Market Overview

Mid-Morning Market Update: Markets Edge Lower; DISH Network Revenue Misses Expectations

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Following the market opening Tuesday, the Dow traded down 0.12 percent to 24,327.33 while the NASDAQ declined 0.18 percent to 7,252.02. The S&P also fell, dropping 0.18 percent to 2,667.87.

Leading and Lagging Sectors

Tuesday morning, the financial shares rose 0.22 percent. Meanwhile, top gainers in the sector included Brighthouse Financial, Inc. (NASDAQ: BHF), up 4 percent, and Federated National Holding Company (NASDAQ: FNHC) up 6 percent.

In trading on Tuesday, utilities shares fell 0.65 percent.

Top Headline

DISH Network Corp (NASDAQ: DISH) reported in-line earnings for its first quarter, while sales missed estimates.

DISH Network reported quarterly earnings of $0.70 per share, which met the analyst consensus estimate. The company reported quarterly sales of $3.46 billion, which missed the analyst consensus estimate of $3.5 billion by 1.14 percent.

Equities Trading UP

Nevsun Resources Ltd. (NYSE: NSU) shares shot up 21 percent to $3.59 after Lundin Mining Corporation and Euro Sun Mining Inc. proposed to acquire Nevsun Resources for around C$1.5 billion.

Shares of Sharing Economy International Inc. (NASDAQ: SEII) got a boost, shooting up 15 percent to $4.25 after the company disclosed that it entered into a license agreement with Ecrent Capital Holdings Limited.

Impinj, Inc. (NASDAQ: PI) shares were also up, gaining 24 percent to $16.78 after reporting Q1 results.

Equities Trading DOWN

Nevro Corp. (NASDAQ: NVRO) shares dropped 14 percent to $79.35 after reporting wider-than-expected Q1 loss.

Shares of Hertz Global Holdings, Inc. (NYSE: HTZ) were down 11 percent to $19.77 after the company reported a wider-than-expected loss for its first quarter.

Sanchez Energy Corporation (NYSE: SN) was down, falling around 12 percent to $2.94 after reporting wider-than-expected Q1 loss.

Commodities

In commodity news, oil traded down 0.85 percent to $70.13 while gold traded down 0.21 percent to $1,311.30.

Silver traded up 0.12 percent Tuesday to $16.515, while copper fell 1.32 to $3.0385.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.19 percent, the Spanish Ibex Index fell 0.21 percent, while Italy’s FTSE MIB Index fell 1.74 percent. Meanwhile the German DAX fell 0.62 percent, and the French CAC 40 slipped 0.42 percent while U.K. shares rose 0.07 percent.

Economics

The NFIB small business optimism index rose 0.1 point to 104.8 for April.

The Johnson Redbook Retail Sales Index rose 0.8 percent during the first week of May versus Aprl.

Mid-Morning Market Update: Markets Edge Lower; DISH Network Revenue Misses Expectations

Following the market opening Tuesday, the Dow traded down 0.12 percent to 24,327.33 while the NASDAQ declined 0.18 percent to 7,252.02. The S&P also fell, dropping 0.18 percent to 2,667.87.

Leading and Lagging Sectors

Tuesday morning, the financial shares rose 0.22 percent. Meanwhile, top gainers in the sector included Brighthouse Financial, Inc. (NASDAQ: BHF), up 4 percent, and Federated National Holding Company (NASDAQ: FNHC) up 6 percent.

In trading on Tuesday, utilities shares fell 0.65 percent. Meanwhile, top losers in the sector included Overstock.com Inc (NASDAQ: OSTK), down 9 percent, and Bitauto Hldg Ltd (ADR) (NYSE: BITA) down 10 percent.

Top Headline

DISH Network Corp (NASDAQ: DISH) reported in-line earnings for its first quarter, while sales missed estimates.

DISH Network reported quarterly earnings of $0.70 per share, which met the analyst consensus estimate. The company reported quarterly sales of $3.46 billion, which missed the analyst consensus estimate of $3.5 billion by 1.14 percent.

Equities Trading UP

Nevsun Resources Ltd. (NYSE: NSU) shares shot up 21 percent to $3.59 after Lundin Mining Corporation and Euro Sun Mining Inc. proposed to acquire Nevsun Resources for around C$1.5 billion.

Shares of Sharing Economy International Inc. (NASDAQ: SEII) got a boost, shooting up 15 percent to $4.25 after the company disclosed that it entered into a license agreement with Ecrent Capital Holdings Limited.

Impinj, Inc. (NASDAQ: PI) shares were also up, gaining 24 percent to $16.78 after reporting Q1 results.

Equities Trading DOWN

Nevro Corp. (NASDAQ: NVRO) shares dropped 14 percent to $79.35 after reporting wider-than-expected Q1 loss.

Shares of Hertz Global Holdings, Inc. (NYSE: HTZ) were down 11 percent to $19.77 after the company reported a wider-than-expected loss for its first quarter.

Sanchez Energy Corporation (NYSE: SN) was down, falling around 12 percent to $2.94 after reporting wider-than-expected Q1 loss.

Commodities

In commodity news, oil traded down 0.85 percent to $70.13 while gold traded down 0.21 percent to $1,311.30.

Silver traded up 0.12 percent Tuesday to $16.515, while copper fell 1.32 to $3.0385.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.19 percent, the Spanish Ibex Index fell 0.21 percent, while Italy’s FTSE MIB Index fell 1.74 percent. Meanwhile the German DAX fell 0.62 percent, and the French CAC 40 slipped 0.42 percent while U.K. shares rose 0.07 percent.

Economics

The NFIB small business optimism index rose 0.1 point to 104.8 for April.

The Johnson Redbook Retail Sales Index rose 0.8 percent during the first week of May versus Aprl.

The Labor Department's JOLTS report for March is schedule for release at 10:00 a.m. ET.

The Treasury is set to auction 4-week bills at 11:30 a.m. ET.

The Treasury will auction 3-year notes at 1:00 p.m. ET.

The Treasury is set to auction 4-week bills at 11:30 a.m. ET.

The Treasury will auction 3-year notes at 1:00 p.m. ET.

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

 

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