Market Overview

Mid-Day Market Update: Stitch Fix Tumbles On Weak Guidance; Cypress Semiconductor Shares Surge

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Midway through trading Tuesday, the Dow traded up 0.60% to 23994.97 while the NASDAQ rose 1.16% to 8,042.59. The S&P also rose, gaining 0.88% to 2,770.66. South Korea confirmed 131 new coronavirus cases, while mainland China reported 19 new confirmed cases. Italy extended quarantine restrictions to the whole country after reporting a total of at least 9,100 cases and 463 deaths. In total, there are at least 114,000 cases of COVID-19 worldwide with over 4,000 deaths.

Leading and Lagging Sectors

Information technology shares jumped 3% on Tuesday. Meanwhile, top gainers in the sector included Cypress Semiconductor Corporation (NASDAQ: CY), up 47%, and Priority Technology Holdings, Inc. (NASDAQ: PRTH), up 21%.

In trading on Tuesday, utilities shares rose by just 0.5%.

Top Headline

Dicks Sporting Goods Inc (NYSE: DKS) reported better-than-expected results for its fourth quarter on Tuesday.

Dick's Sporting posted Q4 adjusted earnings of $1.32 per share, beating analysts’ estimates of $1.22 per share. Its sales came in at $2.609 billion, versus the consensus estimate of $2.57 billion.

DICK'S said it expects FY20 adjusted earnings of $3.69 per shares, versus analysts’ estimates of $3.60 per share.

Equities Trading UP

Cypress Semiconductor Corporation (NASDAQ: CY) shares shot up 47% to $22.41 after the company received clearance from the Committee on Foreign Investment in the United States to be acquired by Infineon. CFRA upgraded Cypress Semiconductor from Hold to Buy.

Shares of Novan, Inc. (NASDAQ: NOVN) got a boost, shooting 31% to $0.67 after surging over 35% on Monday. Novan is currently planning trials for nitric oxide inhalation therapy for coronavirus.

Yield10 Bioscience, Inc. (NASDAQ: YTEN) shares were also up, gaining 25% to $6.05 after the company achieved 'key milestones' in early development program in corn to evaluate novel traits.

Equities Trading DOWN

Spherix Incorporated (NASDAQ: SPEX) shares tumbled 35% to $2.09 after surging over 96% on Monday.

Shares of Stitch Fix, Inc. (NASDAQ: SFIX) were down 28% to $15.24. Stitch Fix reported upbeat earnings for its second quarter, while sales missed views. The company lowered its guidance for the full year.

Ascena Retail Group, Inc. (NASDAQ: ASNA) was down, falling 27% to $2.10 after the company reported worse-than-expected Q2 sales.

Commodities

In commodity news, oil traded up 6.8% to $33.24, while gold traded down 1.2% to $1,655.90.

Silver traded down 1.1% Tuesday to $16.875, while copper rose 0.4% to $2.5205.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.17% the Spanish Ibex Index fell 1.41%, while Italy’s FTSE MIB Index fell 1.86% Meanwhile, the German DAX gained 0.37%, and the French CAC 40 rose 0.05% while UK shares rose 0.54%.

Economics

The NFIB small business optimism index increased 0.2 point to a reading of 104.5 in February.

The Treasury is set to auction 3-year notes at 1:00 p.m. ET.

 

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