Market Overview

Mid-Afternoon Market Update: Crude Oil Down 1.2%; Cloudera Shares Climb On Upbeat Earnings

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Toward the end of trading Thursday, the Dow traded up 0.02 percent to 25,978.84 while the NASDAQ declined 1.16 percent to 7,902.59. The S&P also fell, dropping 0.53 percent to 2,873.18.

Leading and Lagging Sectors

Thursday afternoon, the utilities shares rose 0.53 percent. Meanwhile, top gainers in the sector included Cent PUERTO S A/S ADR (NYSE: CEPU) up 13 percent, and Empresa Distribuidora y Cmrz Nrt SA(ADR) (NYSE: EDN) up 7 percent.

In trading on Thursday, energy shares fell 1.6 percent.

Top Headline

Navistar International Corp (NYSE: NAV) reported upbeat earnings for its third quarter, while sales missed views. The company also raised its FY18 sales guidance.

Navistar posted quarterly earnings of $1 per share on revenue of $2.61 billion. However, analysts were expecting earnings of $0.90 per share on revenue of $2.66 billion.

The company now expects fiscal 2018 revenue of $10.1 billion to $10.4 billion, versus earlier forecast of $9.75 billion to $10.25 billion.

Equities Trading UP

Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) shares shot up 38 percent to $19.4133 after the company disclosed that ARO-HBV was generally well-tolerated in HBV patients. The company said up to 4.0 log10 reduction in HBsAg was observed following 3 doses of ARO-HBV.

Shares of Cloudera, Inc. (NYSE: CLDR) got a boost, shooting up 24 percent to $17.8601 after reporting a second-quarter earnings beat. The company issued upbeat Q2 and 2019 guidance.

WSI Industries, Inc. (NASDAQ: WSCI) shares were also up, gaining 34 percent to $6.88 after Polaris Industries (NYSE: PII) announced plans to acquire WSI Industries for $7 per share in cash.

Equities Trading DOWN

Lands' End, Inc. (NASDAQ: LE) shares dropped 11 percent to $22.20 after reporting downbeat Q2 results.

Shares of EnSync, Inc. (NYSE: ESNC) were down 20 percent to $13.76 after the company late Wednesday announced an agreement to raise $2.9 million in a registered direct offering.

REV Group, Inc. (NYSE: REVG) was down, falling around 13 percent to $13.76 after the company reported downbeat Q3 results and lowered its FY18 guidance.

Commodities

In commodity news, oil traded down 1.2 percent to $67.89 while gold traded up 0.32 percent to $1,205.20.

Silver traded down 0.14 percent Thursday to $14.20, while copper rose 0.88 to $2.633.

Eurozone

European shares closed lower today. The eurozone's STOXX 600 fell 0.59 percent, the Spanish Ibex Index fell 1 percent, while Italy's FTSE MIB Index dropped 0.27 percent. Meanwhile the German DAX dropped 0.71 percent, and the French CAC 40 fell 0.31 percent while U.K. shares fell 0.87 percent.

Economics

U.S. private sector employers added 163,000 jobs in August, versus 217,000 jobs in July, payrolls processor ADP reported. However, economists projected a gain of 182,000 new jobs.

Data on initial jobless claims for the latest week is schedule for release at 8:30 a.m. ET.

Data on nonfarm productivity and unit labor costs for the second quarter will be released at 8:30 a.m. ET.

The IHS Markit final U.S. services PMI declined to a reading of 54.8 in August, compared to 56 in July.

U.S. factory orders declined 0.8 percent for July, versus economists' expectations for a 0.5 percent drop.

The ISM's non-manufacturing index rose to 58.50 for August, versus prior reading of 55.70. Economists projected a reading of 57.00.

Domestic supplies of natural gas increased 63 billion cubic feet for the week ended August 31, the U.S. Energy Information Administration reported. However, analysts expected a rise of 62 billion cubic feet.

Domestic crude supplies declined 4.3 million barrels for the week ended August 31, the U.S. Energy Information Administration reported. Analysts projected a drop of 1.29 million barrels. Gasoline stockpiles gained 1.84 million barrels, while distillate stockpiles rose 3.12 million barrels for the week.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

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

 

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