Market Overview

Mid-Day Market Update: ImmunoGen Surges On Upbeat Q4 Results; LivePerson Shares Plummet

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Midway through trading Friday, the Dow traded down 0.09% to 29396.47 while the NASDAQ rose 0.21% to 9731.88. The S&P also rose, gaining 0.08% to 3,376.77.

Leading and Lagging Sectors

Real estate shares climbed 0.9% on Friday. Meanwhile, top gainers in the sector included Colliers International Group Inc. (NASDAQ: CIGI), up 4%, and Digital Realty Trust, Inc. (NYSE: DLR), up 4%.

In trading on Friday, energy shares fell 0.7%.

Top Headline

NVIDIA Corporation (NASDAQ: NVDA) reported stronger-than-expected results for its fourth quarter.

Nvidia reported adjusted fourth-quarter earnings of $1.89 per share on Thursday, which beat the analyst consensus estimate of $1.66. The company reported quarterly sales of $3.105 billion, which beat the analyst consensus estimate of $2.96 billion.

Equities Trading UP

BioXcel Therapeutics, Inc. (NASDAQ: BTAI) shares shot up 53% to $36.52 after analysts at SunTrust Robinson Humphrey reiterated a Buy rating on the stock and raised their price target from $24 to $150 per share.

Shares of Digital Ally, Inc. (NASDAQ: DGLY) got a boost, shooting 40% to $1.2450 after the company announced it has filed a request to withdraw its previously announced $35.3 million common stock offering.

ImmunoGen, Inc. (NASDAQ: IMGN) shares were also up, gaining 26% to $6.74 after the company reported better-than-expected Q4 results. The company also issued FY20 sales guidance above analyst estimates.

Equities Trading DOWN

Pulse Biosciences, Inc. (NASDAQ: PLSE) shares tumbled 36% to $7.80 after the company announced it received a letter from the FDA indicating that the company has not demonstrated that its CellFX System is substantially equivalent to a predicate device. H.C. Wainwright downgraded Pulse Biosciences from Buy to Neutral.

Shares of CarGurus, Inc. (NASDAQ: CARG) were down 23% to $26.15 after the company issued Q1 and FY20 EPS and sales guidance below analyst estimates. BTIG Research downgraded CarGurus from Buy to Neutral.

LivePerson, Inc. (NASDAQ: LPSN) was down, falling 24% to $34.16 after the company reported Q4 results issued Q1 guidance below analyst estimates. Oppenheimer downgraded LivePerson from Outperform to Perform.

Commodities

In commodity news, oil traded up 1.3% to $52.08, while gold traded up 0.4% to $1,584.50.

Silver traded up 0.7% Friday to $17.735, while copper fell 0.6% to $2.5975.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.09%, the Spanish Ibex Index rose 0.39%, while Italy’s FTSE MIB Index fell 0.11% Meanwhile, the German DAX slipped 0.04%, and the French CAC 40 fell 0.34% while UK shares fell 0.58%.

Economics

U.S. retail sales rose 0.3% for January, versus a revised 0.2% increase in December.

U.S import prices were unchanged in January, versus a revised 0.2% rise in December. Export prices rose 0.7% in January, following a 0.2% declined in the previous month.

U.S. industrial production dropped fell 0.3% in January, versus a 0.4% fall in December.

U.S. business inventories increased 0.1% in December, versus a 0.2% decline in November.

The University of Michigan consumer sentiment index climbed to 100.9 in February, versus a reading of 99.8 in January.

The Baker Hughes North American rig count report for the recent week is scheduled for release at 1:00 p.m. ET.

 

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