Mid-Day Market Update: Smith Micro Software Rises Following Strong Q4 Results; FTD Companies Shares Drop

Midway through trading Thursday, the Dow traded up 0.17 percent to 25,746.35 while the NASDAQ climbed 0.07 percent to 7,648.55. The S&P also rose, gaining 0.13 percent to 2,814.55.

Leading and Lagging Sectors

On Thursday, the financial shares climbed 0.6 percent. Meanwhile, top gainers in the sector included AGM Group Holdings Inc. AGMH up 19 percent, and National General Holdings Corp. NGHC up 8 percent.

In trading on Thursday, materials shares fell 0.7 percent.

Top Headline

Dollar General Corp. DG reported weaker-than-expected earnings for its fourth quarter and issued weak 2019 outlook.

Dollar General reported quarterly earnings of $1.84 per share on sales of $6.65 billion. However, analysts were expecting earnings of $1.88 per share on sales of $6.61 billion. Its same-store sales increased 4 percent.

Dollar General expects FY19 earnings of $6.30 to $6.50 per share on sales growth of 7 percent year over year. Analysts project earnings of $6.65 per share. The company raised its quarterly dividend from $0.29 to $0.32 per share and reported a $1 billion buyback plan.

 

Equities Trading UP

Atossa Genetics Inc ATOS shares got a boost, shooting up 259 percent to $5.42 after the company received FDA approval of oral Endoxifen for 'expanded access' as a post-mastectomy treatment for a US breast cancer patient.

Shares of Smith Micro Software, Inc. SMSI shot up 34 percent to $2.4932 after the company reported higher-than-expected Q4 EPS and sales results.

Akari Therapeutics, Plc AKTX shares were also up, gaining 28 percent to $7.54 after surging 224.18 percent on Wednesday. The company announced a successful Type B, pre-IND meeting with the FDA regarding Akari's proposed pivotal clinical trial program for hematopoietic stem cell transplant-related thrombotic microangiopathy.

Equities Trading DOWN

Tailored Brands, Inc. TLRD shares dropped 23 percent to $9.02 after the company reported lower-than-expected Q4 sales results.

Shares of Legacy Reserves Inc. LGCY were down 51 percent to $0.6771 after the company announced a review of strategic alternatives; alternatives include a sale or other business combination transaction, sales of assets and financing transactions.

FTD Companies, Inc. FTD was down, falling around 23 percent to $1.25 after the company reported Q4 sales of $247.5 million, down from $278.1 million last year, and cut FY19 sales and EBITDA guidance.

Commodities

In commodity news, oil traded up 0.2 percent to $58.37 while gold traded down 1.1 percent to $1,295.30.

Silver traded down 1.8 percent Thursday to $15.175, while copper fell 1.3 percent to $2.8975.

 

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.64 percent, the Spanish Ibex Index rose 0.28 percent, while Italy’s FTSE MIB Index rose 0.58 percent. Meanwhile the German DAX slipped 0.01 percent, and the French CAC 40 gained 0.6 percent while U.K. shares rose 0.43 percent.

Economics

Initial jobless claims increased 6,000 to 229,000 in the latest week. However, economists were expecting a 225,000 reading.

The import price index rose 0.6 percent in February, while export prices increased 0.6 percent.

Sales of new U.S. homes fell 6.9 percent in January to an annual rate of 607,000. However, analysts were expecting a 622,000 rate.

Domestic supplies of natural gas dropped 204 billion cubic feet for the week ended March 8, the U.S. Energy Information Administration reported. However, analysts expected a decline of 208 billion cubic feet.

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