Following the market opening Thursday, the Dow traded down 0.42 percent to 23,059.85 while the NASDAQ declined 0.93 percent to
6,562.66. The S&P also fell, dropping 0.48 percent to 2,549.03.
Leading and Lagging Sectors
Thursday morning, the telecommunications services shares surged 0.36 percent. Meanwhile, top gainers in the sector included B
Communications Ltd (NASDAQ: BCOM), up 2 percent, and
Verizon Communications Inc. (NYSE: VZ), up 3 percent.
In trading on Thursday, technology shares fell 0.94 percent. Meanwhile, top losers in the sector included Ultra Clean
Holdings Inc (NASDAQ: UCTT), down 8 percent, and
Bitauto Hldg Ltd (ADR) (NYSE: BITA) down 6 percent.
Top Headline
Verizon Communications Inc. (NYSE: VZ) posted
better-than-expected earnings for its third quarter.
Verizon posted quarterly adjusted earnings of $0.98 per share on revenue of $31.71 billion. However, analysts expected earnings
of $0.98 per share on revenue of $31.45 billion.
Equities Trading UP
Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP)
shares shot up 19 percent to $8.30 after the company disclosed positive topline results from Phase 2 study of safety and efficacy
of anabasum in dermatomyositis.
Shares of Imprimis Pharmaceuticals Inc (NASDAQ: IMMY) got a boost, shooting up 73 percent to $2.52 after the company announced
Thursday the release of a 99-cent alternative to Allergan PLC (NYSE: AGN)'s Restasis to address the 30 million Americans suffering from Dry Eye
Disease.
Alcobra Ltd (NASDAQ: ADHD) shares were also up,
gaining 48 percent to $1.88 as the company reported a collaboration with Johnson & Johnson Innovation to discover and develop RNA
medicines.
Equities Trading DOWN
Ocean Power Technologies Inc (NASDAQ: OPTT) shares
dropped 35 percent to $1.30. Ocean Power Technologies priced its 5,739,437 share common stock offering at $1.42 per share.
Shares of Earthstone Energy Inc (NYSE: ESTE) were
down 14 percent to $9.03. Earthstone Energy priced an underwritten public offering of 4,500,000 shares of its Class A common stock
at $9.25 per share.
Immune Pharmaceuticals Inc (NASDAQ: IMNP) was
down, falling around 38 percent to $0.940. Immune Pharmaceuticals priced an underwritten public offering of convertible preferred
stock and warrants for gross proceeds of $18,000,000.
Commodities
In commodity news, oil traded down 1.58 percent to $51.22 while gold traded up 0.59 percent to $1,290.60.
Silver traded up 0.52 percent Thursday to $17.085, while copper fell 0.44 percent to $3.164.
Eurozone
European shares were lower today. The eurozone’s STOXX 600 dropped 0.92 percent, the Spanish Ibex Index fell 0.89 percent, while
Italy’s FTSE MIB Index dipped 1.32 percent. Meanwhile the German DAX declined 0.85 percent, and the French CAC 40 slipped 0.67
percent while U.K. shares fell 0.56 percent.
Economics
Initial jobless claims declined 22,000 to 222,000 in the latest week. However, economists were expecting claims to reach 240,000
last week.
The Philadelphia Fed manufacturing index rose 4.1 points to 27.9 in October. Economists projected a reading of 20.
The index of leading economic indicators declined 0.2 percent for September.
The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at
10:30 a.m. ET.
Data on money supply for the recent week will be released at 4:30 p.m. ET.
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