Market Overview

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

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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 (NASDAQ: NANO) up 23 percent, and Rogers Corporation (NYSE: ROG) up 20 percent.

In trading on Wednesday, utilities shares fell 0.8 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 28 percent to $12.86 after the company reported better-than-expected Q1 EPS and sales results.

Shares of Nanometrics Incorporated (NASDAQ: 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. (NYSE: 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. (NYSE: PBI) shares dropped 21 percent to $5.61 after the company reported weaker-than-expected Q1 earnings.

Shares of CM Seven Star Acquisition Corporation (NASDAQ: 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. (NYSE: 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.

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

 

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