Toward the end of trading Thursday, the Dow traded up 0.18 percent to 17,821.51 while the NASDAQ climbed 0.21 percent to
4,962.80. The S&P also rose, gaining 0.16 percent to 2,102.65.
Leading and Lagging Sectors
Thursday afternoon, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from
Keryx Biopharmaceuticals (NASDAQ: KERX) and Amicus
Therapeutics, Inc. (NASDAQ: FOLD).
In trading on Thursday, technology shares fell by 0.32 percent. Meanwhile, top losers in the sector included Mitek Systems,
Inc. (NASDAQ: MITK), down 13 percent, and Formula
Systems (1985) Ltd. (ADR) (NASDAQ: FORTY), down 8
percent.
Top Headline
Joy Global Inc. (NYSE: JOY) reported
stronger-than-expected Q2 earnings. However, its revenue failed to meet the Street analysts' estimations.
Joy Global reported a net loss of $15.3 million or a loss of $0.16 a share for the second quarter compared to net income of
$55.9 million or $0.57 a share in the year-ago quarter. On an adjusted basis, earnings from continuing operations plunged to $0.09
a share from $0.64 a share in the previous year quarter. Street analysts' expected the company to report break-even per share. The
company's net sales dropped 26 percent to $602 million from $810 million in the year earlier quarter. Street predicted the company
to generate revenue of $607.72 million.
Going forward, the company expects sales and earnings for the year excluding restructuring charges and mark-to-market pension
adjustments to be at the lower end of its earlier forecasted range of $2.4-$2.6 billion for sales and $0.10 to $0.50 for adjusted
earnings per fully diluted share.
Equities Trading UP
Achaogen Inc (NASDAQ: AKAO) shares shot up 26
percent to $4.03. Achaogen raised $25 million in private placement and has been awarded a $20 million contract option by the BARDA
to support the development of plazomicin. The company also disclosed that it achieved more than 50 percent patient enrollment in
its ongoing final stage EPIC registration clinical trial of plazomicin.
Shares of Repros Therapeutics Inc (NASDAQ: RPRX)
got a boost, shooting up 22 percent to $2.07 after reporting success of its Enclomiphene drug to treat secondary hypogonadism. The
Drug is on track for registration decision in Fall 2017.
Joy Global Inc. (NYSE: JOY) shares were also up,
gaining 18 percent to $19.65 as the company reported stronger-than-expected earnings for its second quarter.
Equities Trading DOWN
Conn's Inc (NASDAQ: CONN) shares dropped 24
percent to $8.95 as the company reported downbeat quarterly results. Conn's posted a Q1 loss of $0.31 per share on revenue of
$389.1 million.
Shares of Sarepta Therapeutics Inc (NASDAQ: SRPT)
were down 26 percent to $15.90 after reports surfaced that the U.S. Food and Drug Administration may pressure the company to
provide its Duchenne muscular dystrophy patients with at-cost access to its eteplirsen therapy on a "compassionate use."
American Woodmark Corporation (NASDAQ: AMWD) was
down, falling around 17 percent to $66.88 as the company reported weaker-than-expected quarterly earnings.
Commodities
In commodity news, oil traded up 0.27 percent to $49.14 while gold traded down 0.12 percent to $1,213.30.
Silver traded up 0.62 percent Thursday to $16.03, while copper fell 0.22 percent to $2.07.
Eurozone
European shares closed mixed today. The eurozone's STOXX 600 gained 0.07 percent, the Spanish Ibex Index rose 0.46 percent,
while Italy's FTSE MIB Index fell 0.24 percent. Meanwhile the German DAX gained 0.03 percent, and the French CAC 40 declined 0.21
percent, while U.K. shares fell 0.10 percent.
Economics
U.S. initial jobless claims slipped 1,000 to 267,000 in the recent week. However, economists were projecting claims to reach
2.70,000 in the week.
Private-sector employers added 173,000 jobs in May, according to the Automatic Data Processing Inc. However, economists were
expecting a gain of 175,000 jobs.
U.S. crude supplies dropped 1.4 million barrels for the week ended May 27, the U.S. Energy Information Administration reported.
However, analysts estimated a decline of 3.1 million barrels. Gasoline supplies slipped 1.5 million barrels, while distillate
stockpiles dropped 1.3 million barrels last week.
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