Market Overview

My goal is to be on stage with my computer and let you
see my screen and make sure you know what buttons to
press, where you’re getting in & out, how to calculate
risk, your targets — all of those things.
It’s real-life trading. Make sure you sign up!
- Jerremy Newsome

Mid-Morning Market Update: Markets Edge Higher; Apple Tops Q2 Expectations


Following the market opening Wednesday, the Dow traded up 0.13 percent to 26628.01 while the NASDAQ climbed 0.29 percent to 8118.49. The S&P also rose, gaining 0.03 percent to 2,946.81.

Leading and Lagging Sectors

Wednesday morning, the information technology shares rose 0.8 percent. Meanwhile, top gainers in the sector included Nanometrics Incorporated (NASDAQ: NANO) up 26 percent, and Rogers Corporation (NYSE: ROG) up 21 percent.

In trading on Wednesday, materials shares fell 0.6 percent.

Top Headline

Apple Inc. (NASDAQ: AAPL) reported better-than-expected earnings for its second quarter.

Earnings came in at $2.46 per share, beating estimates by 10 cents. Sales came in at $58 billion, beating estimates by $560 million.

The company issued strong third-quarter sales guidance of $52.5 billion-$54.5 billion; Estimates called for $51.9 billion.


Equities Trading UP

Enphase Energy, Inc. (NASDAQ: ENPH) shares got a boost, shooting up 29 percent to $12.98 after the company reported better-than-expected Q1 EPS and sales results.

Shares of Nanometrics Incorporated (NASDAQ: NANO) shot up 25 percent to $37.20 after the company reported better-than-expected Q1 sales. DA Davidson upgraded the stock from Neutral to Buy and raised its price target from $32 to $40.

Nu Skin Enterprises, Inc. (NYSE: NUS) shares were also up, gaining 23 percent to $62.56 after the company reported better-than-expected Q1 EPS and sales results and issued FY19 guidance above the consensus estimates.

Equities Trading DOWN

Pitney Bowes Inc. (NYSE: PBI) shares dropped 19 percent to $5.76 after the company reported weaker-than-expected Q1 earnings.

Shares of CM Seven Star Acquisition Corporation (NASDAQ: CMSS) were down 34 percent to $3.30 after the company reported the consummation of business combination with Renren Inc.'s Kaixin Auto Group.

Haverty Furniture Companies, Inc. (NYSE: HVT) was down, falling around 16 percent to $20.00 after the company reported downbeat Q1 results.


In commodity news, oil traded down 0.8 percent to $63.37 while gold traded down 0.3 percent to $1,282.30.

Silver traded down 0.9 percent Wednesday to $14.845, while copper fell 1.7 percent to $2.856.



Majority of the European markets are closed for a public holiday.


Private-sector employers added 275,000 jobs in April, ADP reported Wednesday. However, economists were expecting a gain of 181,000 jobs.

The ISM manufacturing composite index fell to 52.8 for April, versus a reading of 55.3 in March. However, economists projected a reading of 54.7.

U.S. construction spending fell 0.9 percent for March, versus economists’ expectations for a 0.4 percent drop.

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

The Fed Chair 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


Related Articles (AAPL + CMSS)

View Comments and Join the Discussion!
Lightning Fast
Market News Service
$199 Free 14 Day Trial

Port Report: Macquarie Funds Make One Of Their Biggest U.S. Splashes With LBCT

Guggenheim: Fiserv's Q1 Results Indicate Strong Business Momentum