Mid-Afternoon Market Update: Dow Rises Over 400 Points; Covetrus Shares Fall Following Downbeat Q2 Results

0
7
This post was originally published on this site

Toward the end of trading Tuesday, the Dow traded up 1.64% to 26323.00 while the NASDAQ rose 2.1% to 8,028.21. The S&P also rose, gaining 1.69% to 2,931.95.

Leading and Lagging Sectors

Information technology shares climbed 2.5% on Monday. Meanwhile, top gainers in the sector included Mmtec, Inc. (NASDAQ: MTC), up 203%, and GTT Communications, Inc. (NYSE: GTT), up 12%.

In trading on Monday, utilities shares slipped 0.1%.

Top Headline

Advance Auto Parts, Inc. (NYSE: AAP) reported weaker-than-expected earnings for its second quarter.

Advance Auto Parts reported second-quarter earnings of $2 per share, which missed the analyst consensus estimate of $2.21. The company reported quarterly sales of $2.3 billion, which missed the analyst consensus estimate of $2.36 billion.

Equities Trading UP

Deciphera Pharmaceuticals Inc (NASDAQ: DCPH) shares shot up 80% to $35.83 following a couple of clinical readouts from the company. Deciphera released updated data from a Phase 1 study of ripretinib, which continued to support the pipeline asset’s potential across the broad range of KIT and PDGR-alpha mutations that occur in patients with second-line through fourth-line gastrointestinal stromal tumors. Separately, the biotech announced positive top-line data from the INVICTUS pivotal Phase 3 study of ripretinib in patients with fourth-line and fourth-line plus gastrointestinal stromal tumors. The study achieved the primary endpoint of improved progression free survival as determined by blinded independent central radiologic review using modified Response Evaluation Criteria in Solid Tumors version 1:1.

Shares of Mustang Bio, Inc. (NASDAQ: MBIO) got a boost, shooting up 27% to $3.66 after reporting $9.28 million grant to fund Phase 1 trial of CAR T therapy MB-103 in HER2-positive breast cancer with brain metastases. Merchants Bancorp priced 5 million share depository share offering at $25 per share.

Genworth Financial, Inc. (NYSE: GNW) shares were also up, gaining 15% to $4.42 after the company announced Brookfield Business will acquire 57% controlling interest in Genworth Canada for $1.8 billion.

Equities Trading DOWN

Ra Medical Systems, Inc. (NYSE: RMED) shares tumbled 56% to $1.2550 after the company preliminary results for its second quarter. Ra Medical announced plans to delay Q2 earnings release and reported that its Audit Committee has begun independent investigation related to anonymous complaint.

Shares of Covetrus, Inc. (NASDAQ: CVET) were down 41% to $13.71 after the company reported worse-than-expected Q2 EPS and sales results.

Guardion Health Sciences, Inc. (NASDAQ: GHSI) was down, falling 58% to $0.2516. Guardion Health Sciences priced 13 million shares at $0.40 per share.

Commodities

In commodity news, oil traded up 3.9% to $57.07, while gold traded down 0.3% to $1,512.40.

Silver traded down 0.8% Tuesday to $16.93, while copper rose 1.9% to $2.633.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.54%, the Spanish Ibex Index rose 0.22%, while Italy’s FTSE MIB Index climbed 1.36%. Meanwhile, the German DAX gained 0.6%, and the French CAC 40 rose 0.99% while UK shares rose 0.33%.

Economics

The NFIB small business optimism index increased 1.4 points month to 104.7 in July.

The Consumer Price Index rose 0.3% for July, versus economists’ expectations for a 0.3% gain.

The Johnson Redbook Retail Sales Index fell 2% during the first week of August versus July.

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

LEAVE A REPLY

Please enter your comment!
Please enter your name here