Market Outlook for Monday, August 19, 2019

Free Live Online Classes
Premium Live Online Classes
Premium On-Location Classes
Next Step Workshops
News - "Mid-Afternoon Market Update: Dow Rises 275 Points; Horizon Global Shares Spike Higher"

Toward the end of trading Friday, the Dow traded up 1.08% to 25,854.42 while the NASDAQ rose 1.71% to 7,899.76. The S&P also rose, gaining 1.42% to 2,888.16.


Leading and Lagging Sectors

Financial shares climbed 2% on Friday. Meanwhile, top gainers in the sector included Bancorp Of New Jersey, Inc. (NYSE: BKJ), up 11%, and Ocwen Financial Corporation (NYSE: OCN), up 10%.

In trading on Friday, utilities shares rose by just 0.2%.


Top Headline

Deere & Company (NYSE: DE) reported weaker-than-expected earnings for its third quarter and lowered FY19 outlook.

Deere reported third-quarter earnings of $2.71 per share, which missed the analyst consensus estimate of $2.85. The company reported quarterly sales of $8.97 billion, which missed the analyst consensus estimate of $9.39 billion.

Deere cut its fiscal year 2019 net income from ~$3.3 billion to ~$3.2 billion and sales growth from 5% down to 4%.


Equities Trading UP

Plus Therapeutics, Inc. (NASDAQ: PSTV) shares shot up 179% to $10.82 after the company reported Q2 earnings.

Shares of Horizon Global Corporation (NYSE: HZN) got a boost, shooting up 22% to $3.5732 after the company announced to sell its Asia-Pacific business segment to Pacific Equity Partners for AUD$340 million in cash.

Solid Biosciences Inc. (NASDAQ: SLDB) shares were also up, gaining 36% to $8.37 after Chardan Capital upgraded the company's stock from Neutral to Buy and raised the price target from $7.50 to $10.


Equities Trading DOWN

Accuray Incorporated (NASDAQ: ARAY) shares tumbled 9% to $2.79 after the company reported downbeat earnings for its fourth quarter.

Shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) were down 34% to $2.16 after the company reported SEC investigation regarding accounting matters and establishment of special committee. The company announced restatement of historical financial statements and appointment of interim CFO.

Trupanion, Inc. (NASDAQ: TRUP) was down, falling 8% to $26.75. Craig-Hallum downgraded Trupanion from Buy to Hold.


Commodities


In commodity news, oil traded up 0.7% to $54.86, while gold traded down 0.4% to $1,524.50.

Silver traded down 0.4% Friday to $17.14, while copper fell 0.1% to $2.5915.

Euro zone


European shares closed higher today. The eurozone’s STOXX 600 rose 1.24%, the Spanish Ibex Index rose 1.78%, while Italy’s FTSE MIB Index climbed 1.51%. Meanwhile, the German DAX gained 1.31%, and the French CAC 40 rose 1.22% while UK shares rose 0.71%.

Economics

U.S. housing starts dropped 4% to an annual rate of 1.19 million in July, while building permits increased 8.4% to 1.34 million.

The University of Michigan's consumer sentiment index fell to 92.1 in August, compared to 98.4 in the prior month.

The total number of active U.S. oil rigs increased by 6 to 770 rigs this week, Baker Hughes Inc reported.

