Market Outlook for Tuesday, June 18, 2019

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News - "Mid-Afternoon Market Update: Dow Up 350 Points; G1 Therapeutics Shares Spike Higher"

Toward the end of trading Tuesday, the Dow traded up 1.34% to 26,463.40 while the NASDAQ rose 1.55% to 7,966.72. The S&P also rose, gaining 1.05% to 2,920.11.

Leading and Lagging Sectors

Information technology shares rose 1.7% on Tuesday. Meanwhile, top gainers in the sector included SunPower Corporation (NASDAQ: SPWR), up 28%, and NVE Corporation (NASDAQ: NVEC), up 10%.

In trading on Tuesday, utilities shares fell by 0.6%.


Top Headline

Blockchain payments firm Ripple has made an investment in MoneyGram International, Inc. (NASDAQ: MGI) and will also allow the group to use its XRP cryptocurrency as part of the cross-border payments process.

Ripple made an initial investment of $30 million in the money transfer company, made up of common stock and a warrant to purchase common stock. Ripple purchased newly-issued common stock including the shares underlying the warrant from MoneyGram at $4.10 per share.


Equities Trading UP

MoneyGram International, Inc. (NASDAQ: MGI) shares shot up 128% to $3.30 after the company reported a strategic partnership with Ripple.

Shares of G1 Therapeutics, Inc. (NASDAQ: GTHX) got a boost, shooting up 26% to $24.92 after the company announced Phase 2 trial of Trilaciclib in combination with Chemotherapy showed statistically significant improvement in overall survival in women with metastatic triple negative breast cancer.

SunPower Corporation (NASDAQ: SPWR) shares were also up, gaining 29% to $10.68 after Goldman Sachs upgraded the stock from Neutral to Buy and announced an $11 price target.


Equities Trading DOWN

Digital Ally, Inc. (NASDAQ: DGLY) shares tumbled 43% to $1.66. Axon Enterprise Inc (NASDAQ: AAXN) reported the U.S. District Court for the District of Kansas has granted summary judgment in favor of the company stating that Axon's Signal technology does not infringe Digital Ally's 452 patent. The court entered judgment for Axon and dismissed the case in its entirety.

Shares of ContraVir Pharmaceuticals, Inc. (NASDAQ: CTRV) were down 39% to $5.89 after the company reported a 2.6 million unit offering priced at $6 per unit.

Senmiao Technology Limited (NASDAQ: AIHS) was down, falling 39% to $2.7805 after the company reported entry into agreements for registered direct public offering of $6.0 million of common stock and warrants.

Commodities

In commodity news, oil traded up 3.3% to $53.66, while gold traded up 0.5% to $1,349.90.

Silver traded up 1.1% Tuesday to $14.99, while copper rose 2.2% to $2.704.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 1.67%, the Spanish Ibex Index rose 1.19%, while Italy’s FTSE MIB Index gained 2.46%. Meanwhile, the German DAX gained 2.03%, and the French CAC 40 rose 2.2% while UK shares rose 1.17%.

Economics

The Federal Open Market Committee begins its two-day policy meeting today.

U.S. housing starts fell 0.9% at an annual pace of 1.269 million for May, while building permits rose 0.3% at an annual rate of 1.294 million.

