Markets
AGN

Mid-Morning Market Update: Markets Open Lower; Lennar Tops Q2 Estimates

Following the market opening Tuesday, the Dow traded down 0.27% to 26,656.50 while the NASDAQ fell 0.33% to 7,979.12. The S&P also fell, dropping 0.21% to 2,939.19.

Leading and Lagging Sectors

Health care shares gained 0.4% on Tuesday. Meanwhile, top gainers in the sector included Allergan plc (NYSE: AGN), up 27%, and Xencor, Inc. (NASDAQ: XNCR), up 14%.

In trading on Tuesday, communication services shares fell 0.8%.

Top Headline

Lennar Corporation (NYSE: LEN) announced better-than-expected results for its second quarter.

Lennar reported second-quarter earnings of $1.30 per share, which beat the analyst consensus estimate of $1.14. The company reported quarterly sales of $5.6 billion, which beat the analyst consensus estimate of $5.1 billion.

Equities Trading UP

Pyxus International, Inc. (NYSE: PYX) shares shot up 34% to $18.00 after Imperial Capital initiated coverage on the stock with an Outperform rating and announced a $71 price target.

Shares of Allergan plc (NYSE: AGN) got a boost, shooting up 27% to $164.90. AbbVie Inc (NYSE: ABBV) reached a deal to acquire Allergan for $63 billion. Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each Allergan share, for a total of $188.24 per Allergan share.

Xencor, Inc. (NASDAQ: XNCR) shares were also up, gaining 14% to $38.68 after it was announced the company would replace HFF Inc in the S&P SmallCap 600. .

Equities Trading DOWN

Acer Therapeutics Inc. (NASDAQ: ACER) shares tumbled 77% to $4.48 after the FDA rejected its New Drug Application for EDSIVO.

Shares of Conatus Pharmaceuticals Inc. (NASDAQ: CNAT) were down 63% to $0.3404 after the company announced its ENCORE-LF trial of Emricasan did not meet its primary endpoint. The company will discontinue treatment, reduce its workforce and pursue strategic alternatives.

Aldeyra Therapeutics, Inc. (NASDAQ: ALDX) was down, falling 23% to $5.47. Aldeyra, which focuses on therapies for immune-mediated diseases, reported its Phase 3 trial dubbed SOLACE that evaluated its reproxalap, code-named ADX-102 (a topical ophthalmic solution) in non-infectious anterior uveitis did not meet both the primary and secondary endpoints.

Commodities

In commodity news, oil traded down 0.2% to $57.80, while gold traded up 0.8% to $1,429.60.

Silver traded down 0.2% Tuesday to $15.35, while copper rose 1.1% to $2.734.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index fell 0.8%, while Italy’s FTSE MIB Index dropped 0.7%. Meanwhile, the German DAX slipped 0.1%, and the French CAC 40 fell 0.1% while UK shares fell 0.1%.

Economics

The Johnson Redbook Retail Sales Index fell 2.5% during the first three weeks of June versus May.

The S&P Corelogic Case-Shiller home price index increased 2.5% year-over-year in April, versus a revised 2.6 percent rise in the prior month.

The FHFA's house price index rose 0.4% in April, compared to a 0.1% increase in the prior month.

New home sales fell 7.8% for May to an annual rate of 626,000 in May.

The Conference Board consumer confidence index fell to 121.5 for June, versus a revised reading of 131.3.

The Richmond Fed's manufacturing index fell to 3 for June, versus prior reading of 5.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in Atlanta, GA at 12:00 p.m. ET.

Federal Reserve Chairman Jerome Powell is set to speak in New York at 1:00 p.m. ET.

The Treasury is set to auction 2-year notes at 1:00 p.m. ET.

St. Louis Federal Reserve Bank President James Bullard will speak in St. Louis, Missouri at 6:30 p.m. ET.

© 2019 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.

In This Story

AGN LEN ABBV CNAT ALDX XNCR ACER PYX

Latest Markets Videos