Market Overview

Mid-Afternoon Market Update: Tivity Health Tumbles Following Downbeat Q4 Results; Adesto Technologies Shares Climb

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Toward the end of trading Thursday, the Dow traded down 0.62% to 29,166.75 while the NASDAQ fell 1.02% to 9,717.04. The S&P also fell, dropping 0.63% to 3,364.83.

Leading and Lagging Sectors

Real estate shares climbed 0.7% on Thursday. Meanwhile, top gainers in the sector included Pennsylvania Real Estate Investment Trust (NYSE: PEI), up 8%, and Washington Prime Group Inc. (NYSE: WPG), up 5%.

In trading on Thursday, information technology shares fell 1.3%.

Top Headline

Morgan Stanley (NYSE: MS) is buying E*Trade Financial Corp. (NASDAQ: ETFC) in an all-stock $13 billion deal with the aim to reshape the investment bank..

The bank aims to take on Charles Schwab and Fidelity.

Equities Trading UP

Adesto Technologies Corporation (NASDAQ: IOTS) shares shot up 55% to $12.38 after the company announced it will be acquired by Dialog Semiconductor for $12.55 per share in cash.

Shares of Stamps.com Inc. (NASDAQ: STMP) got a boost, shooting 61% to $153.69 after the company reported better-than-expected Q4 results and issued FY20 guidance above estimates.

Brickell Biotech, Inc. (NASDAQ: BBI) shares were also up, gaining 76% to $3.2114 following news Phase 2b study results for its sofpironium bromide hyperhidrosis treatment were published in The Journal Of American Academy Of Dermatology.

Equities Trading DOWN

Tivity Health, Inc. (NASDAQ: TVTY) shares tumbled 44% to $12.92 after the company reported worse-than-expected Q4 results. The company also issued FY20 sales guidance below analyst estimates. Various analysts also downgraded the stock.

Shares of MEDNAX, Inc. (NYSE: MD) were down 21% to $21.01 despite the company reported upbeat quarterly results.

Six Flags Entertainment Corporation (NYSE: SIX) was down, falling 18% to $31.18 after the company reported Q4 results and announced retirement of its CFO Marshall Barber.

Commodities

In commodity news, oil traded up 1.4% to $54.06, while gold traded up 0.5% to $1,619.60.

Silver traded up 0.1% Thursday to $18.325, while copper fell 0.6% to $2.5915.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 dropped 0.86% the Spanish Ibex Index declined 1.51%, while Italy’s FTSE MIB Index dipped 1.56% Meanwhile, the German DAX dropped 0.91%, and the French CAC 40 fell 0.80% while UK shares fell 0.27%.

Economics

Initial jobless claims rose by 4,000 to 210,000 in the week ended Feb. 15. However, economists were expecting a 210,000 reading.

The Philadelphia Fed manufacturing index rose to 36.7 in February, versus prior reading of 17. However, analysts were expecting a reading of 12.

The index of leading economic indicators increased 0.8% for January.

U.S. crude supplies rose 400,000 barrels for the week ended February 14, the Energy Information Administration reported. However, analysts expected a gain of 3.3 million barrels. Gasoline supplies fell 2 million barrels last week, while distillate stocks dropped 600,000 barrels.

Domestic supplies of natural gas declined 151 billion cubic feet for the week ended February 14, the Energy Information Administration reported. However, analysts projected a fall of 150 billion cubic feet.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

 

Related Articles (ETFC + BBI)

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

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