Market Overview

Mid-Day Market Update: Trivago Drops On Weak Outlook; Verastem Shares Surge


Midway through trading Wednesday, the Dow traded up 0.26 percent to 21,808.88 while the NASDAQ declined 0.06 percent to 6,371.48. The S&P also rose, gaining 0.19 percent to 2,462.51.

Leading and Lagging Sectors

On Wednesday, the energy shares surged 1.11 percent. Meanwhile, top gainers in the sector included Frontline Ltd. (NYSE: FRO), up 6 percent, and TETRA Technologies, Inc. (NYSE: TTI), up 6 percent.

In trading on Wednesday, technology shares rose by just 0.02 percent. Meanwhile, top losers in the sector included Servicesource International Inc (NASDAQ: SREV), down 4 percent, and Internap Corp (NASDAQ: INAP) down 3 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 32 percent to $5.06 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 20 percent to $13.15 after the company announced 'positive' results from ongoing Phase 1b trial of VY-AADC01 for advanced Parkinson's disease.

Fred's, Inc. (NASDAQ: FRED) shares were also up, gaining 16 percent to $6.66. Fred's reported a Q2 loss of $29.5 million on revenue of $507.8 million.

Equities Trading DOWN

Trivago NV - ADR (NASDAQ: TRVG) shares dropped 21 percent to $11.83 after the company lowered its guidance.

Shares of At Home Group Inc (NYSE: HOME) were down 14 percent to $22.11. At Home Group reported Q2 adjusted earnings of $0.18 per share on revenue of $232.1 million.

Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY) was down, falling around 9 percent to $52.79. Dave & Buster's posted upbeat earnings for its second quarter, while sales missed expectations. The company also cut its comparable-store sales forecast for its fiscal year.


In commodity news, oil traded up 1.15 percent to $49.22 while gold traded down 0.12 percent to $1,342.90.

Silver traded up 0.38 percent Wednesday to $18.01, while copper rose 0.34 percent to $3.1385.


European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.11 percent, the Spanish Ibex Index declined 0.24 percent, while Italy’s FTSE MIB Index gained 0.50 percent. Meanwhile the German DAX climbed 0.86 percent, and the French CAC 40 rose 0.43 percent while U.K. shares fell 0.22 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.

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


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