Market Overview

Mid-Day Market Update: Wednesday's Movers, Fed Releasing Minutes And More

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The Dow Jones Industrial Index fell as much as 150 points on Wednesday’s market open. After China’s Shanghai index fell nearly 6 percent on Tuesday, it opened up in the red, but eventually rebounded up 1.2 percent after many big Chinese companies announced that state-backed companies were their top shareholders. However, many investors are worried about a possible slowdown in China’s economy.

The Dow Jones Industrial Index declined 1.03 percent, the S&P 500 dwindled 0.95 percent, the NASDAQ Composite was down 0.83 percent, the U.S. Dollar Index continued to rise 0.04 percent, and the crude oil WTI tumbled 1.27 percent in Wednesday’s mid-day session.

The Federal Reserve will release minutes of its July meeting later in the afternoon, which will hint towards a possible short-term interest rate hike.

Greece gets its third bailout as a majority of German MPs voted in favor of the bailout terms; out of 453 members, 113 rejected and 18 abstained.

U.S. consumer prices have risen in July for the sixth consecutive month. The consumer price index for July increased 0.1 percent from June, suggesting a small amount of inflation pressure for the economy. Economists had expected a rise of 0.2 percent, according to the Wall Street Journal.

Winners

Dot Hill Systems Corp (NASDAQ: HILL) soared 87 percent after the data management company was announced to be acquired by Seagate Technology PLC (NASDAQ: STX) for $694 million.

Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) skyrocketed 80 percent after the company’s investigational drug Resunab(™) was granted fast track status by the FDA for treating Systemic Sclerosis.

Arch Coal Inc (NYSE: ACI) was lifted 53 percent after the company was reported seeking a compromise with its lenders conflicting a debt-swap deal.

Southcross Energy Partners LP (NYSE: SXE) was heightened 26 percent after the limited partnership company announced a new $175 million equity commitment from three different partners in order to enhance liquidity and support anticipated growth initiatives for the company.

Biocept Inc (NASDAQ: BIOC) was up 15 percent after the company was given a $4 price target and positive commentary by H.C. Wainwright & Company analyst Yi Chen.

Losers

Rayonier Advanced Materials Inc (NYSE: RYAM) sank 51 percent after the company filed declaration judgment versus Eastman Chemical Company (NYSE: EMN), Rayonier’s best customer.

Tarena International Inc (NASDAQ: TEDU) dwindled 20 percent after the company reported earnings of $0.05 per share, missing analyst expectations by $0.06 on sales of $41.30 million.

Canadian Solar Inc (NASDAQ: CSIQ) was tumbled 18 percent after the solar provider reported less than expected guidance for the third quarter; the company expects sales of $570-$620 million for Q3, down from analysts expected sales of $669.32 million.

Flexsteel Industries Inc (NASDAQ: FLXS) was down 18 percent after the company reported positive earnings of $0.75 per share, but analysts expected $0.94 per share earnings.

Posted-In: News Intraday Update Movers

 

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