Mid-Morning Market Update: Markets Edge Lower; Ciena Profit Misses Estimates

Following the market opening Thursday, the Dow traded down 0.03 percent to 19,544.19 while the NASDAQ declined 0.02 percent to 5,392.81. The S&P also fell, dropping 0.06 percent to 2,240.02.

Leading and Lagging Sectors

Thursday morning, basic materials shares gained by 0.47 percent. Meanwhile, top gainers in the sector included Scotts Miracle-Gro Co SMG, and POSCO (ADR) PKX.

In trading on Thursday, healthcare shares fell by 0.87 percent. Meanwhile, top losers in the sector included Horizon Pharma PLC HZNP, down 20 percent, and Sangamo Biosciences, Inc. SGMO, down 6 percent.

Top Headline

Ciena Corporation CIEN posted downbeat earnings for its fourth quarter.

Ciena posted Q4 adjusted earnings of $0.44 per share on revenue of $716.2 million. Analysts were expecting earnings of $0.46 per share on revenue of $716.5 million.

Equities Trading UP

Tailored Brands Inc TLRD shares shot up 42 percent to $26.79 after the company reported better-than-expected results for its third quarter on Wednesday.

Shares of Lululemon Athletica inc. LULU got a boost, shooting up 19 percent to $70.93 after the company reported stronger-than-expected earnings for its third quarter and announced a $100 million stock buyback plan.

Ciena Corporation CIEN shares were also up, gaining 13 percent to $24.40. Ciena posted Q4 adjusted earnings of $0.44 per share on revenue of $716.2 million.

Equities Trading DOWN

Comtech Telecomm. Corp. CMTL shares dropped 21 percent to $10.04. Comtech reported Q1 GAAP loss of $0.11 per share on revenue of $135.8 million.

Shares of OHR Pharmaceutical Inc OHRP were down 27 percent to $1.83 after the company reported a proposed public offering of common stock and warrants.

Horizon Pharma PLC HZNP was down, falling around 19 percent to $15.63 after the company disclosed that its topline Phase 3 ACTIMMUNE results did not meet primary and secondary endpoint.

Commodities

In commodity news, oil traded up 1.37 percent to $50.45 while gold traded down 0.49 percent to $1,171.70.

Silver traded down 1.10 percent Thursday to $17.09, while copper fell 0.61 percent to $2.63.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.95 percent, the Spanish Ibex Index rose 1.76 percent, while Italy’s FTSE MIB Index surged 0.66 percent. Meanwhile the German DAX climbed 1.40 percent, and the French CAC 40 gained 0.80 percent while U.K. shares rose 0.24 percent.

Economics

Initial jobless claims dropped by 10,000 to 258,000 in the latest week. However, economists were expecting claims to reach 258,000 in the week.

The Energy Information Administration’s weekly report on natural gas stocks 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.