Market Overview

Mid-Day Market Update: CECO Environmental Drops After Q3 Results; Forterra Shares Surge

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Midway through trading Wednesday, the Dow traded down 0.06 percent to 23,543.55 while the NASDAQ gained 0.02 percent to 6,769.04. The S&P also fell, dropping 0.06 percent to 2,589.16.

Leading and Lagging Sectors

On Wednesday, the non-cyclical consumer goods & services shares climbed by 0.86 percent. Meanwhile, top gainers in the sector included American Public Education, Inc. (NASDAQ: APEI), up 19 percent, and Medifast Inc (NYSE: MED), up 14 percent.

In trading on Wednesday, energy shares fell 0.83 percent. Meanwhile, top losers in the sector included Flotek Industries Inc (NYSE: FTK), down 18 percent, and Aegean Marine Petroleum Network Inc. (NYSE: ANW) down 8 percent.

Top Headline

Humana Inc (NYSE: HUM) reported better-than-expected earnings for its third quarter and raised its FY17 forecast.

Humana posted quarterly EPS of $3.39 per share, beating analysts’ estimates of $3.27 per share. Its revenue declined 3 percent to $13.28 billion.

Humana now expects 2017 adjusted earnings of around $11.60 per share, versus earlier forecast of $11.50 per share.

Equities Trading UP

OncoSec Medical Inc (NASDAQ: ONCS) shares shot up 54 percent to $1.93 after the company disclosed positive updated long-term follow-up data from its Phase 2 OMS I-102 combination study of ImmunoPulse® IL-12 and pembrolizumab.

Shares of Izea Inc (NASDAQ: IZEA) got a boost, shooting up 36 percent to $4.45 after the company posted upbeat Q3 results.

Forterra Inc (NASDAQ: FRTA) shares were also up, gaining 34 percent to $6.76. Forterra reported a Q3 loss of $0.18 per share on sales of $444.25 million.

Equities Trading DOWN

CECO Environmental Corp. (NASDAQ: CECE) shares dropped 32 percent to $5.82 after the company posted downbeat quarterly results.

Shares of LendingClub Corp (NYSE: LC) were down 21 percent to $4.33 after missing on third-quarter sales estimates. The company also issued fourth quarter guidance well below estimates.

RedHill Biopharma Ltd - ADR (NASDAQ: RDHL) was down, falling around 27 percent to $5.45. RedHill Biopharma priced its 4.091 million ADS offering at $5.50 per ADS.

Commodities

In commodity news, oil traded down 0.70 percent to $56.80 while gold traded up 0.67 percent to $1,284.30.

Silver traded up 0.74 percent Wednesday to $17.065, while copper rose 0.45 percent to $3.103.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.28 percent, the Spanish Ibex Index fell 0.33 percent, while Italy’s FTSE MIB Index slipped 1.11 percent. Meanwhile the German DAX slipped 0.17 percent, and the French CAC 40 dropped 0.35 percent while U.K. shares rose 0.09 percent.

Economics

Domestic crude supplies gained 2.24 million barrels for the week ended November 3, the U.S. Energy Information Administration reported. Analysts expected a drop of 2.88 million barrels. Gasoline stockpiles slipped 3.31 million barrels, while distillate stockpiles dropped 3.36 million barrels for the week.

The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

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

 

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