Mid-Day Market Update: Markets Down; Procter & Gamble Reports Mixed Q2 Results
Jan. 23, 2020
Midway through trading Thursday, the Dow traded down 0.56% to 29,023.07 while the NASDAQ fell 0.14% to 9,370.32. The S&P also fell, dropping 0.38% to 3,309.20.
Leading and Lagging Sectors
Real estate shares climbed 0.6% on Thursday. Meanwhile, top gainers in the sector included Rafael Holdings, Inc. (NYSE: RFL ), up 9%, and Innovative Industrial Properties, Inc. (NYSE: IIPR ), up 3%.
In trading on Thursday, health care shares fell 1.2%.
Procter & Gamble (NYSE: PG ) reported better-than-expected earnings for its second quarter, while sales missed estimates.
Procter & Gamble reported second-quarter earnings of $1.42 per share on Thursday, which beat the analyst consensus estimate of $1.37. The company reported quarterly sales of $18.24 billion, which missed the analyst consensus estimate of $18.35 billion.
Equities Trading UP
Trans World Entertainment Corporation (NASDAQ: TWMC ) shares shot up 222% to $7.35 after the company reported a deal to sell FYE Segment for $10 million in cash.
Shares of NanoViricides, Inc. (NYSE: NNVC ) got a boost, shooting up 35% to $5.14 following an outbreak of the Wuhan coronavirus in China, which has now reportedly spread to the US. The company operates in the viral diseases space.
Kaleido BioSciences, Inc. (NASDAQ: KLDO ) shares were also up, gaining 28% to $7.34.
Equities Trading DOWN
Tetraphase Pharmaceuticals, Inc. (NASDAQ: TTPH ) shares tumbled 32% to $2.62 after the company reported $17.5 million of financings priced at-the-market.
Shares of Applied Genetic Technologies Corporation (NASDAQ: AGTC ) were down 26% to $7.33 despite the company reporting encouraging results from an Phase 1/2 study. The Cambridge, Massachusetts-based company released interim results from the dose-escalation cohorts of its ongoing Phase 1/2 clinical studies that evaluated its AAV-based gene therapy in patients with achromatopsia resulting from mutations in the ACHM CNGB3 or ACHM CNGA3 genes, which showed encouraging signs of biologic activity and a favorable safety profile, with no dose-limiting inflammatory responses observed.
FuelCell Energy, Inc. (NASDAQ: FCEL ) was down, falling 21% to $1.75 after the company reported worse-than-expected Q4 earnings results on Wednesday. Craig-Hallum also downgraded the stock from Hold to Sell and announced a price target of $1.5 per share.
In commodity news, oil traded down 2.5% to $55.31, while gold traded up 0.4% to $1,562.90.
Silver traded down 0.2% Thursday to $17.785, while copper fell 1.8% to $2.716.
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.7%, the Spanish Ibex Index fell 0.5%, while Italy’s FTSE MIB Index gained 0.1%. Meanwhile, the German DAX dropped 0.8%, and the French CAC 40 fell 0.6% while UK shares fell 0.9%.
Initial jobless claims rose 6,000 to 211,000 in the latest week.
U.S. leading economic indicators fell 0.3% in December.
U.S. crude supplies dropped 400,000 barrels for the week ended January 17, the Energy Information Administration reported. Analysts projected a gain of 500,000 barrels.
Domestic supplies of natural gas declined 92 billion cubic feet for the week ended January 17, the Energy Information Administration reported.