Market Overview

Mid-Morning Market Update: Markets Open Higher; Apple Beats Q1 Expectations

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Following the market opening Wednesday, the Dow traded up 1.08 percent to 24,844.87 while the NASDAQ climbed 0.76 percent to 7,081.74. The S&P also rose, gaining 0.44 percent to 2,651.67.

Leading and Lagging Sectors

Wednesday morning, the information technology shares climbed 1.3 percent. Meanwhile, top gainers in the sector included Advanced Micro Devices, Inc. (NASDAQ: AMD) up 14 percent, and Mellanox Technologies, Ltd. (NASDAQ: MLNX) up 6 percent.

In trading on Wednesday, communication services shares fell 0.5 percent.

Top Headline

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

Earnings came in at $4.18, beating estimates by a penny. Sales came in at $84.31 billion, beating estimates by $270 million. The company issued weak second-quarter sales guidance.

Apple said iPhone revenue dropped 15 percent from the prior year. But all other revenue grew 19 percent, and services revenue reached a record$10.9 billion, up 19 percent from the prior year. Revenue from the company's Maccomputers, Wearables, and Home and Accessories also reached all-time highs, growing 9 percent and 33 percent, respectively, Apple said. Revenue from iPad grew 17 percent.

 

Equities Trading UP

Eyenovia Inc (NASDAQ: EYEN) shares got a boost, shooting up 27 percent to $3.34 after the company's MIST-1 mydriasis study met its primary endpoint.

Shares of Co-Diagnostics Inc (NASDAQ: CODX) shot up 204 percent to $3.37 after the company announced the sale of 3 million preferred shares convertible to common stock at $1.20 per share, along with the elimination of $2 million in debt.

Ekso Bionics Holdings, Inc. (NASDAQ: EKSO) shares were also up, gaining 20 percent to $1.9538 after the company announced a $100 million exoskeleton joint venture to serve China and other Asian markets.

Equities Trading DOWN

AC Immune SA (NASDAQ: ACIU) shares dropped 65 percent to $3.7250 after collaboration partner Roche decided to discontinue phase 3 studies of Crenezumab in Alzheimer's disease.

Shares of Tupperware Brands Corporation (NYSE: TUP) were down 27 percent to $27.69 after the company missed Q4 sales estimates and provided soft Q1 and FY19 EPS guidance.

Trevena, Inc. (NASDAQ: TRVN) was down, falling around 14 percent to $1.095 after the company announced a $10M registered direct stock offering at $1 per share.

Commodities

In commodity news, oil traded up 0.88 percent to $53.78 while gold traded down 0.01 percent to $1,315.10.

Silver traded up 0.29 percent Wednesday to $15.885, while copper rose 1.16 percent to $2.7565.

 

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.5 percent, the Spanish Ibex Index dropped 0.5 percent, while Italy’s FTSE MIB Index climbed 0.3 percent. Meanwhile the German DAX fell 0.14 percent, and the French CAC 40 climbed 0.9 percent while U.K. shares rose 1.7 percent.

Economics

Private sector employers added 213,000 jobs in January, ADP reported. However, economists were expecting a rise of 180,000 jobs.

The pending home sales index fell 2.2 percent to a reading of 99 in December.

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..

The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

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

 

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