Market Overview

Mid-Day Market Update: Crude Oil Surges Over 17%; G-III Apparel Shares Gain On Upbeat Earnings

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Midway through trading Thursday, the Dow traded up 1.01% to 20,100.08 while the NASDAQ rose 3.02% to 7,200.88. The S&P also rose, gaining 1.15% to 2,425.70.

US reported a total of 9,400 coronavirus cases with around 150 deaths. Italy reported a total of at least 35,000 confirmed cases and 2,900 deaths, while Iran confirmed a total of over 18,000 coronavirus cases. Mainland China reported no new domestic coronavirus cases for the first time since the outbreak began. In total, there are at least 222,000 cases of COVID-19 worldwide with over 9,100 deaths.

Leading and Lagging Sectors

Energy shares climbed 3.8% on Thursday. Meanwhile, top gainers in the sector included NGL Energy Partners LP (NYSE: NGL), up 75%, and CrossAmerica Partners LP (NYSE: CAPL), up 67%.

In trading on Thursday, utilities shares dipped 4.8%.

Top Headline

Lennar Corporation (NYSE: LEN) reported better-than-expected results for its first quarter.

Lennar posted quarterly adjusted earnings of $1.27 per share, beating analysts’ estimates of $0.84 per share. The company’s homebuilding sales came in at $4.172 billion, exceeding analysts’ estimates of $4.16 billion.

The company also suspended its financial forecast following coronavirus uncertainties.

 

Equities Trading UP

Guess?, Inc. (NYSE: GES) shares shot up 138% to $9.28 after the company reported better-than-expected Q4 earnings.

Shares of Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY) got a boost, shooting 59% to $7.76. Dave & Buster's reported a shareholder rights plan with duration of 364 days.

G-III Apparel Group, Ltd. (NASDAQ: GIII) shares were also up, gaining 46% to $6.59 after the company reported better-than-expected Q4 earnings.

Equities Trading DOWN

Acer Therapeutics Inc. (NASDAQ: ACER) shares tumbled 32% to $1.38. Acer Therapeutics said its fourth-quarter loss per share narrowed from 85 cents to 51 cents. Separately, the company said the Office of New Drugs of the FDA has denied its appeal of the Complete Response Letter for EDSIVO NDA.

Shares of AMN Healthcare Services, Inc. (NYSE: AMN) were down 18% to $67.43. Sidoti & Co. downgraded AMN Healthcare Services from Buy to Neutral.

BioNTech SE (NASDAQ: BNTX) was down, falling 32% to $62.36. BioNTech shares jumped 38% on Wednesday after the company on Tuesday announced it is working to co-develop a potential coronavirus vaccine with Pfizer.

Commodities

In commodity news, oil traded up 17.3% to $23.90, while gold traded down 0.1% to $1,476.30.

Silver traded up 3.2% Thursday to $12.145, while copper rose 1.3% to $2.178.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 2.3% the Spanish Ibex Index rose 1.4%, while Italy’s FTSE MIB Index rose 1.7%. Meanwhile, the German DAX gained 1.7%, and the French CAC 40 rose 1.5% while UK shares rose 1.1%.

Economics

U.S. initial jobless claims climbed by 70,000 to 281,000 in the week ended March 14. However, analysts were expecting a reading of 220,000.

The Philadelphia Fed manufacturing index tumbled to -12.7 in March, versus a reading of 36.7 in February.

The US current account deficit narrowed 12.4% to $109.8 billion in the fourth quarter. Economists were projecting a deficit of $109.0 billion.

The index of leading economic indicators rose 0.1% for February.

Domestic supplies of natural gas declined 9 billion cubic feet for the week ended March 13, the U.S. Energy Information Administration reported. However, analysts projected a drop of 8 billion cubic feet.

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

 

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