Leading and Lagging Sectors
On Tuesday, the information technology sector proved to be a source of strength for the market. Leading the sector was strength from Daqo New Energy Corp. (NYSE: DQ) and Ceragon Networks Ltd. (NASDAQ: CRNT).
In trading on Tuesday, utilities shares fell 1.11 percent.
Toll Brothers, Inc. (NYSE: TOL) reported downbeat results for its fourth quarter.
Toll Brothers posted quarterly earnings of $1.17 per share on revenue of $2.03 billion. However, analysts expected earnings of $1.19 per share on revenue of $2.08 billion.
Equities Trading UP
Revance Therapeutics, Inc. (NASDAQ: RVNC) shares shot up 35 percent to $35.10 after the company disclosed that its RT002 met primary and all secondary endpoints.
Shares of Moleculin Biotech, Inc. (NASDAQ: MBRX) got a boost, shooting up 14 percent to $2.07 after the company disclosed that its WP1066 drug has received the FDA brain tumor IND clearance.
Barnes & Noble Education, Inc. (NYSE: BNED) shares were also up, gaining 19 percent to $7.51 after the company reported Q2 results.
Equities Trading DOWN
Galectin Therapeutics, Inc. (NASDAQ: GALT) shares dropped 34 percent to $1.6466 as the company reported that its Phase 2b NASH-CX trial did not meet its primary endpoint.
Shares of Ascena Retail Group, Inc. (NASDAQ: ASNA) were down 23 percent to $2.015. Ascena Retail reported in-line earnings for its first quarter. The company reported a 5 percent drop in its Q1 comps and issued weak second quarter guidance.
Digital Power Corporation (NYSE: DPW) was down, falling around 12 percent to $3.06 following news of offering by selling shareholders.
In commodity news, oil traded up 0.71 percent to $57.88 while gold traded down 0.83 percent to $1,267.10.
Silver traded down 1.64 percent Tuesday to $16.105, while copper fell 4.29 percent to $2.9575.
European shares were mixed today. The eurozone’s STOXX 600 fell 0.19 percent, the Spanish Ibex Index rose 0.03 percent, while Italy’s FTSE MIB Index jumped 0.24 percent. Meanwhile the German DAX slipped 0.08 percent, and the French CAC 40 dipped 0.26 percent while U.K. shares fell 0.16 percent.
U.S. trade deficit rose 8.6 percent to $48.7 billion in October.
The ISM non-manufacturing index dropped to 57.40 in November, versus prior reading of 60.10. However, economists projected a reading of 59.10.
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