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Mid-Morning Market Update: Markets Open Higher; BlackBerry Reports Strong Q1 Results

June 26, 2019 10:30 am
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Following the market opening Wednesday, the Dow traded up 0.18% to 26,596.15 while the NASDAQ rose 0.71% to 7,941.00. The S&P also rose, gaining 0.16% to 2,921.94.

Leading and Lagging Sectors

Information technology shares rose 1.4% on Wednesday. Meanwhile, top gainers in the sector included Aerohive Networks, Inc. (NYSE:HIVE), up 40%, and Micron Technology, Inc. (NASDAQ:MU), up 13%.

In trading on Wednesday, health care shares fell 1.3%.

Top Headline

BlackBerry Ltd (NYSE:BB) reported better-than-expected Q1 earnings and sales results.

BlackBerry reported first-quarter earnings of 1 cent per share, which beat analyst estimates by a penny. The company reported quarterly sales of $267 million, which beat the analyst consensus estimate of $264.53 million.

Equities Trading UP

Aerohive Networks, Inc. (NYSE:HIVE) shares shot up 40% to $4.45 after Extreme Networks, Inc. (NASDAQ:EXTR) announced plans to acquire Aerohive for $4.45 per share in cash.

Shares of Micron Technology, Inc. (NASDAQ:MU) got a boost, shooting up 13% to $37.04 after the company reported stronger-than-expected results for its third quarter.

Marathon Patent Group, Inc. (NASDAQ:MARA) shares were also up, gaining 11% to $2.9685 in sympathy with a 10% rise in the price of Bitcoin this morning. Strength in the crypto space may also be linked to the recent announcement of Facebook's Libra.

Equities Trading DOWN

AeroVironment, Inc. (NASDAQ:AVAV) shares tumbled 9% to $55.98 after reporting fourth-quarter results. The company reported fiscal Q4 revenue decreased 23% from last year and fiscal Q4 gross margin decreased 27% from last year.

Shares of OncoCyte Corporation (NYSE:OCX) were down 30% to $2.7934 after the company issued a mid-year update. The company disclosed that it will require additional time to complete its ongoing CLIA Validation study of DetermaVu™.

Care.com, Inc. (NYSE:CRCM) was down, falling 19% to $11.44. Craig-Hallum downgraded Care.com from Buy to Hold.

Commodities

In commodity news, oil traded up 2% to $58.98, while gold traded down 0.3% to $1,414.10.

Silver traded up 0.1% Wednesday to $15.31, while copper fell 0.2% to $2.729.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index rose 0.2%, while Italy’s FTSE MIB Index gained 0.1%. Meanwhile, the German DAX gained 0.4%, and the French CAC 40 rose 0.13% while UK shares rose 0.1%.

Economics

U.S. durable goods orders fell 1.3% for May, versus economists’ expectations for a 1% drop.

U.S. advanced trade deficit in goods increased 5.1% to $74.5 billion in May. Advanced U.S. wholesale inventories increased 0.4% in May, while retail inventories climbed 0.5% in May.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

The Treasury is set to auction 5-year notes at 1:00 p.m. ET.

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