Mid-Day Market Update: Pitney Bowes Falls On Downbeat Earnings; Enphase Energy Shares Surge

Midway through trading Wednesday, the Dow traded up 0.16 percent to 26635.09 while the NASDAQ climbed 0.5 percent to 8136.10. The S&P also rose, gaining 0.11 percent to 2,949.11.

Leading and Lagging Sectors

On Wednesday, the information technology shares rose 1.2 percent. Meanwhile, top gainers in the sector included Nanometrics Incorporated NANO up 23 percent, and Rogers Corporation ROG up 20 percent.

In trading on Wednesday, utilities shares fell 0.8 percent.

Top Headline

Apple Inc. 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. ENPH shares got a boost, shooting up 28 percent to $12.86 after the company reported better-than-expected Q1 EPS and sales results.

Shares of Nanometrics Incorporated NANO shot up 23 percent to $36.58 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. NUS shares were also up, gaining 25 percent to $63.36 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. PBI shares dropped 21 percent to $5.61 after the company reported weaker-than-expected Q1 earnings.

Shares of CM Seven Star Acquisition Corporation CMSS were down 37 percent to $3.15 after the company reported the consummation of business combination with Renren Inc.'s Kaixin Auto Group.

Haverty Furniture Companies, Inc. HVT was down, falling around 17 percent to $19.73 after the company reported downbeat Q1 results.

Commodities

In commodity news, oil traded down 1.3 percent to $63.11 while gold traded down 0.2 percent to $1,283.80.

Silver traded down 1.6 percent Wednesday to $14.74, while copper fell 3 percent to $2.818.

Eurozone

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

Economics

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.

U.S. crude supplies climbed 9.9 million barrels for the week ended April 26, the Energy Information Administration reported. However, analysts expected a gain of 1.4 million barrels. Gasoline inventories rose 900,000 barrels, while distillate stockpiles declined 1.3 million barrels last week.
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.