Market Outlook for Thursday, March 30, 2017

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News - "Mid-Afternoon Market Update: Dow Rises Over 50 Points; Exfo Shares Tumble"

Toward the end of trading Thursday, the Dow traded up 0.30 percent to 20,721.88 while the NASDAQ rose 0.23 percent to 5,910.96. The S&P also rose, gaining 0.28 percent to 2,367.71.

Leading and Lagging Sectors

Thursday afternoon, the financial sector proved to be a source of strength for the market. Leading the sector was strength from American Realty Investors, Inc. (NYSE: ARL) and Pzena Investment Management, Inc. (NYSE: PZN).

In trading on Thursday, utilities shares fell 0.77 percent. Meanwhile, top losers in the sector included NRG Energy Inc (NYSE: NRG), down 3 percent, and American Midstream Partners LP (NYSE: AMID), down 3 percent.

Top Headline

Lululemon Athletica inc. (NASDAQ: LULU) reported downbeat earnings for its fourth quarter and issued a weak forecast for the current quarter.

Lululemon posted Q4 adjusted earnings of $1 per share, missing estimate by $0.01 per share. The company expects Q1 earnings of $0.25 to $0.27 per share, with sales of $510 to $515 million.


Equities Trading UP

Interpace Diagnostics Group Inc (NASDAQ: IDXG) shares shot up 11 percent to $2.82. Interpace Diagnostics reported Q4 earnings from continuing operations of $3.25 per share on revenue of $3.122 million.

Shares of Extreme Networks, Inc (NASDAQ: EXTR) got a boost, shooting up 15 percent to $7.43 after the company announced plans to purchase data center switching, routing and analytics assets that are currently part of Brocade Communications Systems, Inc. (NASDAQ: BRCD) from Broadcom Ltd (NASDAQ: AVGO), following the sale of Brocade to Broadcom next quarter.

Acasti Pharma Inc (NASDAQ: ACST) shares were also up, gaining 13 percent to $1.43 after the company announced plans to proceed with Phase 3 CaPRe program following recent end-of-Phase 2 meeting with the FDA.


Equities Trading DOWN

Cartesian Inc (NASDAQ: CRTN) shares dropped 25 percent to $0.831. Cartesian reported Q4 adjusted loss of $0.03 per share on revenue of $16.9 million.

Shares of Lululemon Athletica inc. (NASDAQ: LULU) were down around 24 percent to $50.60 after the company reported downbeat earnings for its fourth quarter and issued a weak forecast for the current quarter.

Exfo Inc (NYSE: EXFO) was down, falling around 14 percent to $5.14 after the company posted weak quarterly earnings. The company also reported that Philippe Morin will succeed Germain Lamonde as new CEO.


Commodities


In commodity news, oil traded up 1.58 percent to $50.29 while gold traded down 0.79 percent to $1,246.90.

Silver traded down 0.50 percent Thursday to $18.16, while copper rose 0.07 percent to $2.68.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.51 percent, the Spanish Ibex Index rose 0.37 percent, while Italy’s FTSE MIB Index rose 0.45 percent. Meanwhile the German DAX gained 0.44 percent, and the French CAC 40 rose 0.41 percent while U.K. shares fell 0.06 percent.

Economics

The U.S. economy grew at a pace of 2.1 percent in the fourth quarter. However, economists projected a 1.9 percent growth.

U.S. jobless claims declined 3,000 to 258,000 for the latest week. Economists were expecting claims total 248,000 in the week.

Supplies of natural gas dropped 43 billion cubic feet for the week ended March 24, the U.S. Energy Information Administration reported.

New York Federal Reserve Bank of President William Dudley will speak in Sarasota, Florida at 4:30 p.m. ET.

