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Market Overview

Mid-Morning Market Update: Markets Open Higher; G-III Apparel Tops Q2 Views


Following the market opening Wednesday, the Dow traded up 0.39 percent to 21,838.07 while the NASDAQ climbed 0.28 percent to 6,393.69. The S&P also rose, gaining 0.34 percent to 2,466.28.

Leading and Lagging Sectors

Wednesday morning, the energy shares surged 0.97 percent. Meanwhile, top gainers in the sector included Frontline Ltd. (NYSE: FRO), up 6 percent, and CGG SA (ADR) (NYSE: CGG), up 5 percent.

In trading on Wednesday, utilities shares rose by just 0.1 percent. Meanwhile, top losers in the sector included RGC Resources Inc. (NASDAQ: RGCO), down 2 percent, and NRG Energy Inc (NYSE: NRG) down 1 percent.

Top Headline

G-III Apparel Group, Ltd. (NASDAQ: GIII) reported stronger-than-expected results for its second quarter and raised its FY18 forecast.

G-III Apparel reported a Q2 adjusted loss of $0.15 per share on revenue of $538 million. However, analysts were expecting a loss of $0.26 per share on sales of $522 million.

Equities Trading UP

Verastem Inc (NASDAQ: VSTM) shares shot up 34 percent to $5.14 after the company disclosed that its Phase 3 DUO study evaluating the efficacy and safety of duvelisib showed statistically significant improvement.

Shares of Voyager Therapeutics Inc (NASDAQ: VYGR) got a boost, shooting up 23 percent to $13.44 after the company announced 'positive' results from ongoing Phase 1b trial of VY-AADC01 for advanced Parkinson's disease.

Sarepta Therapeutics Inc (NASDAQ: SRPT) shares were also up, gaining 11 percent to $45.61 after the company disclosed that its SRP-4053 study achieved statistical significance on primary and secondary biological endpoints.

Equities Trading DOWN

Trivago NV - ADR (NASDAQ: TRVG) shares dropped 24 percent to $11.32 after the company lowered its guidance.

Shares of At Home Group Inc (NYSE: HOME) were down 9 percent to $23.26. At Home Group reported Q2 adjusted earnings of $0.18 per share on revenue of $232.1 million.

Electromed, Inc. (NYSE: ELMD) was down, falling around 5 percent to $6.85. Electromed reported Q4 earnings of $0.11 per share on sales of $7.3 million.


In commodity news, oil traded up 1.07 percent to $49.18 while gold traded up 0.03 percent to $1,344.90.

Silver traded up 0.41 percent Wednesday to $18.015, while copper rose 0.26 percent to $3.136.


European shares were mixed today. The eurozone’s STOXX 600 fell 0.07 percent, the Spanish Ibex Index declined 0.31 percent, while Italy’s FTSE MIB Index gained 0.50 percent. Meanwhile the German DAX climbed 0.61 percent, and the French CAC 40 rose 0.17 percent while U.K. shares fell 0.40 percent.


The MBA’s index of mortgage application activity rose 3.3 percent for the latest week.

The U.S. trade deficit rose to $43.7 billion in July, compared to $43.5 billion in June. However, economists were expecting a $44.8 billion deficit. Imports declined 0.2 percent to $238.1 billion in July, while exports dropped 0.3 percent to $194.4 billion.

The Johnson Redbook Retail Sales Index rose 0.3 percent during the first week of September versus August.

The ISM non-manufacturing index climbed to 55.30 in August, versus prior reading of 53.90. Economists projected a reading of 55.40.

The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.


Related Articles (ELMD + CGG)

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Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets

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