|

Mid-Day Market Update: Crude Oil Up 2%; TD Ameritrade Shares Spike Higher

Midway through trading Thursday, the Dow traded down 0.25% to 27,751.78 while the NASDAQ fell 0.21% to 8,509.13. The S&P also fell, dropping 0.21% to 3,102.04.

Leading and Lagging Sectors

Energy shares climbed 0.5% on Thursday. Meanwhile, top gainers in the sector included McDermott International, Inc. MDR 23.66%, up 10%, and Flex LNG Ltd. FLNG 8.88%, up 7%.

In trading on Thursday, real estate shares fell 0.9%.

Top Headline

Macy's Inc M 2.03% reported downbeat sales for its third quarter and lowered FY19 guidance.

Macy's reported third-quarter earnings of 7 cents per share on Thursday. This is a 74.07% decrease over earnings of 27 cents per share from the same period last year. The company reported quarterly sales of $5.173 billion, which missed the analyst consensus estimate of $5.32 billion.

Macy's cut fiscal year 2019 EPS guidance from $2.85-$3.05 to $2.57-$2.77 versus the $2.79 estimate. The company lowered FY19 same-store sales guidance from flat to up 1% to down 1-1.5%

Equities Trading UP

Hepion Pharmaceuticals, Inc. HEPA 52.48% shares shot up 50% to $3.6210 after the thinly-traded, nano-cap biotech announced results from an animal study of its lead product candidate CRV431. New Jersey-based Hepion said CRV431 prevented the development of liver cirrhosis in a highly aggressive, preclinical model of liver disease.

Shares of Stage Stores, Inc. SSI 29.96% got a boost, shooting up 27% to $2.83 after the company reported Q3 results.

TD Ameritrade Holding Corporation AMTD 20.64% shares were also up, gaining 20% to $49.52. Charles Schwab SCHW 7.38% is looking to acquire TD Ameritrade for $26 billion, Fox Business first reported. The deal could be announced as soon as today.

Equities Trading DOWN

InVivo Therapeutics Holdings Corp. NVIV 35.54% shares tumbled 35% to $0.1524. InVivo Therapeutics priced its 7 million share offering at $0.12 per share for gross proceeds $840,000.

Shares of Cubic Corporation CUB 19.15% were down 19% to $59.57 after the company reported worse-than-expected Q4 EPS results. The company also issued FY20 EPS guidance below analyst estimates.

Aurora Mobile Limited JG 25.34% was down, falling 25% to $3.25 after the company reported Q3 results.

Commodities

In commodity news, oil traded up 2% to $58.13, while gold traded down 0.3% to $1,469.60.

Silver traded up 0.2% Thursday to $17.145, while copper fell 0.7% to $2.6305.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.49%, the Spanish Ibex Index fell 0.24%, while Italy’s FTSE MIB Index fell 0.38%. Meanwhile, the German DAX fell 0.16%, and the French CAC 40 fell 0.26% while UK shares fell 0.41%.

Economics

U.S. initial jobless claims were unchanged at 227,000 for the latest week. However, analysts were expecting a reading of 220,000.

The Philadelphia Fed manufacturing index increased to 10.4 for November, versus a reading of 5.6 in October.

U.S. existing home sales increased 1.9% to an annual rate of 5.46 million units in October, versus analysts’ expectations of 1.4% rise.

U.S. leading economic indicators declined 0.1% for October.

Domestic supplies of natural gas dropped 94 billion cubic feet for the week ended November 8, the U.S. Energy Information Administration reported. However, analysts projected a decline of 91 billion cubic feet.

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

Author

Benzinga Team

Benzinga's news desk is a dynamic and innovative team that provides real-time, actionable articles that help readers navigate the market.

More from Benzinga Team
Share:

Editor's Picks

EUR/USD clings to humble gains around 1.1780

EUR/USD manages to reverse Tuesday’s pullback, sticking to daily gains around 1.1780 following an earlier bull run past 1.1800 the figure. The pair’s slight advance comes on the back of the equally marginal uptick in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House.

GBP/USD flirts with weekly tops north of 1.3500

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a marginal advance in the Greenback and a generalised improved mood in the risk-associated universe. Meanwhile, the US tariff narrative continues to dictate the mood among market participants.

Gold picks up pace, focus on $5,200

Gold buyers are stepping back in on Wednesday, with sights set on $5,200 and potentially higher, after Tuesday’s pullback from monthly highs. The yellow metal’s recovery follows some loss of momentum in the US Dollar after Trump’s SOTU speech failed to deliver fresh impetus and AI-related jitters continue to fade.

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week.  BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

Nvidia remains at the heart of the AI boom

Nvidia remains at the heart of the AI boom, with Q4 revenue projected near $65.6–66.1 billion, nearly 70% higher year-over-year. But investors are watching cash flow, leverage, and broader AI adoption. Growth is strong, but the AI stress isn’t over.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.