Mid-Day Market Update: Crude Oil Up Over 2%; Party City Shares Fall After Downbeat Q3 Results

Midway through trading Thursday, the Dow traded up 0.88% to 27735.33 while the NASDAQ rose 0.74% to 8,473.17. The S&P also rose, gaining 0.55% to 3,093.71.

Leading and Lagging Sectors

Communication services shares climbed 1.3% on Thursday. Meanwhile, top gainers in the sector included ANGI Homeservices Inc. ANGI, up 20%, and Marchex, Inc. MCHX, up 15%.

In trading on Thursday, utilities shares fell 1.7%.

Top Headline

Cardinal Health, Inc. CAH reported upbeat earnings for its first quarter.

Cardinal Health reported quarterly earnings of $1.27 per share, which beat the analyst consensus estimate of $1.09 per share. The company posted quarterly sales of $37.3 billion, versus analysts’ estimates of $36.75 billion.

Cardinal Health reaffirmed its FY20 adjusted earnings forecast of $4.85 to $5.10 per share.

Equities Trading UP

Invacare Corporation IVC shares shot up 38% to $10.90 after the company reported upbeat Q3 earnings.

Shares of Collegium Pharmaceutical, Inc COLL got a boost, shooting up 40% to $19.19 after the company reported better-than-expected Q3 EPS.

DexCom, Inc. DXCM shares were also up, gaining 30% to $198.29 after the company posted upbeat Q3 results and raised FY2019 sales guidance.

Equities Trading DOWN

Party City Holdco Inc. PRTY shares tumbled 60% to $2.44 after the company reported worse-than-expected Q3 EPS and sales results. The company also cut its FY19 EPS and sales guidance below analyst estimates.

Shares of Top Ships Inc. TOPS were down 55% to $1.29. TOP Ships priced its 4.2 million share common stock offering at $2 per share.

ObsEva SA OBSV was down, falling 53% to $3.80. Obseva said the results from the Phase 2 European confirmatory study of nolasiban in women undergoing embryo transfer following in-vitro fertilization did not meet the primary endpoint of an increase in ongoing pregnancy rate at 10 weeks.
 

Commodities


In commodity news, oil traded up 2.2% to $57.58, while gold traded down 1.8% to $1,465.80.

Silver traded down 3.1% Thursday to $17.06, while copper rose 2.3% to $2.725.

Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 0.37%, the Spanish Ibex Index rose 0.52%, while Italy’s FTSE MIB Index climbed 0.56%. Meanwhile, the German DAX gained 0.83%, and the French CAC 40 rose 0.41% while UK shares rose 0.13%.

Economics

U.S. initial jobless claims fell 8,000 to 211,000 for the latest week. However, analysts were expecting a reading of 215,000.

Domestic supplies of natural gas climbed 34 billion cubic feet for the week ended November 1, the U.S. Energy Information Administration reported. However, analysts projected a gain of 39 billion cubic feet.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Dallas, TX at 1:05 p.m. ET.

Data on consumer credit for September will be released at 3:00 p.m. ET.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in New York at 7:10 p.m. ET.

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