Market Overview

Mid-Morning Market Update: Markets Open Higher; Apple Tops Q3 Estimates

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Following the market opening Wednesday, the Dow traded up 0.13 percent to 25,446.95 while the NASDAQ climbed 0.44 percent to 7,705.21. The S&P also rose, gaining 0.18 percent to 2,821.45.

Leading and Lagging Sectors

Wednesday morning, the information technology shares climbed 1.01 percent. Meanwhile, top gainers in the sector included Pandora Media, Inc. (NYSE: P) up 21 percent, and Glu Mobile Inc. (NASDAQ: GLUU) up 14 percent.

In trading on Wednesday, utilities shares fell 1.54 percent.

Top Headline

Apple Inc. (NASDAQ: AAPL) reported stronger-than-expected results for its third quarter.

Earnings came in at $2.34, beating estimates by 16 cents. Sales came in at $53.27 billion, beating estimates by $930 million. The company issued strong fourth-quarter sales guidance and sees gross margins of 38 percent-38.5 percent.

Equities Trading UP

Pandora Media, Inc. (NYSE: P) shares shot up 22 percent to $8.235 after the company reported better-than-expected results for its second quarter.

Shares of SodaStream International Ltd. (NASDAQ: SODA) got a boost, shooting up 23 percent to $106.97 after the company posted upbeat Q2 earnings and raised its forecast.

The Container Store Group, Inc. (NYSE: TCS) shares were also up, gaining 39 percent to $9.23 after reporting comp store sales were up 4.7 percent in the first quarter. Adjusted EPS came in at $(0.08), up from $(0.11) in the same quarter of last year. The company raised its FY2018 outlook.

Equities Trading DOWN

Diebold Nixdorf, Incorporated (NYSE: DBD) shares dropped 34 percent to $7.50 after posting downbeat Q2 earnings.

Shares of Basic Energy Services, Inc. (NYSE: BAS) were down 23 percent to $IC 8.74 as the company posted weaker-than-expected Q2 earnings.

Naked Brand Group Limited (NASDAQ: NAKD) was down, falling around 19 percent to $4.88 after jumping 44.58 percent on Tuesday. Naked Brand reported a 12.7 million share offering from selling shareholders.

 

Commodities

In commodity news, oil traded down 1.32 percent to $67.85 while gold traded down 0.19 percent to $1,231.20.

Silver traded down 0.64 percent Wednesday to $15.46, while copper fell 2.51 to $2.7605.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.39 percent, the Spanish Ibex Index fell 0.62 percent, while Italy’s FTSE MIB Index slipped 0.87 percent. Meanwhile the German DAX dropped 0.42 percent, and the French CAC 40 fell 0.12 percent while U.K. shares fell 1.14 percent.

Economics

Private-sector employers added 219,000 jobs in July, the ADP reported. However, economists were expecting a gain of 186,000 jobs.

The Markit manufacturing PMI slipped to 55.30 for July, versus previous reading of 55.50. Economists projected a reading of 55.50.

U.S. construction spending declined 1.1 percent for June, versus economists’ expectations for a 0.3 percent gain.

The ISM manufacturing index dropped to 58.10 for July, versus prior reading of 60.20. Economists projected a reading of 59.80.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.

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

 

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