Mid-Day Market Update: Dow Surges 150 Points; Lipocine Shares Plummet
Midway through trading Thursday, the Dow traded up 0.61 percent to 25,522.83 while the NASDAQ climbed 0.61 percent to 7,197.02. The S&P also rose, gaining 0.54 percent to 2,762.95.
Leading and Lagging Sectors
In trading on Thursday, healthcare shares slipped 0.01 percent. Meanwhile, top losers in the sector included PNM Resources Inc (NYSE: PNM ), down 2 percent, and PG&E Corporation (NYSE: PCG ) down 2 percent.
Delta Air Lines, Inc. (NYSE: DAL ) reported better-than-expected results for its fourth quarter.
Delta Air said it earned 96 cents per share in the quarter on revenue of $10.25 billion which exceeded Wall Street's expectations for 89 cents per share and $10.17 billion.
Delta lifted its full-year profit forecast to $6.35-$6.70 per share.
Equities Trading UP
New Age Beverages Corp (NASDAQ: NBEV ) shares shot up 14 percent to $2.91. The company disclosed that it has commenced shipment of its XingTea portfolio of ready-to-drink teas to CVS Health.
Shares of CounterPath, Corp. (NASDAQ: CPAH ) got a boost, shooting up 13 percent to $5.90 after the company disclosed a distribution agreement with Soft Solutions to reach new markets.
Richardson Electronics, Ltd. (NASDAQ: RELL ) shares were also up, gaining 11 percent to $7.70 following Q2 results. Richardson Electronics reported Q2 adjusted earnings of $0.01 per share on revenue of $39.1 million.
Equities Trading DOWN
Lipocine Inc (NASDAQ: LPCN ) shares dropped 47 percent to $1.84 after the company reported the outcome of the FDA Advisory Committee meeting for TLANDO. The company confirmed that the FDA AdCom Panel voted 6 in favor and 13 against the benefit/risk profile of TLANDO.
Shares of SemiLEDs Corporation (NASDAQ: LEDS ) were down 25 percent to $4.92. SemiLEDS reported a Q1 loss of $0.11 per share on revenue of $2 million after the closing bell.
Cogint, Inc. (NASDAQ: COGT ) was down, falling around 13 percent to $4.75. Cogint named Blockchain industry veteran David Drake as Chairman of Strategic Advisory Board of Blockchain unit.
In commodity news, oil traded up 1.48 percent to $64.51 while gold traded up 0.25 percent to $1,322.60.
Silver traded down 0.18 percent Thursday to $17.005, while copper fell 0.02 percent to $3.235.
European shares were mostly lower today. The eurozone's STOXX 600 tumbled 0.34 percent, the Spanish Ibex Index rose 0.07 percent, while Italy's FTSE MIB Index rose 0.64 percent. Meanwhile the German DAX declined 0.59 percent, and the French CAC 40 fell 0.29 percent while U.K. shares fell 0.19 percent.
Initial jobless claims rose 11,000 to 261,000 in the latest week. However, economists expected claims to reach 246,000 last week.
U.S. producer price index dropped 0.1 percent in December. However, the index gained 2.6 percent in the twelve months through December.
Domestic supplies of natural gas slipped 359 billion cubic feet for the week ended January 5, the U.S. Energy Information Administration reported. However, analysts projected a drop of 337 billion.
The U.S. Treasury budget report for December will be released at 2:00 p.m. ET.
New York Federal Reserve Bank President William Dudley is set to speak in New York at 3:30 p.m. ET.
Data on money supply for the recent week will be released at 4:30 p.m. ET.
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