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

Chart
Today's Earnings
TickerCompany NameTime
AEHRAehr Test Systems4:00 PM
AFMDAffimed8:00 AM
ALDXAldeyra Therapeutics8:00 AM
ANGOAngioDynamics7:00 AM
BCOMB Communications7:00 AM
BDMSBirner Dental Management8:00 AM
BSETBassett Furniture Indus8:00 AM
CAASChina Automotive Systems8:00 AM
CVVCVD Equipment4:00 PM
DRNADicerna Pharmaceuticals4:00 PM
EGLEEagle Bulk Shipping Inc. - Common Stock4:00 PM
FCFranklin Covey4:00 PM
FHVringo4:00 PM
IGLDInternet Gold Golden7:00 AM
IWSYIMAGEWARE SYS INC by ImageWare Systems, Inc.4:00 PM
LIQTLiqTech International8:00 AM
LMFALM Funding America, Inc. - Common Stock4:00 PM
LNNLindsay8:00 AM
MARAMarathon Patent Group, Inc. - Common Stock5:00 PM
MSDIMonster Digital4:00 PM
NDRMNeuroDerm Ltd. - Ordinary Shares8:01 AM
NOMDNomad Foods Limited Ordinary Shares9:00 AM
NTZNatuzzi4:00 PM
PRKRParkervision4:00 PM
PTNRPartner Communications Co8:00 AM
RESNResonant Inc. - Common Stock4:00 PM
ROSGRosetta Genomics Ltd. - ordinary shares8:00 AM
RXIIRXi Pharmaceuticals8:00 AM
SAICScience Applications Intl8:00 AM
SGLBSIGMA LABS INC by Sigma Labs, Inc.8:00 AM
SNAKInventure Foods8:00 AM
SNESSENESTECH INC COM4:00 PM
STKSThe One Group Hospitality4:00 PM
TITNTitan Machinery8:00 AM
UNXLUni-pixel4:00 PM
UQMUQM TECHNOLOGIES INC Common Stock4:00 PM
VJETvoxeljet4:00 PM
WYYWidePoint4:00 PM
ZXChina Zenix Auto8:00 AM
Today's Economic Events
Event NamePeriodYearTime
Core PCE PricesQ420168:30 AM
Corporate Profits (QoQ)Q420168:30 AM
GDP (QoQ)Q420168:30 AM
GDP Price Index (QoQ)Q420168:30 AM
GDP SalesQ420168:30 AM
PCE PricesQ420168:30 AM
Real Consumer Spending (QoQ)Q420168:30 AM
Continuing ClaimsMar 1720178:30 AM
Initial Jobless ClaimsMar 2420178:30 AM
Jobless Claims 4-Week Avg. 20178:30 AM
FOMC Member Mester Speaks  9:45 AM
EIA Natural Gas InventoriesMar 24201710:30 AM
FOMC Member Kaplan Speaks  11:00 AM
FOMC Member Williams Speaks  11:15 AM
FOMC Member Dudley Speaks  4:30 PM
Movers & Shakers - "15 Biggest Mid-Day Losers For Thursday"
    Cartesian Inc (NASDAQ: CRTN) shares tumbled 26.1 percent to $0.820. Cartesian reported Q4 adjusted loss of $0.03 per share on revenue of $16.9 million. Lululemon Athletica inc. (NASDAQ: LULU) shares dipped 22.1 percent to $51.66 after the company reported downbeat earnings for its fourth quarter and issued a weak forecast for the current quarter. Susquehanna downgraded Lululemon from Positive to Neutral, while Citigroup downgraded the stock from Buy to Neutral. Exfo Inc (NASDAQ: EXFO) shares slipped 13.9 percent to $5.12 after the company posted weak quarterly earnings. The company also reported that Philippe Morin will succeed Germain Lamonde as new CEO. Gevo, Inc. (NASDAQ: GEVO) shares fell 13.7 percent to $1.01 after the company posted a wider-than-expected quarterly loss. Science Applications International Corp (NYSE: SAIC) declined 12.5 percent to $75.48 after the company posted downbeat quarterly earnings. Halozyme Therapeutics, Inc. (NASDAQ: HALO) shares dropped 11.8 percent to $12.60. Before the open, the company said its SWOG collaborative group clinical study is temporarily closed to enrollment. Halozyme is working with SWOG to interpret the results from the initial data set. Cenovus Energy Inc (USA) (NYSE: CVE) shares declined 11.2 percent to $11.62 following announcement of acquisition of Conocophillips 50 percent interest in FCCL Partnership for $17.7B. Cenovus also reported a $3 billion bought-deal offering of 187.5 million common shares at $16 per share. Rosetta Genomics Ltd. (USA) (NASDAQ: ROSG) tumbled 11 percent to $2.98 after the company reported Q4 results. Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) shares declined 10.8 percent to $8.02 even though the company reported positive, top-line data from an ongoing clinical trial. Corbus has been exploring its Anabasum (Resunab) therapy in a Phase 2 study for the treatment of cystic fibrosis. Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) shares dropped 10.6 percent to $4.98 after surging 34.54 percent on Wednesday. Tonix Pharma reported an offering of common stock. Worthington Industries, Inc. (NYSE: WOR) declined 9.7 percent to $45.70 after the company reported weaker-than-expected earnings for its third quarter. Secureworks Corp (NASDAQ: SCWX) shares dropped 6.7 percent to $9.64. Goldman Sachs downgraded SecureWorks from Buy to Neutral, while Barclays downgraded the stock from Overweight to Equal-Weight. OFS Capital Corp (NASDAQ: OFS) fell 5.8 percent to $14.11. OFS Capital commenced an offering of 3.5 million shares of common stock. Synergy Pharmaceuticals Inc (NASDAQ: SGYP) declined 3.4 percent to $4.60 following a law firm PR mentioning investigation in potential breaches of fiduciary duty by board of directors. Fifth Street Finance Corp. (NASDAQ: FSC) dropped 3.3 percent to $4.54. Raymond James downgraded Fifth Street Finance from Market Perform to Underperform.