Mid-Day Market Update: 3D Systems Drops After Q3 Miss; Emerge Energy Services Shares Gain

Midway through trading Wednesday, the Dow traded up 0.21 percent to 23,426.76 while the NASDAQ declined 0.07 percent to 6,722.87. The S&P also rose, gaining 0.19 percent to 2,580.16.

Leading and Lagging Sectors

On Wednesday, the basic materials shares climbed by 0.95 percent. Meanwhile, top gainers in the sector included United States Steel Corporation X, up 8 percent, and Endeavour Silver Corp EXK, up 8 percent.

In trading on Wednesday, utilities shares fell 0.45 percent. Meanwhile, top losers in the sector included Companhia Energetica de Minas Gers CEMIG CIG, down 3 percent, and El Paso Electric Company EE down 3 percent.

Top Headline

Estee Lauder Companies Inc EL reported upbeat results for its third quarter and raised its FY guidance.

Estee Lauder reported Q3 earnings of $1.14 per share on revenue of $3.27 billion. However, analysts expected earnings of $0.97 per share on sales of $3.17 billion.

Estee Lauder now expects FY18 adjusted earnings of $4.04 to $4.12 per share, versus earlier forecast of $3.87 to $3.94 per share.

Equities Trading UP

Bill Barrett Corporation BBG shares shot up 17 percent to $5.77 following Q3 results. Bill Barrett reported a Q3 loss of $28.8 million.

Shares of Emerge Energy Services LP EMES got a boost, shooting up 12 percent to $7.97 as the company posted strong Q3 results.

Plantronics Inc PLT shares were also up, gaining 16 percent to $52.51 after the company reported upbeat Q2 results.

Equities Trading DOWN

Envision Healthcare Corporation EVHC shares dropped 29 percent to $30.09 after the company reported third-quarter adjusted EPS that was down significantly year over year and announced plans to review strategic alternatives.

Shares of 3D Systems Corporation DDD were down 23 percent to $9.53 as the company reported downbeat quarterly results.

Frontier Communications Corp FTR was down, falling around 25 percent to $9.14. Frontier Communications reported a Q3 loss of $1.19 per share on revenue of $2.25 billion.

Commodities

In commodity news, oil traded down 0.09 percent to $54.33 while gold traded up 0.63 percent to $1,278.50.

Silver traded up 2.74 percent Wednesday to $17.15, while copper rose 1.39 percent to $3.144.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.50 percent, the Spanish Ibex Index fell 0.23 percent, while Italy’s FTSE MIB Index gained 0.97 percent. Meanwhile the German DAX climbed 1.78 percent, and the French CAC 40 gained 0.39 percent while U.K. shares rose 0.01 percent.

Economics

Data on motor vehicle sales for October will be released today.

Private-sector employers added 235,000 jobs in October, ADP reported Wednesday. However, economists were expecting a gain of 200,000 jobs.

The Markit manufacturing PMI rose to 54.60 for October, versus previous reading of 54.50. However, economists were projecting a reading of 54.50.

The ISM manufacturing index dropped to 58.7 in October, versus prior reading of 60.8. However, economists expected a reading of 59.5.

U.S. construction spending rose 0.3 percent for September, versus economists’ expectations for a 0.1 percent decline.

Domestic crude supplies declined 2.44 million barrels for the week ended October 27, the U.S. Energy Information Administration reported. Analysts projected a drop of 1.76 million barrels. Gasoline stockpiles slipped 4.02 million barrels, while distillate stockpiles declined 320,000 barrels for the week.

The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.