 9%, and OneConnect Financial Tech Co Ltd ADR (NYSE: OCFT), up 8%.

In trading on Wednesday, energy shares fell 0.3%.

Top Headline

Johnson & Johnson (NYSE: JNJ) reported better-than-expected Q4 earnings, while sales missed views.

Johnson & Johnson reported quarterly earnings of $1.88 per share on Wednesday, which beat the analyst consensus estimate of $1.87. The company reported quarterly sales of $20.75 billion, which missed the analyst consensus estimate of $20.78 billion.

The company says it sees fiscal year 2020 adjusted operational EPS at $9-$9.15, and operational sales at $85.8-$86.6 billion.

Equities Trading UP

One Stop Systems, Inc. (NASDAQ: OSS) shares shot up 31% to $2.68 after the company issued Q4 and FY19 sales guidance above analyst estimates.

Shares of Neurotrope, Inc. (NASDAQ: NTRP) got a boost, shooting up 147% to $3.58 on above 50 times average volume following a corporate update from the company. Following the completion of data analysis for a confirmatory Phase 2 study dubbed "203 study" that evaluated its experimental Alzheimer's disease candidate Bryostatin-1, Neurotrope said the data showed improvement in cognitive function of pre-specified Moderate Stratum patients at week 13, which is the primary endpoint. Neurotrope also announced it has been awarded a $2.7 million funding from the National Institute of Health to support an additional Phase 3 study focused on the Moderate Stratum for which it reported an improvement. The company said it plans to meet with the FDA to present the totality of data from the NTRP101-202 and NTRP101-203 studies.

Genprex, Inc. (NASDAQ: GNPX) shares were also up, gaining 58% to $1.82 on continued momentum after the company announced that it received FDA fast track designation for its Oncoprex Immunogene Therapy that targets lung cancer.

Equities Trading DOWN

NanoViricides, Inc. (NASDAQ: NNVC) shares tumbled 52% to $4.0560 after the company priced its 2.5 million share common stock offering at $3 per share.

Shares of FuelCell Energy, Inc. (NASDAQ: FCEL) were down 25% to $2.17 after the company reported worse-than-expected Q4 results.

Novavax, Inc. (NASDAQ: NVAX) was down, falling 19% to $7.98 after the company filed for a $100 million mixed shelf offering.

Commodities

In commodity news, oil traded down 2.2% to $57.08, while gold traded down 0.2% to $1,555.40.

Silver traded up 0.2% Wednesday to $17.835, while copper fell 0.9% to $2.7685.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 gained 0.14%, the Spanish Ibex Index fell 0.24%, while Italy’s FTSE MIB Index fell 0.34% Meanwhile, the German DAX gained 0.01%, and the French CAC 40 fell 0.23% while UK shares fell 0.46%.

Economics

The Chicago Fed National Activity Index declined to a reading of -0.35 in December, compared to a revised reading of +0.41 in the prior month.

The Johnson Redbook Retail Sales Index was flat during the first two weeks of January versus December.

The FHFA house price index rose 0.2% in November, versus a revised 0.4% increase in October.

Existing home sales rose 3.6% to an annual rate of 5.54 million for December.

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

 

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