Chart
Today's Earnings
TickerCompany NameTime
ADBEAdobe Systems4:00 PM
CHKECherokee4:00 PM
COChina Cord Blood4:00 PM
DTEADAVIDsTEA Inc. - Common Stock4:00 PM
HXHexindai7:00 AM
JBLJabil4:00 PM
KEQUKewaunee Scientific4:00 PM
LZBLa-Z-Boy4:00 PM
OCCIOFS Credit Company, Inc.4:00 PM
PSNParsons Corporation Common Stock8:00 AM
Today's Economic Events
Event NamePeriodYearTime
Current AccountApr20194:00 AM
Current AccountApr20194:00 AM
Building PermitsMay20198:30 AM
Building Permits (MoM)May20198:30 AM
Housing Starts (MoM)May20198:30 AM
Housing StartsMay20198:30 AM
Redbook (MoM)Jun 1420198:55 AM
Redbook (YoY)Jun 1420198:55 AM
52-Week Bill Auction 201911:30 AM
API Weekly Crude InventoriesJun 1420194:30 PM
Movers & Shakers - "40 Stocks Moving In Tuesday's Mid-Day Session"
Gainers
    Moneygram International Inc (NASDAQ: MGI) shares jumped 98.6% to $2.88 after the company reported a strategic partnership with Ripple. Blockchain payments firm Ripple has made an investment in MoneyGram and will also allow the group to use its XRP cryptocurrency as part of the cross-border payments process. Ripple made an initial investment of $30 million in the money transfer company, made up of common stock and a warrant to purchase common stock. Ripple purchased newly-issued common stock including the shares underlying the warrant from MoneyGram at $4.10 per share. Moxian, Inc. (NASDAQ: MOXC) gained 35.4% to $3.1543. G1 Therapeutics, Inc. (NASDAQ: GTHX) surged 23.8% to $24.45 after the company announced Phase 2 trial of Trilaciclib in combination with Chemotherapy showed statistically significant improvement in overall survival in women with metastatic triple negative breast cancer. Immuron Limited (NASDAQ: IMRN) shares jumped 18.4% to $3.03. Lonestar Resources US Inc. (NASDAQ: LONE) gained 17.5% to $2.9250. SunPower Corporation (NASDAQ: SPWR) rose 15.7% to $9.59. Goldman Sachs upgraded SunPower from Neutral to Buy. Telephone and Data Systems, Inc. (NYSE: TDS) gained 13.6% to $33.20 after Morgan Stanley upgraded the stock from Equal-Weight to Overweight. United States Cellular Corporation (NYSE: USM) rose 13% to $49.92 after Morgan Stanley upgraded the stock from Equal-Weight to Overweight. Biocept, Inc. (NASDAQ: BIOC) rose 10.8% to $1.13 after the company announced the commercial launch of its Target Selector NGS Breast Panel, its multi-gene liquid biopsy panel specifically developed for breast cancer. TimkenSteel Corporation (NYSE: TMST) gained 9.5% to $7.72. Jupai Holdings Limited (NYSE: JP) shares rose 9.4% to $2.44. Cesca Therapeutics Inc. (NASDAQ: KOOL) gained 9.3% to $3.05 after the company's subsidiary, ThermoGenesis, received Health Canada approval for its next generation AXP II System for cord blood processing. ACM Research, Inc. (NASDAQ: ACMR) rose 9.1% to $18.25 after highlighting strategic plan to extend access to China's capital markets. Intrexon Corporation (NASDAQ: XON) climbed 8.9% to $8.27 after the company reported a $100 million partnership with Surterra to advance commercial scale fermentation-based cannabinoid production. Renewable Energy Group, Inc. (NASDAQ: REGI) gained 8.5% to $15.53. Carvana Co. (NYSE: CVNA) shares rose 8.3% to $68.93. Hovnanian Enterprises, Inc. (NYSE: HOV) gained 8.3% to $8.05. Nabors Industries Ltd. (NYSE: NBR) shares surged 8.2% to $2.1850. Ocular Therapeutix, Inc. (NASDAQ: OCUL) gained 7.8% to $4.54. Snap Inc (NYSE: SNAP) rose 6.8% to $14.47 after BTIG raised price target on stock from $15 to $20. Beyond Meat, Inc. (NASDAQ: BYND) rose 6.6% to $181.23 after surging 12.20% on Monday. Sunrun Inc. (NASDAQ: RUN) rose 5.3% to $17.99. Goldman Sachs upgraded Sunrun from Neutral to Buy and announced a $20 price target. PhaseBio Pharmaceuticals, Inc. (NASDAQ: PHAS) rose 4.8% to $12.86 after the company reported preliminary results from its Phase 2a clinical trial of PB2452. Statistically significant reversal of ticagrelor was achieved within 5 minutes of initiation. Eiger Biopharmaceuticals Inc (NASDAQ: EIGR) rose 4.6% to $10.97 after the company announced a breakthrough therapy designation granted by the FDA for avexitide for treatment of post-bariatric hypoglycemia. Parsons Corporation (NYSE: PSN) shares rose 3.3% to $32.36 after reporting strong Q1 sales.


Check out these big penny stock gainers and losers

Losers
    Digital Ally, Inc. (NASDAQ: DGLY) shares tumbled 42.8% to $1.6592. Axon Enterprise Inc (NASDAQ: AAXN) reported the U.S. District Court for the District of Kansas has granted summary judgment in favor of the company stating that Axon's Signal technology does not infringe Digital Ally's 452 patent. The court entered judgment for Axon and dismissed the case in its entirety. ContraVir Pharmaceuticals, Inc. (NASDAQ: CTRV) declined 38.5% to $5.97 after the company reported a 2.6 million unit offering priced at $6 per unit. Rockwell Medical, Inc. (NASDAQ: RMTI) shares dipped 27.4% to $3.20 after the company priced its 5.83 million share offering at $3 per share. Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN) fell 26.8% to $42.01 after the company reported proposed public $300 million offering of common shares. Senmiao Technology Limited (NASDAQ: AIHS) dropped 26.1% to $3.39 after the company reported entry into agreements for registered direct public offering of $6.0 million of common stock and warrants. Vislink Technologies, Inc. (NASDAQ: VISL) shares fell 18.8% to $1.745. Unity Biotechnology, Inc. (NASDAQ: UBX) dipped 14.1% to $7.88 after the company reported topline data for Phase 1 in the first in human study of UBX0101 in patients with Osteoarthritis of the knee. GCP Applied Technologies Inc. (NYSE: GCP) fell 13.2% to $22.90. Precipio, Inc. (NASDAQ: PRPO) dropped 11.8% to $2.84 after falling 21.08% on Monday. Calithera Biosciences, Inc. (NASDAQ: CALA) fell 10.5% to $5.19 after the company reported a common stock offering of 10 million shares. MOGU Inc. (NYSE: MOGU) fell 9.1% to $3.19. Alder BioPharmaceuticals, Inc. (NASDAQ: ALDR) shares dropped 8.4% to $11.40. Hemispherx Biopharma, Inc. (NYSE: HEB) fell 7% to $4.4682 after dropping 5.51% on Monday. 22nd Century Group, Inc. (NYSE: XXII) shares dropped 6.5% to $2.03. Ashford Hospitality Trust, Inc. (NYSE: AHT) dipped 6.3% to $3.27.