Mid-Afternoon Market Update: Commercial Vehicle Group Falls Following Q4 Results; Bovie Medical Shares Surge
|Toward the end of trading Tuesday, the Dow traded down 0.19 percent to 25,131.53 while the NASDAQ declined 0.56 percent to 7,545.62. The S&P also fell, dropping 0.29 percent to 2,774.91.
Leading and Lagging Sectors
Tuesday afternoon, the non-cyclical consumer goods & services shares gained 0.20 percent.
In trading on Tuesday, technology shares fell 0.55 percent. Meanwhile, top losers in the sector included Silicom Ltd SILC 30.57%, down 11 percent, and TTEC Holdings Inc TTEC 7.41%down 8 percent.
Top Headline
Dicks Sporting Goods Inc DKS 0.98% posted upbeat earnings for its fourth quarter, while sales missed expectations. The company also disclosed that it will no longer provide quarterly guidance.
Adjusted earnings came in at $1.22 per share, beating estimates by 2 cents. The company’s sales came in at $2.66 billion, versus analysts’ estimates of 2.73 billion. Its same-store sales slipped 2.0 percent.
Equities Trading UP
Proteostasis Therapeutics Inc PTI 54.11% shares shot up 49 percent to $6.16 after the biopharmaceutical company that focuses on treating diseases caused by an imbalance in the proteostasis network announced an update. The company said the FDA granted a Breakthrough Therapy Designation for its PTI-428, a cystic fibrosis transmembrane conductance regulator (CFTR) amplifier.
Shares of Northstar Realty Europe Corp NRE 12.09% got a boost, shooting up 16 percent to $12.86 following Q4 results.
Bovie Medical Corporation BVX 21.12% shares were also up, gaining 22 percent to $2.83 following a fourth quarter earnings and sales beat.
Equities Trading DOWN
Commercial Vehicle Group, Inc. CVGI 19.96% shares dropped 22 percent to $8.64 after the company posted downbeat results for its fourth quarter.
Shares of CounterPath, Corp. CPAH 22.89% were down 21 percent to $3.66 after the company reported results for its third quarter.
Advaxis, Inc. ADXS 11.76% was down, falling around 18 percent to $1.82. Advaxis reported a Q1 loss of $0.49 per share and announced a clinical hold in axalimogene filolisbac Phase 1/2 combination study with AstraZeneca's IMFINZI.
Commodities
In commodity news, oil traded down 1.29 percent to $60.57 while gold traded up 0.45 percent to $1,326.70.
Silver traded up 0.36 percent Tuesday to $16.595, while copper rose 0.24 percent to $3.1315.
Eurozone
European shares closed lower today. The eurozone’s STOXX 600 fell 1.10 percent, the Spanish Ibex Index fell 0.56 percent, while Italy’s FTSE MIB Index slipped 0.63 percent. Meanwhile the German DAX declined 1.81 percent, and the French CAC 40 fell 0.92 percent while U.K. shares fell 1.10 percent.
Economics
The NFIB small business optimism index increased 0.7 point to a reading of 107.6 in February.
The consumer price index increased 0.2 percent for February, versus economists’ expectations for a 0.2 percent growth.
The Johnson Redbook Retail Sales Index fell 0.3 percent during the first week of March versus February.
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