Mid-Afternoon Market Update: Dycom Industries Drops Following Q1 Results; The Joint Corp Shares Slide

Toward the end of trading Tuesday, the Dow traded down 0.09% to 34,362.49 while the NASDAQ fell 0.04% to 13,655.88. The S&P also fell, dropping 0.14% to 4,191.36.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,144,090 cases with around 590,570 deaths. India confirmed a total of at least 26,948,870 cases and 307,230 deaths, while Brazil reported over 16,120,750 COVID-19 cases with 449,850 deaths. In total, there were at least 167,357,750 cases of COVID-19 worldwide with more than 3,474,910 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares climbed 0.4% on Tuesday. Meanwhile, top gainers in the sector included Nam Tai Property Inc. NTP, up 6%, and Tanger Factory Outlet Centers, Inc. SKT, up 4%.

In trading on Tuesday, energy shares fell 1.9%.

Top Headline

AutoZone, Inc. AZO reported better-than-expected results for its third quarter on Tuesday.

AutoZone posted quarterly earnings of $26.48 per share, exceeding market estimates of $20.14 per share. The company’s quarterly sales came in at $3.70 billion, versus analysts’ estimates of $3.26 billion.

Equities Trading UP

The Joint Corp. JYNT shares shot up 19% to $69.40 after it was announced the company will join the S&P SmallCap 600.

Shares of SemiLEDs Corporation LEDS got a boost, shooting 22% to $9.63 following reports indicating equipment billings increased 50% in April compared to the prior year's period.

Provention Bio, Inc. PRVB shares were also up, gaining 28% to $10.18. FDA's Endocrinologic and Metabolic Drugs Advisory Committee will meet on Thursday to discuss Provention Bio’s BLA for teplizumab intravenous infusion, for the delay or prevention of clinical type 1 diabetes mellitus in at-risk individuals. The FDA will release a briefing document prepared by FDA staffers that will provide background and other information for deliberation by the FDA panel.

Check out these big movers of the day

Equities Trading DOWN

Achieve Life Sciences, Inc. ACHV shares tumbled 14% to $7.41 after the company priced its underwritten public offering of 2.9 million at $7 per share, representing a discount of 19% from the last close price of $8.61.

Shares of Dycom Industries, Inc. DY were down 14% to $71.18 after the company reported worse-than-expected Q1 results.

89bio, Inc. ETNB was down, falling 11% to $17.26. Raymond James downgraded 89bio from Strong Buy to Outperform and lowered the price target from $65 to $35.

Commodities

In commodity news, oil traded up 0.1% to $66.14, while gold traded up 0.8% to $1,899.00.

Silver traded up 0.7% Tuesday to $28.085 while copper fell 0.3% to $4.5120.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.03%, the Spanish Ibex Index rose 0.03% and the German DAX 30 gained 0.18%. Meanwhile, the London’s FTSE 100 slipped 0.31%, French CAC 40 fell 0.28% and Italy’s FTSE MIB rose 0.01%.

German economy contracted 1.8% on quarter during the three months to March, while Ifo Business Climate indicator climbed to 99.2 in May from 96.6 a month ago. Spain's producer price inflation surged 12.8% year-over-year in April.

Economics

The Johnson Redbook Retail Sales Index jumped 13.2% year-over-year during the first three weeks of May.

The S&P CoreLogic Case-Shiller 20-city home price index surged 13.3% year-over-year in March.

The FHFA house price index rose 1.4% in March.

Sales of new single family houses dropped 5.9% to an annualized rate of 863,000 in April.

The Conference Board’s consumer confidence index fell to 117.2 in May.

The Richmond Fed's manufacturing index increased to 18 in May from 17 in each of the last two months.

Check out the full economic calendar here