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Mid-Day Market Update: LeMaitre Vascular Surges Following Strong Q4 Results; Sienna Biopharmaceuticals Shares Slide


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Midway through trading Wednesday, the Dow traded up 0.14 percent to 25,926.45 while the NASDAQ climbed 0.31 percent to 7,509.82. The S&P also rose, gaining 0.15 percent to 2,783.97.

Leading and Lagging Sectors

On Wednesday, the materials shares climbed 1.4 percent. Meanwhile, top gainers in the sector included Intrepid Potash, Inc. (NYSE: IPI ) up 7 percent, and CF Industries Holdings, Inc. (NYSE: CF ) up 6 percent.

In trading on Wednesday, real estate shares fell 0.6 percent.

Top Headline

CVS Health Corp (NYSE: CVS ) issued weak earnings forecast for FY19. The company reported upbea t earnings for its fourth quarter, while sales missed view.

CVS Health said it earned $2.14 per share in the fourth quarter on revenue of $54.42 billion. However, analysts were expecting earnings of $2.05 per share and revenue of $54.58 billion.

CVS Health expects FY19 adjusted earnings of $6.68 to $6.88 per share, versus analysts' estimates of $7.41 per share.

Equities Trading UP

ARCA biopharma, Inc. (NASDAQ: ABIO ) shares got a boost, shooting up 81 percent to $0.7019 after the company announced an agreement with the FDA for a single Phase 3 clinical trial to support approval for its Cardiovascular drug.

Shares of Kandi Technologies Group, Inc. (NASDAQ: KNDI ) shot up 40 percent to $8.33 after the company reported NHTSA approval of 2 electric vehicle models.

LeMaitre Vascular, Inc. (NASDAQ: LMAT ) shares were also up, gaining 23 percent to $30.75 after the company posted upbeat Q4 results and issued a strong FY19 outlook.

Equities Trading DOWN

Ovid Therapeutics Inc. (NASDAQ: OVID ) shares dropped 31 percent to $1.78 after reporting pricing of $30 million of securities in concurrent public offerings of common and preferred stock.

Shares of Sienna Biopharmaceuticals, Inc. (NASDAQ: SNNA ) were down 22 percent to $2.3199 after the company priced an 8 million share stock offering at $2.50 per share.

Owens & Minor, Inc. (NYSE: OMI ) was down, falling around 17 percent to $6.62 after the company reported downbeat Q4 earnings and issued weak 2019 earnings forecast.

Commodities

In commodity news, oil traded up 0.2 percent to $56.20 while gold traded up 0.1 percent to $1,346.10.

Silver traded up 0.4 percent Wednesday to $16.03, while copper rose 0.9 percent to $2.905.

Eurozone

European shares were higher today. The eurozone's STOXX 600 gained 0.6 percent, the Spanish Ibex Index rose 0.3 percent, while Italy's FTSE MIB Index climbed 0.2 percent. Meanwhile the German DAX gained 0.7 percent, and the French CAC 40 rose 0.6 percent while U.K. shares rose 0.6 percent.

Economics

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

Data on farm prices for December will be released at 3:00 p.m. ET.

© 2019 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: ABIO , KNDI , LMAT , CF , CVS




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