Mid-Day Market Update: Crude Oil Down Over 1%; Cellect Biotechnology Shares Spike Higher

Midway through trading Tuesday, the Dow traded down 0.32% to 28610.97 while the NASDAQ rose 0.11% to 9081.45. The S&P also fell, dropping 0.22% to 3239.22.

Benzinga · 01/07/2020 17:49

Midway through trading Tuesday, the Dow traded down 0.32% to 28610.97 while the NASDAQ rose 0.11% to 9081.45. The S&P also fell, dropping 0.22% to 3239.22.

Leading and Lagging Sectors

Communication services shares climbed 0.2% on Tuesday. Meanwhile, top gainers in the sector included Wanda Sports Group Company Limited (NASDAQ: WSG), up 9%, and Eros International Plc (NYSE: EROS), up 7%.

In trading on Tuesday, real estate shares fell 1.4%.

Top Headline

Pier 1 Imports (NYSE: PIR) announced concerning Q3 results and a cost-reduction initiative which, among other things, will cut its store count by about 450 locations.

The retailer posted a quarterly net loss of $60 million, or $14.15 a share, versus a year-ago net loss of $50.4 million, or $12.49 per share.

Equities Trading UP

Cellect Biotechnology Ltd. (NASDAQ: APOP) shares shot up 117% to $5.20 following an announcement concerning patents in two regions. Cellect, a developer of technology employed in the functional selection of stem cells, said it has been notified by the European Patent Office and the Israeli Intellectual Property Office regarding their intention to award patents in these regions. These patents pertain to a cell-based product and a method of manufacturing a stem and progenitor cell population with enhanced activity by short incubation with an apoptotic ligand, the Israel-based company said..

Shares of Apache Corporation (NYSE: APA) got a boost, shooting up 25% to $32.12 after the company, along with Total SA announced a significant oil discovery at the Maka Central-1 well drilled offshore Suriname.

Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) shares were also up, gaining 24% to $37.47 after the company announced that its Pegcetacoplan met its primary endpoint in the PEGASUS study.

Equities Trading DOWN

Pier 1 Imports, Inc. (NYSE: PIR) shares tumbled 12% to $4.5688 after the company announced concerning Q3 results and a cost-reduction initiative which, among other things, will cut its store count by about 450 locations.

Shares of CTI Industries Corporation (NASDAQ: CTIB) were down 17% to $2.1658 after the company has executed a non-binding letter of intent to divest its subsidiary in Guadalajara, Mexico for approximately $4 million.

Cassava Sciences, Inc. (NASDAQ: SAVA) was down, falling 14% to $7.41.

 

Commodities

In commodity news, oil traded down 1.2% to $62.49, while gold traded up 0.3% to $1,573.70.

Silver traded up 1% Tuesday to $18.36, while copper fell 0.1% to $2.789.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.25%, the Spanish Ibex Index fell 0.22%, while Italy’s FTSE MIB Index gained 0.6%. Meanwhile, the German DAX gained 0.76%, and the French CAC 40 fell 0.02% while UK shares fell 0.02%.

Economics

The US trade deficit shrank to $43.1 billion in November, versus a revised $46.9 billion gap in the prior month.

U.S. factory orders fell 0.7% in November, versus market expectations of a 0.8% drop.

The ISM non-manufacturing PMI rose to 55 in December, versus 53.9 in November.