Mid-Morning Market Update: Markets Mostly Lower; Coca-Cola Tops Q2 Views

Following the market opening Wednesday, the Dow traded down 0.39 percent to 25,143.29 while the NASDAQ climbed 0.09 percent to 7,847.46. The S&P also fell, dropping 0.02 percent to 2,819.70.

Leading and Lagging Sectors

Wednesday morning, the real estate shares climbed 0.71 percent. Meanwhile, top gainers in the sector included FirstService Corporation FSV up 3 percent, and Equity Residential EQR up 3 percent.

In trading on Wednesday, telecommunication services shares fell 1.37 percent.

Top Headline

The Coca-Cola Co KO reported stronger-than-expected results for its second quarter on Wednesday.

Coca-Cola posted quarterly profit of $0.61 per share, on revenue of $8.93 billion. Analysts projected earnings of $0.60 per share on revenue of $8.55 billion.

Equities Trading UP

resTORbio, Inc. TORC shares shot up 72 percent to $15.49 after the clinical stage biopharmaceutical company reported positive topline results from a clinical trial. The company said clinical data from a phase 2b trial of its RTB101 therapy showed a statistically significant and clinically meaningful reduction in the percentage of patients with one or more laboratory-confirmed RTIs.

Shares of Nevro Corp. NVRO got a boost, shooting up 36 percent to $60.2325 after the medical technology company announced a patent litigation update. The company said a court ruled in its favor with regard to six method claims in three patents.

CorMedix, Inc. CRMD shares were also up, gaining 31 percent to $0.3679 after disclosing positive results of its Neutrolin(R) Phase 3 LOCK-IT-100 study based on recommendation by the independent Data Safety Monitoring Board.

Equities Trading DOWN

Helios and Matheson Analytics Inc. HMNY shares dropped 37 percent to $13.36 after declaring a 1-for-250 reverse stock split. Some traders and investors may erroneously see the stock up nearly 20,000 percent on some platforms. On a split adjusted basis, shares closed at $22.50.

Shares of Travelzoo TZOO were down 27 percent to $13.70 after the company reported weaker-than-expected earnings for its second quarter.

Owens Corning OC was down, falling around 13 percent to $56.95 after the company posted downbeat Q2 results.

Commodities

In commodity news, oil traded down 0.10 percent to $68.45 while gold traded up 0.62 percent to $1,242.30.

Silver traded up 0.64 percent Wednesday to $15.62, while copper rose 0.12 to $2.814.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 slipped 0.27 percent, the Spanish Ibex Index fell 0.54 percent, while Italy’s FTSE MIB Index fell 0.78 percent. Meanwhile the German DAX declined 0.63 percent, and the French CAC 40 fell 0.05 percent while U.K. shares fell 0.85 percent.

Economics

U.S. new home sales fell 5.3 percent to an annual rate of 631,000 for June.

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.