Market Overview

Mid-Day Market Update: Healthcare Services Falls After Q2 Miss; CounterPath Shares Climb

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Midway through trading Wednesday, the Dow traded up 0.12 percent to 25,148.80 while the NASDAQ declined 0.26 percent to 7,834.80. The S&P also fell, dropping 0.06 percent to 2,807.97.

Leading and Lagging Sectors

On Wednesday, the financial shares climbed 0.90 percent. Meanwhile, top gainers in the sector included Senmiao Technology Limited (NASDAQ: AIHS) up 9 percent, and MGIC Investment Corporation (NYSE: MTG) up 8 percent.

In trading on Wednesday, energy shares fell 1 percent.

Top Headline

Morgan Stanley (NYSE: MS) reported better-than-expected earnings for its second quarter.

The bank posted quarterly profit of $1.30 per share, on revenue of $10.61 billion. Analysts projected earnings of $1.11 per share on revenue of $10.10 billion.

 

Equities Trading UP

Precipio, Inc. (NASDAQ: PRPO) shares shot up 42 percent to $0.52 after announcing preliminary second-quarter results. The specialty cancer diagnostics company said on a preliminary basis second quarter revenue rose 213 percent from $260,000 a year ago to $815,000.

Shares of CounterPath Corporation (NASDAQ: CPAH) got a boost, shooting up 51 percent to $4.14 after the company reported signing of deal with a leading contract center solution provider to deploy the company’s Hosted Stretto Platform.

MER Telemanagement Solutions Ltd. (NASDAQ: MTSL) shares were also up, gaining 62 percent to $3.34 after falling 27.46 percent on Tuesday.

Equities Trading DOWN

CTI BioPharma Corp. (NASDAQ: CTIC) shares dropped 37 percent to 2.530 after the company issued pacritinib program update following Type B meeting with the U.S. FDA.

Shares of Windstream Holdings, Inc. (NASDAQ: WIN) were down 13 percent to $3.67. Citigroup downgraded Windstream from Neutral to Sell.

Healthcare Services Group, Inc. (NASDAQ: HCSG) was down, falling around 11 percent to $37.61 after the company reported downbeat Q2 results.

Commodities

In commodity news, oil traded down 0.72 percent to $67.59 while gold traded down 0.25 percent to $1,224.20.

Silver traded down 1.07 percent Wednesday to $15.45, while copper fell 0.55 to $2.732.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.41 percent, the Spanish Ibex Index rose 0.06 percent, while Italy’s FTSE MIB Index fell 0.20 percent. Meanwhile the German DAX climbed 0.78 percent, and the French CAC 40 gained 0.39 percent while U.K. shares rose 0.45 percent.

Economics

U.S. housing starts declined 12.3 percent to an annual rate of 1.173 million for June.

Domestic crude supplies rose 5.8 million barrels for the week ended July 13, the Energy Information Administration reported. Analysts expected a decline of 3 million barrels. Gasoline stockpiles slipped 3.2 million barrels, while distillate stockpiles dropped 400,000 barrels for the week.

The Federal Reserve 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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