Toward the end of trading Tuesday, the Dow traded up 0.49 percent to 25,406.90 while the NASDAQ climbed 0.25 percent to
7,175.03. The S&P also rose, gaining 0.33 percent to 2,756.80.
Leading and Lagging Sectors
Tuesday afternoon, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from
Abaxis Inc (NASDAQ: ABAX) and Nektar
Therapeutics (NASDAQ: NKTR).
In trading on Tuesday, utilities shares fell 0.85 percent. Meanwhile, top losers in the sector included Artesian Resources
Corporation (NASDAQ: ARTNA), down 5 percent, and
Black Hills Corp (NYSE: BKH) down 5 percent.
Top Headline
Acuity Brands, Inc. (NYSE: AYI) reported
weaker-than-expected results for its first quarter on Tuesday.
Acuity Brands reported Q1 adjusted earnings of $1.94 per share on revenue of $842.8 million. However, analysts were expecting
earnings of $2.10 per share on sales of $875 million.
Equities Trading UP
Pain Therapeutics, Inc. (NASDAQ: PTIE) shares shot
up 155 percent to $10.77 after the company announced encouraging results from a study involving its late-stage drug candidate,
REMOXY. Pain Therapeutics said that REMOXY, a drug candidate intended to be an abuse-deterrent for opioid, achieved positive
results. Specifically, study results among non-dependent, recreational opioid users, found that the nasal administration of REMOXY
resulted in significantly lower abuse potential versus immediate-release oxycodone.
Shares of Kenon Holdings Ltd (NYSE: KEN) got a boost,
shooting up 27 percent to $28.91 after the company disclosed that a China-based investor acquired a controlling interest in its
Qoros Automobile joint venture.
MMA Capital Management LLC (NASDAQ: MMAC) shares
were also up, gaining 20 percent to $29.02. MMA Capital reported the sale of asset management business for $57 million.
Equities Trading DOWN
Axsome Therapeutics Inc (NASDAQ: AXSM) shares
dropped 36 percent to $3.55. Axsome Therapeutics reported that AXS-02 independent data monitoring committee recommended the
continuation of COAST-1 trial and discontinuation of CREATE-1 trial.
Shares of Big 5 Sporting Goods Corporation (NASDAQ: BGFV) were down 17 percent to $6.53 after the sporting goods retailer guided its
fourth quarter and full year fiscal 2017 estimates below the Street's estimates. The company expects to report sales of $243.2
million in the fourth quarter versus estimates of $263.47 million and guided its full year sales to be $1.01 billion versus
estimates of $1.03 billion.
e.l.f. Beauty Inc (NYSE: ELF) was down, falling
around 14 percent to $18.90 after the company reconfirmed its fiscal 2017 outlook. The company sees its fiscal 2017 EPS as falling
a penny short of estimates, ending at 55 cents per share. At $270 million, sales are also expected to just barely miss
estimates.
Commodities
In commodity news, oil traded up 1.68 percent to $62.77 while gold traded down 0.64 percent to $1,312.00.
Silver traded down 0.93 percent Tuesday to $16.985, while copper fell 0.22 percent to $3.217.
Eurozone
European shares closed higher today. The eurozone’s STOXX 600 climbed 0.43 percent, the Spanish Ibex Index rose 0.27 percent,
while Italy’s FTSE MIB Index rose 0.70 percent. Meanwhile the German DAX gained 0.13 percent, and the French CAC 40 rose 0.67
percent while U.K. shares rose 0.45 percent.
Economics
The Johnson Redbook Retail Sales Index rose 0.1 percent during the first week of January versus December.
U.S. job openings dropped to 5.88 million in November, compared to 5.93 million in the previous month.
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