Mid-Afternoon Market Update: Build-A-Bear Rises After Q1 Results; Travere Therapeutics Shares Drop

Toward the end of trading Wednesday, the Dow traded up 0.06% to 34,333.12 while the NASDAQ rose 0.53% to 13,728.97. The S&P also rose, gaining 0.18% to 4,195.77.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,166,870 cases with around 590,950 deaths. India confirmed a total of at least 27,157,790 cases and 311,380 deaths, while Brazil reported over 16,194,200 COVID-19 cases with 452,030 deaths. In total, there were at least 167,886,350 cases of COVID-19 worldwide with more than 3,487,240 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares climbed 1.1% on Wednesday. Meanwhile, top gainers in the sector included Express, Inc. EXPR, up 22%, and Build-A-Bear Workshop, Inc. BBW, up 24%.

In trading on Wednesday, health care shares fell 0.5%.

Top Headline

Dick's Sporting Goods, Inc. DKS reported better-than-expected Q1 results and also announced plans to buyback a minimum of $200 million of its common shares in 2021.

Dick's Sporting posted quarterly earnings of $3.79 per share, exceeding market estimates of $1.12 per share. The company’s quarterly sales came in at $2.92 billion, versus analysts’ estimates of $2.18 billion.

Dick's Sporting Goods said it sees FY21 adjusted EPS of $8.00-$8.70 and sales of $10.515 billion-$10.806 billion.

 

Equities Trading UP

Owens & Minor, Inc. OMI shares shot up 32% to $42.69. Owens & Minor said it sees FY22 adjusted EPS of $3.00-$3.50. The company also issued long-term target for $12 billion in revenues and over $6 in adjusted EPS by 2026.

Shares of Build-A-Bear Workshop, Inc. BBW got a boost, shooting 24% to $12.53 after the company reported better-than-expected Q1 results and raised FY21 EBITDA guidance.

PDL Community Bancorp PDLB shares were also up, gaining 27% to $14.71. Ponce Bank Mutual Holding Company and PDL Community Bancorp adopted a Plan of Conversion and Reorganization, under which both companies will reorganize into a new stock holding company and will conduct a second-step stock offering of new shares.

Check out these big movers of the day

Equities Trading DOWN

Larimar Therapeutics, Inc. LRMR shares tumbled 39% to $8.26 after the FDA instituted a clinical hold on the company’s CTI-1601 clinical program as a treatment for Friedreich's Ataxia (FA), a neurodegenerative movement disorder.

Shares of CarLotz, Inc. LOTZ were down 15% to $4.4150 after the company issued a company update. A leading corporate vehicle sourcing partner for CarLotz has paused consignments to the company.

Travere Therapeutics, Inc. TVTX was down, falling 17% to $14.80. Travere Therapeutics said it received final pre-NDA meeting minutes, wherein the FDA acknowledged the high unmet need for approved therapies for the treatment of focal segmental glomerulosclerosis but indicated the available data from the interim assessment of the DUPLEX study evaluating its sparsentan for the indication would not be adequate to support an accelerated approval at this time. The company said it now no longer expects to submit for accelerated approval for FSGS in the U.S. during the second half of 2021. Wedbush downgraded Travere Therapeutics from Outperform to Neutral and announced a $19 price target.

Commodities

In commodity news, oil traded down 0.1% to $65.98, while gold traded up 0.1% to $1,900.60.

Silver traded down 0.6% Wednesday to $27.89 while copper rose 0.4% to $4.5255.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 rose 0.01%, the Spanish Ibex Index fell 0.13% and the German DAX 30 dropped 0.09%. Meanwhile, the London’s FTSE 100 slipped 0.04%, French CAC 40 rose 0.02% and Italy’s FTSE MIB fell 0.46%.

French consumer confidence rose to 97 in May from 95 in the prior month, while manufacturing climate indicator rose to 107 from 104.

Economics

US crude-oil inventories declined 1.7 million barrels last week, the Energy Information Administration said.

The survey of business uncertainty for May will be released at 11:00 a.m. ET.

Federal Reserve Governor Randal Quarles will speak at 3:00 p.m. ET.

Check out the full economic calendar here