Chart
Today's Earnings
TickerCompany NameTime
BIDUBaidu4:00 PM
ELThe Estee Lauder Cos8:00 AM
EVOLEvolving Systems4:00 PM
FNFabrinet4:00 PM
FORTYFormula Systems (1985)8:00 AM
HMIHuami7:00 AM
IQiQIYI4:00 PM
LEJULeju Holdings8:00 AM
NOVASunnova Energy Intl4:00 PM
QIWIQIWI8:00 AM
SINASINA8:00 AM
TRNXTaronis Technologies4:00 PM
VNET21Vianet Group4:00 PM
WBWeibo6:00 AM
Today's Economic Events
Event NamePeriodYearTime
3-Month Bill Auction 201911:30 AM
6-Month Bill Auction 201911:30 AM
Movers & Shakers - "27 Stocks Moving in Monday's Pre-Market Session"
Gainers
    DPW Holdings, Inc. (NYSE: DPW) shares rose 121.4% to $4.56 in pre-market trading after the company announced that its subsidiary, Digital Power Lending has completed its beta testing of www.MonthlyInterest.com, an online fintech portal that facilitates investments that pay monthly interest. DryShips Inc. (NASDAQ: DRYS) rose 34.7% to $5.16 in pre-market trading after the company announced it will be acquired by SPII Holdings for $5.25 per share in cash. China Green Agriculture, Inc. (NYSE: CGA) shares rose 22.9% to $4.35 in pre-market trading. Empire Resorts, Inc. (NASDAQ: NYNY) rose 13.3% to $9.57 in pre-market trading after the company agreed to be acquired by Kien Huat Realty and Genting Malaysia Berhad for $9.74 per share in cash. Aramark (NYSE: ARMK) rose 13.2% to $42.00 in the pre-market trading session after winning a contract to be a food and beverage provider for Harbor Yard Amphitheater. Salarius Pharmaceuticals, Inc. (NASDAQ: SLRX) rose 13.1% to $7.10 in pre-market trading after gaining 10.37% on Friday. Check-Cap Ltd. (NASDAQ: CHEK) rose 12.2% to $2.1772 in pre-market trading after the company announced the completion of manufacturing line transfer implementation and qualification for the C-Scan System. Tailored Brands, Inc. (NYSE: TLRD) rose 11.7% to $5.65 in pre-market trading after the company announced to sell its corporate apparel business for $62 million in cash. The company also raised Q2 EPS guidance above analyst estimates. Omeros Corporation (NASDAQ: OMER) rose 10.2% to $21.62 in pre-market trading after gaining 5.60% on Friday. TrovaGene, Inc. (NASDAQ: TROV) shares rose 9.6% to $2.29 in pre-market trading after climbing 28.22% on Friday. Genfit SA (NASDAQ: GNFT) shares 8.6% to $17.14 in pre-market trading after surging 5.83% on Friday. SAExploration Holdings, Inc. (NASDAQ: SAEX) rose 7.7% to $2.39 in pre-market trading after falling 32.11% on Friday. Solid Biosciences Inc. (NASDAQ: SLDB) shares rose 7.3% to $9.45 in pre-market trading after jumping 43.25% on Friday. TEGNA Inc. (NYSE: TGNA) shares rose 7.3% to $16.10 in the pre-market trading session after gaining 10.21% on Friday. SINA Corporation (NASDAQ: SINA) rose 7.3% to $40.39 in pre-market trading after the company reported upbeat results for its second quarter. Weibo Corporation (NASDAQ: WB) rose 6.8% to $39.60 in pre-market trading after the company reported better-than-expected Q2 EPS and sales results. Marker Therapeutics, Inc. (NASDAQ: MRKR) rose 6.7% to $5.89 in pre-market trading after climbing 15.00% on Friday. Sonos, Inc. (NASDAQ: SONO) rose 6.4% to $12.67 in pre-market trading after Raymond James upgraded the company's stock from Outperform to Strong Buy. CNH Industrial N.V. (NYSE: CNHI) rose 3.8% to $9.14 in pre-market trading after Morgan Stanley upgraded its rating of the company's stock from Equal-Weight to Overweight.


Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.
Check out these big penny stock gainers and losers


Losers
    PG&E Corporation (NYSE: PCG) shares fell 19.8% to $11.45 in pre-market trading potentially due to a judge lifting a freeze on lawsuits related to a 2017 fire. AptarGroup, Inc. . (NYSE: ATR) shares fell 15% to $102.25 in pre-market trading. Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) fell 12.8% to $13.25 in pre-market trading after receiving a Complete Response Letter from the FDA for HETLIOZ in the treatment of jet lag disorder. The FDA said Vanda's study is of unclear clinical significance. Internet Gold - Golden Lines Ltd. (NASDAQ: IGLD) shares fell 8.9% to $26.00 in pre-market trading after surging 10.15% on Friday. AutoWeb, Inc. (NASDAQ: AUTO) fell 5.4% to $2.20 in the pre-market trading session after dropping 4.32% on Friday. Valeritas Holdings, Inc. (NASDAQ: VLRX) shares fell 4.5% to $2.35 in pre-market trading. Constellium SE (NYSE: CSTM) fell 3.4% to $10.69 in pre-market trading after rising 4.34% on Friday. Obalon Therapeutics, Inc. (NASDAQ: OBLN) fell 3.3% to $2.34 in pre-market trading after declining 4.35% on Friday.