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Mid-Afternoon Market Update: Gold Prices Fall Below $1200; MannKind Shares Spike Higher


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Toward the end of trading Tuesday, the Dow traded down 0.12 percent to 25,933.40 while the NASDAQ declined 0.41 percent to 8,076.08. The S&P also fell, dropping 0.27 percent to 2,893.67.

Leading and Lagging Sectors

Tuesday afternoon, the utilities shares rose 0.73 percent. Meanwhile, top gainers in the sector included Cadiz Inc. (NASDAQ: CDZI ) up 19 percent, and CPFL Energia S.A. (ADR) (NYSE: CPL ) up 4 percent.

In trading on Tuesday, telecommunication services shares fell 1.4 percent.

Top Headline

Conn's Inc (NASDAQ: CONN ) reported better-than-expected results for its second quarter.

Conn's posted quarterly earnings of $0.57 per share on revenue of $384.62 million. However, analysts were expecting earnings of $0.44 per share on revenue of $384.09 million.

Equities Trading UP

TravelCenters of America LLC (NASDAQ: TA ) shares shot up 29 percent to $5.6151 after the company agreed to sell Minit Mart convenience store business for approximately $330.8 million to EG Group.

Shares of MannKind Corporation (NASDAQ: MNKD ) got a boost, shooting up 74 percent to $1.91 after the developer of inhaled therapeutic products announced a new collaboration. As part of a new agreement with United Therapeutics Corporation (NASDAQ: UTHR ), MannKind will develop initial commercial supplies of a dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension and receive an upfront payment of $45 million with another $50 million in potential milestone payments. In return, United Therapeutics will handle global development, regulatory and commercial activities.

The9 Limited (ADR) (NASDAQ: NCTY ) shares were also up, gaining 32 percent to $1.43 after Chairman and CEO Jun Zhu announced the purchase of $3 million of the company's American depository shares under a buyback plan.

Equities Trading DOWN

Tahoe Resources Inc. (NYSE: TAHO ) shares dropped 21 percent to $2.72 after a Guatemalan Constitutional Court reversed a court decision to reinstate the company's Escobal mining license; Mining license will remain suspended.

Shares of Seagate Technology plc (NASDAQ: STX ) were down 8 percent to $49.18. Evercore ISI Group downgraded Seagate from In-Line to Underperform and lowered the price target from $55 to $45.

Zai Lab Limited (NASDAQ: ZLAB ) was down, falling around 9 percent to $20.78. Zai Lab on Sunday announced a $150 million ADS offering.

Commodities

In commodity news, oil traded up 0.36 percent to $70.05 while gold traded down 0.75 percent to $1,197.70.

Silver traded down 2.69 percent Tuesday to $14.165, while copper fell 2.70 to $2.599.

Eurozone

European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.70 percent, the Spanish Ibex Index rose 0.01 percent, while Italy's FTSE MIB Index gained 1.01 percent. Meanwhile the German DAX declined 1.10 percent, and the French CAC 40 slipped 1.31 percent while U.K. shares fell 0.62 percent.

Economics

The final reading of IHS Markit U.S. manufacturing PMI rose to 54.7 in August, compared to a reading of 55.3 in July.

U.S. construction spending rose 0.1 percent for July, versus economists' expectations for a 0.5 percent increase.

The ISM manufacturing index rose to 61.3 for August, versus a reading of 58.1 for July.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Commodities
Referenced Symbols: TA , CDZI , CONN , MNKD , NCTY



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