Market Overview

Mid-Afternoon Market Update: Finisar Surges Following $390M Contract From Apple; Nordic American Tanker Shares Slide

Share:

Toward the end of trading Wednesday, the Dow traded up 0.48 percent to 24,622.25 while the NASDAQ climbed 0.28 percent to 6,881.34. The S&P also rose, gaining 0.13 percent to 2,667.63.

Leading and Lagging Sectors

Wednesday afternoon, the industrial sector proved to be a source of strength for the market. Leading the sector was strength from Westport Fuel Systems Inc (NASDAQ: WPRT) and RPX Corp (NASDAQ: RPXC).

In trading on Wednesday, telecommunication services shares fell 0.55 percent.

Top Headline

VeriFone Systems Inc (NYSE: PAY) reported better-than-expected results for its fourth quarter on Tuesday. The company issued weak first quarter and FY18 guidance. The company also announced a $100 million buyback plan.

Verifone reported Q4 adjusted earnings of $0.44 per share on revenue of $477 million. Analysts projected earnings of $0.43 per share on revenue of $472.5 million.

Verifone expects Q1 adjusted earnings of $0.22 per share on revenue of $418 million to $420 million. Analysts expected earnings of $0.34 per share on revenue of $465.6 million. The company projects FY18 adjusted earnings of $1.47 to $1.50 per share, on sales of $1.775 billion to $1.8 billion. Analysts were expecting earnings of $1.57 per share on revenue of $1.92 billion.

Equities Trading UP

Digital Power Corporation (NYSE: DPW) shares shot up 31 percent to $5.40. Digital Power reported a cryptocurrency mining division.

Shares of Finisar Corporation (NASDAQ: FNSR) got a boost, shooting up 28 percent to $24.69 following announcement of a $390 million award from Apple Inc. (NASDAQ: AAPL).

CounterPath, Corp. (NASDAQ: CPAH) shares were also up, gaining 100 percent to $4.30 following Q2 results. CounterPath reported Q2 earnings of $0.01 per share on revenue of $3.4 million.

Equities Trading DOWN

Helios and Matheson Analytics Inc (NASDAQ: HMNY) shares dropped 32 percent to $6.87 after the company reported a common stock offering. The size of the offering was not disclosed. The company said that proceeds from the offering and warrants will be used to increase the company’s ownership stake in MoviePass.

Shares of Nordic American Tanker Ltd (NYSE: NAT) were down 25 percent to $2.74 after announcing a $100 million common stock offering.

ArcBest Corp (NASDAQ: ARCB) was down, falling around 10 percent to $34.85. Stifel Nicolaus downgraded ArcBest from Hold to Sell.

Commodities

In commodity news, oil traded down 0.63 percent to $56.78 while gold traded up 0.60 percent to $1,249.10.

Silver traded up 1.03 percent Wednesday to $15.83, while copper rose 1.03 percent to $3.054.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 0.24 percent, the Spanish Ibex Index fell 0.27 percent, while Italy’s FTSE MIB Index dipped 1.44 percent. Meanwhile the German DAX slipped 0.44 percent, and the French CAC 40 declined 0.51 percent while U.K. shares fell 0.05 percent.

Economics

The Consumer Price Index rose 0.4 percent for November, versus economists’ expectations for a 0.4 percent growth.

Domestic crude supplies dropped 5.12 million barrels for the week ended December 8, the U.S. Energy Information Administration reported. However, analysts projected a fall of 3.76 million barrels. Gasoline stockpiles gained 5.66 million barrels, while distillate stockpiles dropped 1.37 million barrels for the week.

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

 

Related Articles (AAPL + ARCB)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Citi Expects Apple's Stock To Ripen In 2018

Ralph Lauren Is Executing A 'Tough' Fashion Turnaround, Says BofA