Mid-Morning Market Update: Markets Mostly Lower; Coca-Cola Tops Q3 Estimates

Following the market opening Wednesday, the Dow traded down 0.07 percent to 23,426.39 while the NASDAQ declined 0.17 percent to 6,587.28. The S&P also fell, dropping 0.23 percent to 2,563.25.

Leading and Lagging Sectors

Wednesday morning, the technology shares surged 0.08 percent. Meanwhile, top gainers in the sector included Akamai Technologies, Inc. AKAM, up 6 percent, and Overstock.com, Inc. OSTK, up 5 percent.

In trading on Wednesday, utilities shares fell 1.26 percent. Meanwhile, top losers in the sector included SCANA Corporation SCG, down 4 percent, and DTE Energy Co DTE down 3 percent.

Top Headline

The Coca-Cola Co KO reported upbeat earnings for its third quarter.

Coca-Cola posted quarterly adjusted earnings of $0.50 per share on revenue of $9.08 billion. However, analysts expected earnings of $0.49 per share on revenue of $8.72 billion.

Equities Trading UP

Bon-Ton Stores Inc BONT shares shot up 47 percent to $0.898. Bon-Ton reported amendment to its $880 million ABL Tranche A and Tranche A-1 credit facility.

Shares of Cellect Biotechnology Ltd. APOP got a boost, shooting up 17 percent to $9.35 after the company reported a major breakthrough of its ApoGraft technology. The company disclosed positive results from a 20 patients trial with Tel-Aviv Ichilov Medical Center.

Quotient Ltd QTNT shares were also up, gaining 14 percent to $5.30 after the company reported 'positive' concordance data from the MosaiQ verification and validation studies for blood grouping. The company also reported a $40 million private placement at $4.64 per share and the issue of warrants worth up to $49 million.

Equities Trading DOWN

Acadia Healthcare Company Inc ACHC shares dropped 24 percent to $33.43 after the company reported downbeat earnings for its third quarter and issued a weak FY17 forecast.

Shares of Trivago NV - ADR TRVG were down 18 percent to $8.78 after the company reported quarterly results.

Chipotle Mexican Grill, Inc. CMG was down, falling around 13 percent to $281.26 after the company reported weaker-than-expected results for its third quarter on Tuesday.

Commodities

In commodity news, oil traded down 0.36 percent to $52.28 while gold traded down 0.31 percent to $1,274.30.

Silver traded down 0.51 percent Wednesday to $16.88, while copper fell 0.58 percent to $3.1795.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.15 percent, the Spanish Ibex Index rose 0.39 percent, while Italy’s FTSE MIB Index slipped 0.02 percent. Meanwhile the German DAX slipped 0.01 percent, and the French CAC 40 climbed 0.23 percent while U.K. shares fell 0.43 percent.

Economics

U.S. durable goods orders rose 2.2 percent for September, versus economists’ expectations for a 1 percent growth.

New home sales rose 18.9 percent at an annual rate of 667,000 for September. However, economists were expecting a 550,000 rate.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

The Treasury will auction 5-year notes at 1:00 p.m. ET.