Mid-Afternoon Market Update: DexCom Gains Following Strong Q3 Results; Obseva Shares Plunge


Toward the end of trading Thursday, the Dow traded up 0.88% to 27733.88 while the NASDAQ rose 0.67% to 8466.78. The S&P also rose, gaining 0.50% to 3,092.22.

Leading and Lagging Sectors

Energy shares climbed 1.2% on Thursday. Meanwhile, top gainers in the sector included NexTier Oilfield Solutions Inc. NEX 28.33%, up 26%, and HighPoint Resources Corporation HPR 12.81%, up 13%.

In trading on Thursday, utilities shares fell 1.9%.

Top Headline

Cardinal Health, Inc. CAH 4.33% reported upbeat earnings for its first quarter.

Cardinal Health reported quarterly earnings of $1.27 per share, which beat the analyst consensus estimate of $1.09 per share. The company posted quarterly sales of $37.3 billion, versus analysts’ estimates of $36.75 billion.

Cardinal Health reaffirmed its FY20 adjusted earnings forecast of $4.85 to $5.10 per share.

Equities Trading UP

Invacare Corporation IVC 38.62% shares shot up 37% to $10.84 after the company reported upbeat Q3 earnings.

Shares of Collegium Pharmaceutical, Inc COLL 35.91% got a boost, shooting up 41% to $19.36 after the company reported better-than-expected Q3 EPS.

DexCom, Inc. DXCM 28.53% shares were also up, gaining 28% to $195.24 after the company posted upbeat Q3 results and raised FY2019 sales guidance.

Equities Trading DOWN

Party City Holdco Inc. PRTY 60.9% shares tumbled 61% to $2.40 after the company reported worse-than-expected Q3 EPS and sales results. The company also cut its FY19 EPS and sales guidance below analyst estimates.

Shares of Top Ships Inc. TOPS 56.05% were down 56% to $1.24. TOP Ships priced its 4.2 million share common stock offering at $2 per share.

Obseva SA OBSV 59.75% was down, falling 59% to $3.30. Obseva said the results from the Phase 2 European confirmatory study of nolasiban in women undergoing embryo transfer following in-vitro fertilization did not meet the primary endpoint of an increase in ongoing pregnancy rate at 10 weeks. The company also reported third-quarter results showing a wider loss for the quarter.

Commodities

In commodity news, oil traded up 2.4% to $57.71, while gold traded down 1.8% to $1,465.90.

Silver traded down 3.4% Thursday to $16.995, while copper rose 2.2% to $2.7245.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.37%, the Spanish Ibex Index rose 0.52%, while Italy’s FTSE MIB Index climbed 0.56%. Meanwhile, the German DAX gained 0.83%, and the French CAC 40 rose 0.41% while UK shares rose 0.13%.

Economics

U.S. initial jobless claims fell 8,000 to 211,000 for the latest week. However, analysts were expecting a reading of 215,000.

Domestic supplies of natural gas climbed 34 billion cubic feet for the week ended November 1, the U.S. Energy Information Administration reported. However, analysts projected a gain of 39 billion cubic feet.

Data on consumer credit for September will be released at 3:00 p.m. ET.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in New York at 7:10 p.m. ET.

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

Benzinga does not provide investment advice. All rights reserved.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 

EUR/USD News

GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 

GBP/USD News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures