Mid-Morning Market Update: Markets Open Lower; Lennar Earnings Miss Expectations

Following the market opening Wednesday, the Dow traded down 0.23 percent to 25,327.24 while the NASDAQ declined 0.46 percent to 7,130.73. The S&P also fell, dropping 0.27 percent to 2,743.98.

Leading and Lagging Sectors

Wednesday morning, the energy sector proved to be a source of strength for the market. Leading the sector was strength from Hornbeck Offshore Services, Inc. HOS and Approach Resources Inc. AREX.

In trading on Wednesday, technology shares fell 0.69 percent. Meanwhile, top losers in the sector included NetScout Systems, Inc. NTCT, down 12 percent, and Silicon Motion Technology Corp. (ADR) SIMO down 9 percent.

Top Headline

Lennar Corporation LEN reported weaker-than-expected results for its fourth quarter on Wednesday.

Lennar reported quarterly earnings of $1.29 per share on revenue of $3.786 billion. However, analysts were expecting earnings of $1.48 per share on sales of $3.57 billion.

Equities Trading UP

AMERI HOLDINGS INC AMRH shares shot up 161 percent to $8.93. AMERI Holdings reported expansion of offering with blockchain solutions.

Shares of Eastman Kodak Company KODK got a boost, shooting up 60 percent to $10.85. Eastman Kodak shares gained 119.35 percent Tuesday after the company announced plans with WENN Digital to launch a photo-centric cryptocurrency.

Biomerica, Inc. BMRA shares were also up, gaining 59 percent to $6.97 after the company disclosed that the China Food and Drug Administration (CFDA) has approved its colorectal screening test.

Equities Trading DOWN

Klondex Mines Ltd KLDX shares dropped 11 percent to $2.13 after the company reported a reduction in underground mining operations and workforce at its True North mine in Manitoba, Canada. The company also disclosed that John Seaberg, former Senior Vice President, Strategic Relations, has left the company.

Shares of Ampliphi Biosciences Corp APHB were down 30 percent to $1.05. AmpliPhi Biosciences priced its 4 million share common stock offering at $1 per share.

SUPERVALU INC. SVU was down, falling around 14 percent to $16.98. SUPERVALU reported better-than-expected earnings for its third quarter, while sales missed estimates.

Commodities

In commodity news, oil traded up 0.92 percent to $63.54 while gold traded up 0.72 percent to $1,323.20.

Silver traded up 0.71 percent Wednesday to $17.13, while copper rose 1.37 percent to $3.26.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 tumbled 0.50 percent, the Spanish Ibex Index fell 0.05 percent, while Italy’s FTSE MIB Index rose 0.23 percent. Meanwhile the German DAX declined 0.95 percent, and the French CAC 40 fell 0.43 percent while U.K. shares rose 0.12 percent.

Economics

U.S. import prices increased 0.1 percent in December.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

St. Louis Federal Reserve Bank President James Bullard will speak in St. Louis at 1:30 p.m. ET.