Mid-Day Market Update: Dow Falls Over 100 Points; Amedica Shares Spike Higher
Midway through trading Tuesday, the Dow traded down 0.56 percent to 24,735.05 while the NASDAQ declined 0.05 percent to 7,327.17. The S&P also fell, dropping 0.27 percent to 2,713.46.
Leading and Lagging Sectors
On Tuesday, the basic materials shares gained 0.85 percent. Meanwhile, top gainers in the sector included Clearwater Paper Corp (NYSE: CLW), up 5 percent, and AngloGold Ashanti Limited (ADR) (NYSE: AU), up 5 percent.
In trading on Tuesday, utilities shares fell 0.56 percent. Meanwhile, top losers in the sector included RGC Resources Inc. (NASDAQ: RGCO), down 3 percent, and Genie Energy Ltd (NYSE: GNE) down 3 percent.
Ciena Corporation (NYSE: CIEN) reported better-than-expected results for its first quarter.
Ciena reported adjusted earnings of $0.15 per share on sales of $646.1 million. However, analysts were expecting earnings of $0.13 per share on sales of $642.0 million.
Equities Trading UP
Amedica Corporation (NASDAQ: AMDA) shares shot up 29 percent to $2.58 after the company reported the FDA clearance of Valeo C+CsC with Lumen Interbody Fusion Device.
Shares of CommerceHub Inc (NASDAQ: CHUBA) got a boost, shooting up 23 percent to $22.50 as the company agreed to be acquired by GTCR and Sycamore Partners for $22.75 per share in cash.
Aemetis Inc (NASDAQ: AMTX) shares were also up, gaining 70 percent to $1.10 following news that the company has completed operation of cellulosic ethanol integrated demonstration unit.
Equities Trading DOWN
GlycoMimetics Inc (NASDAQ: GLYC) shares dropped 18 percent to $18.65 after reporting the design of phase 3 trial of GMI-1271 in relapsed/refractory AML. GlycoMimetics reported a Q4 loss of $0.27 per share.
Shares of Marinus Pharmaceuticals Inc (NASDAQ: MRNS) were down 15 percent to $4.46. Marinus Pharma reported a FY 2017 loss of $0.80 per share.
TransAct Technologies Incorporated (NASDAQ: TACT) was down, falling around 13 percent to $11.95 following a fourth quarter earnings and sales miss. The company also announced a $5 million share buyback plan.
In commodity news, oil traded down 0.08 percent to $62.52 while gold traded up 1.42 percent to $1,338.70.
Silver traded up 2.70 percent Tuesday to $16.855, while copper rose 1.33 percent to $3.1695.
European shares were higher today. The eurozone’s STOXX 600 gained 0.32 percent, the Spanish Ibex Index rose 0.18 percent, while Italy’s FTSE MIB Index climbed 1.85 percent. Meanwhile the German DAX gained 0.39 percent, and the French CAC 40 rose 0.28 percent while U.K. shares rose 0.72 percent.
The Johnson Redbook Retail Sales Index fell 0.5 percent for February versus January.
U.S. factory orders declined 1.4 percent for January, versus economists’ expectations for a 1.3 percent gain.
Federal Reserve Governor Lael Brainard will speak in New York City at 7:00 p.m. ET.
Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Houston at 8:30 p.m. ET.
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