Mid-Morning Market Update: Markets Edge Lower; Macy's Posts Downbeat Q3 Sales

Following the market opening Thursday, the Dow traded down 0.12% to 27786.57 while the NASDAQ fell 0.03% to 8524.41. The S&P also fell, dropping 0.12% to 3,104.58.

Leading and Lagging Sectors

Energy shares climbed 0.8% on Thursday. Meanwhile, top gainers in the sector included McDermott International, Inc. MDR, up 28%, and Flex LNG Ltd. FLNG, up 9%.

In trading on Thursday, real estate shares fell 1%.

Top Headline

Macy's Inc M 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 shares shot up 82% to $4.41 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 got a boost, shooting up 24% to $2.76 after the company reported Q3 results.

TD Ameritrade Holding Corporation AMTD shares were also up, gaining 16% to $47.96. Charles Schwab SCHW 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

Baozun Inc. BZUN shares tumbled 19% to $35.47 after the company reported worse-than-expected third-quarter sales results.

Shares of Cubic Corporation CUB were down 18% to $60.13 after the company reported worse-than-expected Q4 EPS results. The company also issued FY20 EPS guidance below analyst estimates.

Aurora Mobile Limited JG was down, falling 20% to $3.50 after the company reported Q3 results.

Commodities


In commodity news, oil traded down 0.2% to $56.91, while gold traded down 0.3% to $1,469.20.

Silver traded down 0.4% Thursday to $17.04, while copper fell 0.9% to $2.627.

Euro zone


European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.4%, the Spanish Ibex Index fell 0.2%, while Italy’s FTSE MIB Index rose 0.1%. Meanwhile, the German DAX fell 0.1%, and the French CAC 40 fell 0.26% while UK shares fell 0.7%.

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.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

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

Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarketsConsumer DiscretionaryDepartment Stores
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...