Mid-Afternoon Market Update: Dow Falls Over 100 Points; CarGurus Shares Slide

Toward the end of trading Friday, the Dow traded down 0.39% to 29309.00 while the NASDAQ fell 0.09% to 9,703.42. The S&P also fell, dropping 0.14% to 3,369.22.

Leading and Lagging Sectors

Real estate shares climbed 0.8% on Friday. Meanwhile, top gainers in the sector included Innovative Industrial Properties, Inc. IIPR, up 4%, and Redfin Corporation RDFN, up 4%.

In trading on Friday, energy shares fell 1.2%.

Top Headline

NVIDIA Corporation NVDA reported stronger-than-expected results for its fourth quarter.

Nvidia reported adjusted fourth-quarter earnings of $1.89 per share on Thursday, which beat the analyst consensus estimate of $1.66. The company reported quarterly sales of $3.105 billion, which beat the analyst consensus estimate of $2.96 billion.

Equities Trading UP

BioXcel Therapeutics, Inc. BTAI shares shot up 50% to $35.78 after analysts at SunTrust Robinson Humphrey reiterated a Buy rating on the stock and raised their price target from $24 to $150 per share.

Shares of Digital Ally, Inc. DGLY got a boost, shooting 31% to $1.1673 after the company announced it has filed a request to withdraw its previously announced $35.3 million common stock offering.

ImmunoGen, Inc. IMGN shares were also up, gaining 30% to $6.99 after the company reported better-than-expected Q4 results. The company also issued FY20 sales guidance above analyst estimates.

Equities Trading DOWN

Pulse Biosciences, Inc. PLSE shares tumbled 37% to $7.69 after the company announced it received a letter from the FDA indicating that the company has not demonstrated that its CellFX System is substantially equivalent to a predicate device. H.C. Wainwright downgraded Pulse Biosciences from Buy to Neutral.

Shares of CarGurus, Inc. CARG were down 25% to $25.47 after the company issued Q1 and FY20 EPS and sales guidance below analyst estimates. BTIG Research downgraded CarGurus from Buy to Neutral.

LivePerson, Inc. LPSN was down, falling 24% to $34.35 after the company reported Q4 results issued Q1 guidance below analyst estimates. Oppenheimer downgraded LivePerson from Outperform to Perform.

Commodities


In commodity news, oil traded up 1.1% to $51.97, while gold traded up 0.5% to $1,586.90.

Silver traded up 0.7% Friday to $17.745, while copper fell 0.6% to $2.5985.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 slipped 0.13%, the Spanish Ibex Index rose 0.47%, while Italy’s FTSE MIB Index fell 0.10% Meanwhile, the German DAX slipped 0.01%, and the French CAC 40 fell 0.39% while UK shares fell 0.58%.

Economics

U.S. retail sales rose 0.3% for January, versus a revised 0.2% increase in December.

U.S import prices were unchanged in January, versus a revised 0.2% rise in December. Export prices rose 0.7% in January, following a 0.2% declined in the previous month.

U.S. industrial production dropped fell 0.3% in January, versus a 0.4% fall in December.

U.S. business inventories increased 0.1% in December, versus a 0.2% decline in November.

The University of Michigan consumer sentiment index climbed to 100.9 in February, versus a reading of 99.8 in January.

The total number of active U.S. oil rigs rose by 2 to 678 rigs this week, Baker Hughes Inc reported.