Market Overview

Mid-Day Market Update: Global Brass and Copper Gains Following Merger Deal With Wieland-Werke; Helius Medical Technologies Shares Slide


Midway through trading Wednesday, the Dow traded down 0.02 percent to 26146.28 while the NASDAQ climbed 0.49 percent to 7948.01. The S&P also rose, gaining 0.19 percent to 2,883.60.

Leading and Lagging Sectors

On Wednesday, the utilities shares rose 0.6 percent. Meanwhile, top gainers in the sector included Companhia Energética de Minas Gerais (NYSE: CIG) up 5 percent, and Kenon Holdings Ltd. (NYSE: KEN) up 3 percent.

In trading on Wednesday, industrial shares fell 0.5 percent.

Top Headline

Delta Air Lines, Inc. (NYSE: DAL) reported stronger-than-expected results for its first quarter on Wednesday.

Delta's first-quarter adjusted earnings of 96 cents per share beat estimates by 7 cents. Sales of $10.4 billion were slightly ahead of consensus estimates.

Total revenue of $10.4 billion represents the company's largest ever March-ending quarter performance. Unit costs were actually down on a year-over-year basis during a typically seasonally weak period, which was also hampered by weather issues.

Equities Trading UP

Inpixon (NASDAQ: INPX) shares got a boost, shooting up 89 percent to $1.51 following news of a deal to buy Locality Systems.

Shares of Global Brass and Copper Holdings Inc (NYSE: BRSS) shot up 25 percent to $43.32 after the company announced a definitive merger agreement with Wieland-Werke AG at $44 per share in cash.

Safe-T Group Ltd (NASDAQ: SFET) shares were also up, gaining 31 percent to $3.43 after the company announced plans to acquire a business proxy network solution provider, NetNut, for $9.7 million in cash and stock.

Equities Trading DOWN

Helius Medical Technologies Inc (NASDAQ: HSDT) shares dropped 65 percent to $2.19 after the FDA declined the company's request for its De Novo classification and 510(k) clearance of the PoNS device.

Shares of Outlook Therapeutics, Inc. (NASDAQ: OTLK) were down 47 percent to $1.68. Outlook Therapeutics priced its 10.34 million share offering at $2.75 per share.

Wave Life Sciences Ltd. (NASDAQ: WVE) was down, falling around 17 percent to $34.74 after the company announced it would delay the data readout timeline on its Huntington's Disease trial.


In commodity news, oil traded up 0.5 percent to $64.32 while gold traded up 0.2 percent to $1,310.90.

Silver traded down 0.1 percent Wednesday to $15.21, while copper fell 0.4 percent to $2.922.



European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.14 percent, the Spanish Ibex Index rose 0.04 percent, while Italy’s FTSE MIB Index declined 0.14 percent. Meanwhile the German DAX climbed 0.45 percent, and the French CAC 40 rose 0.21 percent while U.K. shares fell 0.06 percent.


The Consumer Price Index rose 0.4 percent for March, versus economists’ expectations for a 0.3 percent increase.

U.S. crude supplies rose 7.029 million barrels for the week ended April 5, the Energy Information Administration reported. However, analysts expected a gain of 2.29 million barrels. Supplies of gasoline fell 7.71 million barrels last week, while distillates dropped 116,000 barrels.

The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

The U.S. Treasury budget report for March is schedule for release at 2:00 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Houston, TX at 7:00 p.m. ET.


Related Articles (CIG + BRSS)

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