Mid-Afternoon Market Update: Kohl's Falls On Downbeat Earnings; Myovant Sciences Shares Climb
|Toward the end of trading Tuesday, the Dow traded down 0.33% to 27,943.49 while the NASDAQ rose 0.31% to 8,576.50. The S&P also fell, dropping 0.01% to 3,121.93.
Leading and Lagging Sectors
Health care shares climbed 0.5% on Tuesday. Meanwhile, top gainers in the sector included Myovant Sciences Ltd. MYOV 102.64%, up 99%, and Athenex, Inc. ATNX 35.84%, up 36%.
In trading on Tuesday, energy shares fell 1%.
Top Headline
Home Depot Inc HD 5.45% reported upbeat earnings for its third quarter, while sales missed estimates. The company also cut its FY19 sales growth forecast.
Home Depot posted quarterly earnings of $2.53 per share, beating analysts’ estimates of $2.52 ;per share. Its sales came in at $27.2 billion, missing expectation of $27.53 billion. Same-store sales increased 3.6% during the quarter.
Home Depot said it expects FY19 sales to rise about 1.8%, versus previous outlook of a 2.3% rise. The company projects same-store sales growth of 3.5%.
Equities Trading UP
Myovant Sciences Ltd. MYOV 102.64% shares shot up 99% to $12.03 following a positive late-stage clinical readout. Myovant said the Phase 3 study dubbed HERO that evaluated once-daily oral relugolix 120mg in men with advanced prostate cancer met the primary efficacy endpoint, as well as six key secondary endpoints.
Shares of SAExploration Holdings, Inc. SAEX 76.99% got a boost, shooting up 78% to $2.70 after the company late Monday reported a combined $130 million of new projects om Alaska, Canada and the Middle East.
The Medicines Company MDCO 19.74% shares were also up, gaining 19% to $69.85 following reports Novartis is considering making an offer to acquire the company.
Equities Trading DOWN
Intelsat S.A. I 21.69% shares tumbled 19% to $6.51 after Evercore ISI Group downgraded the stock from Outperform to In-Line and lowered the price target from $38 to $11 per share.
Shares of KLX Energy Services Holdings, Inc. KLXE 29.81% were down 27% to $5.36 after the company announced Q3 cost reduction program. The company sees Q3 charge of $13 million.
Kohl's Corporation KSS 19.22% was down, falling 19% to $47.54 after the company reported worse-than-expected Q3 EPS results. The company also cut FY19 EPS guidance.
Commodities
In commodity news, oil traded down 3% to $55.35, while gold traded up 0.2% to $1,474.30.
Silver traded up 0.7% Tuesday to $17.115, while copper rose 1.4% to $2.656.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 fell 0.12%, the Spanish Ibex Index rose 0.01%, while Italy’s FTSE MIB Index fell 0.57%. Meanwhile, the German DAX climbed 0.11%, and the French CAC 40 fell 0.35% while UK shares rose 0.22%.
Economics
U.S. housing starts rose 3.8% to an annual rate of 1.314 million for October. Building permits increased 5% to an annual rate of 1.461 million.
The Johnson Redbook Retail Sales Index fell 0.3% during the first two weeks of November versus October.
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