Mid-Day Market Update: Pier 1 Imports Drops On Earnings Miss; Argenx Shares Surge

Midway through trading Thursday, the Dow traded up 0.11 percent to 24,612.75 while the NASDAQ climbed 0.22 percent to 6,891.07. The S&P also rose, gaining 0.05 percent to 2,664.09.

Leading and Lagging Sectors

On Thursday, the information technology sector proved to be a source of strength for the market. Leading the sector was strength from Mitel Networks Corp (NASDAQ: MITL ) and Veeco Instruments Inc. (NASDAQ: VECO ).

In trading on Thursday, telecommunication services shares fell 0.79 percent.

Top Headline

Walt Disney Co (NYSE: DIS ) confirmed Thursday it's entered into an agreement to acquire media and entertainment assets from Twenty-First Century Fox Inc (NASDAQ: FOXA ).

As part of the agreement, Disney will pay Fox's shareholders $52.4 billion or 0.2745 Disney shares for each 21st Century Fox share they hold to acquire 21st Century Fox, including the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses.

Fox's shareholders will receive 0.2745 Disney shares for each 21st Century Fox share they hold.

Equities Trading UP

Siebert Financial Corp. (NASDAQ: SIEB ) shares shot up 78 percent to $9.20 following news it will offer deeply discounted online trading of U.S. equities next year.

Shares of Schmitt Industries, Inc. (NASDAQ: SMIT ) got a boost, shooting up 57 percent to $3.84 after the company reported Q2 operating results.

ARGENX SE/S ADR (NASDAQ: ARGX ) shares were also up, gaining 21 percent to $63.67. Argenx priced its 4.44 million ADS offering at $52.00 per ADS.

Equities Trading DOWN

Pier 1 Imports Inc (NYSE: PIR ) shares dropped 30 percent to $4.11 after the company reported weaker-than-expected earnings for its third quarter and issued a weak fourth quarter and FY18 guidance.

Shares of Criteo SA (ADR) (NASDAQ: CRTO ) were down 27 percent to $23.21 after the company cut its 2018 revenue forecast following Apple's launch of iOS 11.2

ABM Industries, Inc. (NYSE: ABM ) was down, falling around 15 percent to $37.40 after the company posted weak Q4 earnings and issued a downbeat full-year forecast.


In commodity news, oil traded down 0.48 percent to $56.87 while gold traded up 0.63 percent to $1,256.50.

Silver traded up 0.26 percent Thursday to $15.91, while copper rose 0.82 percent to $3.0785.


European shares were lower today. The eurozone's STOXX 600 declined 0.29 percent, the Spanish Ibex Index fell 0.62 percent, while Italy's FTSE MIB Index dipped 0.64 percent. Meanwhile the German DAX slipped 0.30 percent, and the French CAC 40 declined 0.62 percent while U.K. shares fell 0.65 percent.


U.S. jobless claims declined 11,000 to 225,000 in the latest week. However, economists were expecting claims to reach 239,000 last week.

U.S. retail sales rose 0.8 percent for November, versus economists' expectations for a 0.3 percent growth.

The import price index gained 0.7 percent in November, while export prices rose 0.5 percent last month.

The flash U.S. manufacturing PMI climbed to 55 in December, versus 53.9 in November. The flash U.S. services activity index declined to 52.4 from 54.5.

U.S. business inventories slipped 0.1 percent in October.

Domestic supplies of natural gas dropped 69 billion cubic feet for the week ended December 8, the U.S. Energy Information Administration reported. Analysts expected a decline of 63 billion cubic feet.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Profit with More New & Research . Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional

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.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.