Mid-Day Market Update: Dow Rises Over 100 Points; Oasis Petroleum Shares Plummet

Midway through trading Tuesday, the Dow traded up 0.45 percent to 24,495.69 while the NASDAQ declined 0.02 percent to 6,873.80. The S&P also rose, gaining 0.17 percent to 2,664.52.

Leading and Lagging Sectors

On Tuesday, the telecommunication services sector proved to be a source of strength for the market. Leading the sector was strength from Zayo Group Holdings Inc (NYSE: ZAYO ) and VEON Ltd (ADR) (NASDAQ: VEON ).

In trading on Tuesday, utilities shares fell 0.87 percent.

Top Headline

Casey's General Stores Inc (NASDAQ: CASY ) reported weaker-than-expected earnings for its second quarter.

Casey's reported Q2 earnings of $1.28 per share on revenue of $2.154 billion. Analysts were expecting earnings of $1.40 per share on sales of $2.18 billion.

Equities Trading UP

Proteostasis Therapeutics Inc (NASDAQ: PTI ) shares shot up 180 percent to $6.58 after the company disclosed 'positive' PTI-428 data with statistical significance.

Shares of Tel-Instrument Electronics Corp. (NYSE: TIK ) got a boost, shooting up 73 percent to $3.90 after the company reported $1 million of new orders.

GlycoMimetics Inc (NASDAQ: GLYC ) shares were also up, gaining 27 percent to $18.13 as the company issued an update on survival rates for its Phase 1/2 trial for GMI-1271.

Equities Trading DOWN

Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM ) shares dropped 21 percent to $4.25 after the company reported a Q2 loss of $12.6 million on revenue of $12.8 million.

Shares of Oasis Petroleum Inc. (NYSE: OAS ) were down 11 percent to $8.97 after the company reported a 32 million share common stock offering. The company announced Delaware Basin acquisition for $946 million and also raised its Q4 production guidance.

Acer Therapeutics Inc (NASDAQ: ACER ) was down, falling around 13 percent to $12.26. Acer Therapeutics priced its 917,000 share offering at $12 per share.


In commodity news, oil traded down 0.40 percent to $57.76 while gold traded down 0.53 percent to $1,240.30.

Silver traded down 0.57 percent Tuesday to $15.695, while copper rose 0.15 percent to $3.016.


European shares were mostly higher today. The eurozone's STOXX 600 gained 0.46 percent, the Spanish Ibex Index fell 0.32 percent, while Italy's FTSE MIB Index rose 0.15 percent. Meanwhile the German DAX climbed 0.17 percent, and the French CAC 40 surged 0.47 percent while U.K. shares rose 0.48 percent.


The Federal Open Market Committee begins its two-day policy meeting today.

The NFIB small business optimism index rose to 107.50 for November, versus prior reading of 103.80. However, analysts expected a reading of 104.60.

The Producer Price Index gained 0.4 percent for November, matching economists' expectations for a 0.4 percent growth.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

The U.S. Treasury budget report for November is schedule for release at 2:00 p.m. ET.

© 2017 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.

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

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