Market Overview

Mid-Day Market Update: Dow Falls Over 100 Points; Zix Shares Rise Following Q3 Results


Midway through trading Wednesday, the Dow traded down 0.44 percent to 25,079.88 while the NASDAQ declined 0.9 percent to 7,370.48. The S&P also fell, dropping 0.68 percent to 2,722.12.

Leading and Lagging Sectors

On Wednesday, the utilities shares gained 1.3 percent. Meanwhile, top gainers in the sector included Korea Electric Power Corporation (NYSE: KEP) up 5 percent, and Chesapeake Utilities Corporation (NYSE: CPK) up 5 percent.

In trading on Wednesday, communication services shares tumbled 1.6 percent.

Top Headline

Boeing Co (NYSE: BA) reported upbeat earnings for its third quarter and raised its FY18 guidance.

Boeing said it earned $3.58 per share in the quarter on revenue of $25.146 billion, which was better than the $3.52 per share and $24.6 billion analysts were expecting.

Boeing now expects FY18 core earnings of $14.90 to $15.10 per share on sales of $98 billion to $100 billion.

Equities Trading UP

Clementia Pharmaceuticals Inc. (NASDAQ: CMTA) shares shot up 50 percent to $15.50 after the company announced it plans to resubmit an NDA for palovarotene based on Phase 2 clinical results.

Shares of Zix Corporation (NASDAQ: ZIXI) got a boost, shooting up 21 percent to $6.12 after the company reported better-than-expected Q3 results.

K12 Inc. (NYSE: LRN) shares were also up, gaining 20 percent to $20.74 after reporting strong results for its first quarter.


Equities Trading DOWN

Travelzoo (NASDAQ: TZOO) shares dropped 31 percent to $8.08 after the company missed Q3 earnings estimates.

Shares of Noodles & Company (NASDAQ: NDLS) were down 17 percent to $10.48. Noodles reported in-line earnings for its third quarter. Comps were up 5.5 percent in the quarter. The company announced a secondary offering of 8.75 million shares of common stock.

The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) was down, falling around 25 percent to $38.41 after the company reported downbeat Q3 earnings.


In commodity news, oil traded up 0.78 percent to $66.95 while gold traded down 0.2 percent to $1,234.30.

Silver traded down 0.29 percent Wednesday to $14.75, while copper rose 0.07 to $2.76.


European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.5 percent, the Spanish Ibex Index rose 0.35 percent, while Italy’s FTSE MIB Index dropped 0.83 percent. Meanwhile the German DAX climbed 0.17 percent, and the French CAC 40 gained 0.69 percent while U.K. shares rose 0.59 percent.


The flash IHS Markit’s manufacturing PMI climbed to 55.9 for October, versus prior reading of 55.6. The flash services PMI gained to 54.7 versus a reading of 53.5 for September.

New home sales fell 5.5 percent for September at an annual rate of 553,000.

Domestic crude supplies increased 6.3 million barrels for the week ended October 19, the Energy Information Administration reported. However, analysts expected a gain of of 3.3 million barrels. Gasoline stockpiles dropped 4.8 million barrels, while distillate stockpiles fell 2.3 million barrels last week.

The Treasury is set to auction 5-year notes at 1:00 p.m. ET.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in Baton Rouge at 2:00 p.m. ET.

The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

US Federal Reserve Bank Governor Lael Brainard is set to speak in New York at 7:00 p.m. ET.

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


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