Mid-Day Market Update: Angie's List Jumps On Upbeat Earnings; MedAssets Shares Tumble

Midway through trading Wednesday, the Dow traded down 0.27 percent to 17,999.73 while the NASDAQ fell 0.04 percent to 4,897.19. The S&P also fell, dropping 0.25 percent to 2,095.04.

Leading and Lagging Sectors

In trading on Wednesday, utilities shares were relative leaders, up on the day by about 0.39 percent. Meanwhile, top gainers in the sector included Companhia de Saneamento Basico (ADR) SBS, up 3 percent, and Delta Natural Gas Company, Inc. DGAS, up 3 percent.

Telecommunications services shares fell by 0.49 percent on Wednesday. Top losers in the sector included CenturyLink, Inc. CTL, down 3 percent, Frontier Communications Corporation FTR, off 3 percent.

Top Headline

Virgin America Inc. VA reported stronger-than-expected results for the fourth quarter.

The Burlingame, California-based company posted quarterly net earnings of $3.9 million, or $0.16 per share, compared to $14.2 million, or $4.57 per share, in the year-ago quarter. Excluding non-recurring items, the company’s adjusted earnings came in at $1.16 per share.

Its revenue climbed 3.4% to $372.2 million. However, analysts were expecting earnings of $0.80 per share on revenue of f $371 million.

Equities Trading UP

Angie's List, Inc. ANGI shares shot up 52 percent to $7.42 after the company reported stronger-than-expected results for the fourth quarter.

Shares of Potbelly Corporation PBPB got a boost, shooting up 13 percent to $16.00 after the company reported better-than-expected fourth-quarter results.

Boston Scientific Corporation BSX shares were also up, gaining 10 percent to $16.29 on Johnson & Johnson JNJ settlement news.

Equities Trading DOWN

Fossil Group, Inc. FOSL shares tumbled 18 percent to $81.22 after the company reported weaker-than-expected earnings for the fourth quarter.

Shares of Varonis Systems, Inc. VRNS were down 21 percent to $29.67 after the company reported Q4 earnings of $0.06 per share on sales of $33.7 million and issued a downbeat outlook for the first quarter and FY 2015.

MedAssets, Inc. MDAS was down, falling 13 percent to $17.25 after the company reported Q4 adjusted earnings of $0.39 per share on revenue of $198.2 million and issued a weak FY earnings outlook.

Commodities

In commodity news, oil traded down 1.23 percent to $52.87, while gold traded down 0.19 percent to $1,206.30.

Silver traded up 0.35 percent Wednesday to $16.44, while copper rose 1.74 percent to $2.63.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.79 percent, the Spanish Ibex Index jumped 0.93 percent, while Italy’s FTSE MIB Index gained 1.61 percent. Meanwhile, the German DAX climbed 0.48 percent, and the French CAC 40 rose 0.92 percent while UK shares fell 0.12 percent.

Economics

The MBA reported that its index of mortgage application activity declined 13.20% in the week ended February 13, 2015.

The Johnson Redbook Retail Sales Index rose 0.8% in the first two weeks of February versus January.

Construction on new US homes slipped 2% to an annual rate of 1.07 million units in January.

U.S. wholesale prices slipped 0.8% in January, versus economists’ expectations for a 0.4% drop.

US industrial production gained 0.2% in January, versus economists’ expectations for a 0.3% rise.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.