Mid-Day Market Update: Crude Oil Up Over 2%; Summit Therapeutics Shares Plunge

Midway through trading Thursday, the Dow traded up 0.04 percent to 22,166.06 while the NASDAQ declined 0.21 percent to 6,446.63. The S&P also fell, dropping 0.08 percent to 2,496.40.

Leading and Lagging Sectors

On Thursday, the energy shares surged 0.62 percent. Meanwhile, top gainers in the sector included W&T Offshore, Inc. WTI 13.71%, up 11 percent, and TETRA Technologies, Inc. TTI 7.37%, up 5 percent.

In trading on Thursday, basic materials shares fell 0.61 percent. Meanwhile, top losers in the sector included United States Steel Corporation X 3.83%, down 5 percent, and Cleveland-Cliffs Inc CLF 2.71% down 4 percent.

Top Headline

United Natural Foods, Inc. UNFI 8.9% reported stronger-than-expected earnings for its fourth quarter on Wednesday.

United Natural Foods posted Q4 adjusted earnings of $0.72 per share on revenue of $2.34 billion. However, analysts were expecting earnings of $0.70 per share on sales of $2.36 billion.

Equities Trading UP

Halozyme Therapeutics, Inc. HALO 17.37% shares shot up 16 percent to $15.23. Bristol-Myers and Halozyme disclosed a collaboration and license agreement using Halozyme's ENHANZE technology. The company also announced the licensing of its ENHANZE to Roche. Halozyme Therapeutics raised its FY sales outlook.

Shares of Autoliv Inc. ALV 12.1% got a boost, shooting up 11 percent to $126.14. Autoliv initiated strategic review to consider separation of business segments into Passive Safety and Electronics.

United Natural Foods, Inc. UNFI 8.9% shares were also up, gaining 9 percent to $40.62 after the company reported stronger-than-expected earnings for its fourth quarter.

Equities Trading DOWN

Summit Therapeutics PLC (ADR) SMMT 19.61% shares dropped 19 percent to $12.43. Summit Therapeutics priced public offering of 1.459 million American Depositary Shares at $12.00 per ADS.

Shares of Workhorse Group Inc WKHS 18.8% were down 15 percent to $2.97. Workhorse priced its 3.75 million share common stock and warrant offering at $3.20 per share.

Glaukos Corp GKOS 20.64% was down, falling around 16 percent to $34.82 after the company lowered its FY2017 sales guidance.


In commodity news, oil traded up 2.33 percent to $50.45 while gold traded up 0.08 percent to $1,329.10.

Silver traded down 0.40 percent Thursday to $17.795, while copper fell 0.67 percent to $2.961.


European shares were mostly lower today. The eurozone’s STOXX 600 rose 0.05 percent, the Spanish Ibex Index fell 0.38 percent, while Italy’s FTSE MIB Index gained 0.20 percent. Meanwhile the German DAX dropped 0.22 percent, and the French CAC 40 gained 0.10 percent while U.K. shares fell 0.91 percent.


The Consumer Price Index rose 0.40 percent for August, versus economists’ expectations for a 0.3 percent growth.

Initial jobless claims declined to 284,000 in the latest week, versus a prior reading of 298,000. Economists projected jobless claims to reach 300,000 last week.

Domestic supplies of natural gas climbed 91 billion cubic feet for the week ended September 8, the U.S. Energy Information Administration reported. Analysts were expecting a gain of 85 billion cubic feet.

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

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