Market Overview

Mid-Afternoon Market Update: Crude Oil Down 2.5%; Trans World Entertainment Shares Spike Higher

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Toward the end of trading Thursday, the Dow traded down 0.18% to 29,134.87 while the NASDAQ rose 0.09% to 9,392.18. The S&P also fell, dropping 0.04% to 3,320.36.

Leading and Lagging Sectors

Industrial shares climbed 0.8% on Thursday. Meanwhile, top gainers in the sector included GATX Corporation (NYSE: GATX), up 9%, and Atento S.A. (NYSE: ATTO), up 6%.

In trading on Thursday, health care shares fell 0.7%.

Top Headline

Procter & Gamble (NYSE: PG) reported better-than-expected earnings for its second quarter, while sales missed estimates.

Procter & Gamble reported second-quarter earnings of $1.42 per share on Thursday, which beat the analyst consensus estimate of $1.37. The company reported quarterly sales of $18.24 billion, which missed the analyst consensus estimate of $18.35 billion.

Equities Trading UP

Trans World Entertainment Corporation (NASDAQ: TWMC) shares shot up 236% to $7.65. After exploring strategic alternatives, the board of Trans World Entertainment announced Thursday an agreement to sell most of the assets of its Record Town subsidiary to Sunrise Records and Entertainment. Among the assets is retail store FYE. The $10 million cash transaction includes the transfer of certain liabilities, and Sunrise expects to retain nearly all of the employees of FYE’s 270 stores.

Shares of NanoViricides, Inc. (NYSE: NNVC) got a boost, shooting up 43% to $5.47 following an outbreak of the Wuhan coronavirus in China, which has now reportedly spread to the US. The company operates in the viral diseases space.

Kaleido BioSciences, Inc. (NASDAQ: KLDO) shares were also up, gaining 37% to $7.87.

Equities Trading DOWN

Tetraphase Pharmaceuticals, Inc. (NASDAQ: TTPH) shares tumbled 31% to $2.66 after the company reported $17.5 million of financings priced at-the-market.

Shares of Applied Genetic Technologies Corporation (NASDAQ: AGTC) were down 20% to $7.88 despite the company reporting encouraging results from an Phase 1/2 study. The Cambridge, Massachusetts-based company released interim results from the dose-escalation cohorts of its ongoing Phase 1/2 clinical studies that evaluated its AAV-based gene therapy in patients with achromatopsia resulting from mutations in the ACHM CNGB3 or ACHM CNGA3 genes, which showed encouraging signs of biologic activity and a favorable safety profile, with no dose-limiting inflammatory responses observed.

FuelCell Energy, Inc. (NASDAQ: FCEL) was down, falling 17% to $1.84 after the company reported worse-than-expected Q4 earnings results on Wednesday. Craig-Hallum also downgraded the stock from Hold to Sell and announced a price target of $1.5 per share.

 

Commodities

In commodity news, oil traded down 2.5% to $55.33, while gold traded up 0.4% to $1,562.90.

Silver traded down 0.2% Thursday to $17.80, while copper fell 1.1% to $2.734.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.71%, the Spanish Ibex Index fell 0.58%, while Italy’s FTSE MIB Index gained 0.01%. Meanwhile, the German DAX dropped 0.94%, and the French CAC 40 fell 0.6% while UK shares fell 0.85%.

Economics

Initial jobless claims rose 6,000 to 211,000 in the latest week.

U.S. leading economic indicators fell 0.3% in December.

U.S. crude supplies dropped 400,000 barrels for the week ended January 17, the Energy Information Administration reported. Analysts projected a gain of 500,000 barrels.

Domestic supplies of natural gas declined 92 billion cubic feet for the week ended January 17, the Energy Information Administration reported.

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

 

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