Mid-Day Market Update: CIRCOR Jumps Following $45/Share Bid From Crane; Ocular Therapeutix Shares Slide

Midway through trading Tuesday, the Dow traded up 0.67 percent to 25853.00 while the NASDAQ rose 1.15 percent to 7790.62. The S&P also rose, gaining 0.90 percent to 2865.77.

Leading and Lagging Sectors

Materials shares rose by 1.5 percent on Tuesday. Meanwhile, top gainers in the sector included Lithium Americas Corp LAC, up 11 percent, and Gold Standard Ventures Corp GSV, up 9 percent.

In trading on Tuesday, consumer staples shares fell by 0.2 percent.


Top Headline

TJX Companies Inc TJX reported better-than-expected results for its first quarter

TJX reported quarterly earnings of 57 cents per share, which beat the analyst consensus estimate of 55 cents. The company reported quarterly sales of $9.278 billion, which beat the analyst consensus estimate of $9.21 billion.

For the second quarter, TJX expects Q2 earnings of $0.61 to $0.62 per share and same-store sales growth of 2 percent to 3 percent. For the year, the company now projects earnings of $2.56 to $2.61 per share.
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Equities Trading UP

CIRCOR International, Inc. CIR shares shot up 42 percent to $43.55 after Crane Co. CR reported a $45 per share cash bid for CIRCOR.

Shares of JMU Ltd- ADR JMU got a boost, shooting up 45 percent to $1.75 after the company acquired Unicorn Investment Limited.

Sesen Bio, Inc. SESN shares were also up, gaining 29 percent to $2.26 after the company reported acceptance of analytical comparability plan by the FDA to support the BLA and commercialization of Vicinium.

Equities Trading DOWN

BioCryst Pharmaceuticals, Inc. BCRX shares tumbled 48 percent to $3.88 following news a Phase 3 trial of BCX7353 met its primary endpoint but the 150mg dose showed a disappointing attack rate of 44 percent vs the placebo.

Shares of Superconductor Technologies, Inc. SCON were down 23 percent to $0.96 after the company had a public offering of 1.7 million shares priced at $1.00 per share.

Ocular Therapeutix, Inc. OCUL was down, falling 22 percent to $2.63 after the company reported its Phase 3 trail of OTX-TP for glaucome treatment did not meet its primary endpoint. Cowen and Raymond James downgraded the stock.

Commodities

In commodity news, oil traded up 0.2 percent to $63.21, while gold traded down 0.4 percent to $1,272.40.

Silver traded down 0.2 percent Tuesday to $14.415, while copper fell 0.4 percent to $2.7155.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.4 percent, the Spanish Ibex Index gained 0.3 percent, while Italy’s FTSE MIB Index climbed 0.4 percent. Meanwhile, the German DAX climbed 0.8 percent, and the French CAC 40 rose 0.3 percent while UK shares gained 0.4 percent.

Economics

The Johnson Redbook Retail Sales Index rose 1.2 percent during the first two weeks of May versus April.

U.S. existing home sales fell 0.4 percent at an annual rate of 5.19 million for April. However, economists were expecting a 5.37 million rate.

Posted In: NewsEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Day Market Update
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