Mid-Day Market Update: Dow Rises Over 100 Points; Sunworks Falls Following Q1 Results

Midway through trading Wednesday, the Dow traded up 0.47 percent to 25,651.29 while the NASDAQ climbed 1 percent to 7,812.06. The S&P also rose, gaining 0.6 percent to 2,851.43.

Leading and Lagging Sectors

On Wednesday, the communication services shares rose by 1.8 percent. Meanwhile, top gainers in the sector included Discovery, Inc. DISCB up 25 percent, and Gogo Inc. GOGO up 8 percent.

In trading on Wednesday, financial shares fell 0.3 percent.

Top Headline

Macy's Inc M reported better-than-expected earnings in its first-quarter results.

Macy's said it earned 44 cents per share in the first quarter on revenue of $5.504 billion versus expectations of 33 cents per share and $5.52 billion. Comparable sales grew 0.6 percent on an owned basis and were higher by 0.7 percent on an owned plus licensed basis.

The company entered into a new $1.5 billion, five-year Credit Agreement that replaces a prior $1.5 billion facility which was set to expire in 2021. Macy's reaffirmed its prior 2019 annual guidance, including comparable sales of flat to +1 percent, EPS of $3.05-$3.25, $100 million of asset sale gains and annual tax rate of 23 percent.

Equities Trading UP

PDS Biotechnology Corporation PDSB shares got a boost, shooting up 41 percent to $8.68 after the company reported Q1 EPS increased 712.5 percent from last year..

Shares of YogaWorks, Inc. YOGA shot up 26 percent to $0.9627 after the company reported better-than-expected Q1 sales.

Global Eagle Entertainment Inc. ENT shares were also up, gaining 53 percent to $1.2073 after the company reported better-than-expected Q1 sales results and reported Q1 EPS in-line with analyst estimates.

Equities Trading DOWN

ImmunoGen, Inc. IMGN shares dropped 31 percent to $2.1650 after the company announced that the FDA recommended that the company conduct a new Phase 3 trial for its Mirvetuximab Soravtansine Monotherapy.

Shares of electroCore, Inc. ECOR were down 24 percent to $4.0540 after reporting Q1 results.

Sunworks, Inc. SUNW was down, falling around 17 percent to $1.0401 after the company reported worse-than-expected Q1 EPS and sales results.

Commodities

In commodity news, oil traded up 0.7 percent to $62.20 while gold traded down 0.1 percent to $1,296.10.

Silver traded down 0.2 percent Wednesday to $14.78, while copper rose 0.7 percent to $2.7445.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.22 percent, the Spanish Ibex Index rose 0.33 percent, while Italy’s FTSE MIB Index fell 0.38 percent. Meanwhile the German DAX climbed 0.58 percent, and the French CAC 40 rose 0.24 percent while U.K. shares rose 0.74 percent.

Economics

U.S. retail sales fell 0.2 percent for April, versus economists’ expectations for a 0.2 percent increase.

The Empire State manufacturing index rose to 17.8 for May, versus April reading of 10.1. However, economists were expecting a reading of 8.2 in May.

Data on industrial production for April will be released at 9:15 a.m. ET.

U.S. business inventories were unchanged for March.

The NAHB housing market index rose to 66 for May, versus previous reading of 63. However, economists projected a reading of 64.

U.S. crude supplies gained 5.4 million barrels for the week ended May 10, the Energy Information Administration reported. Analysts projected a decline of 1.4 million barrels. Gasoline inventories fell 1.1 million barrels last week, while distillate stockpiles rose 100,000 barrels last week.

Richmond Federal Reserve Bank President Tom Barkin will speak in New York at 1:00 p.m. ET.

The Treasury International Capital report for March is schedule for release at 4:00 p.m. ET.