Market Overview

Mid-Day Market Update: Crude Oil Up Over 3%; Valeritas Shares Spike Higher


Midway through trading Wednesday, the Dow traded up 0.3% to 26862.81 while the NASDAQ rose 0.67% to 8,196.61. The S&P also rose, gaining 0.44% to 2,992.87.

Leading and Lagging Sectors

Information technology shares rose 0.9% on Wednesday. Meanwhile, top gainers in the sector included Harmonic Inc. (NASDAQ: HLIT), up 26%, and SMART Global Holdings, Inc. (NASDAQ: SGH), up 21%.

In trading on Wednesday, financial shares fell 0.3%.

Top Headline

MSC Industrial Direct Co Inc (NYSE: MSM) reported weaker-than-expected results for its third quarter and issued weak Q4 forecast.

The company reported third-quarter earnings of $1.44 per share, which missed the analyst consensus estimate of $1.5. The company reported sales of $866.5 million, which missed the analyst consensus estimate of $882 million.

MSC Industrial expects Q4 earnings of $1.21 to $1.27 per share, versus analysts’ estimates of $1.48 per share. The company projects sales of $835 million to $851 million.

Equities Trading UP

Valeritas Holdings, Inc. (NASDAQ: VLRX) shares shot up 26% to $3.69 after the company on Tuesday afternoon announced its V-Go wearable insulin device has been adopted on multiple managed care formularies.

Shares of Inpixon (NASDAQ: INPX) got a boost, shooting up 45% to $0.7419 after the company announced the acquisition of indoor mapping company Jibestream.

Vislink Technologies, Inc. (NASDAQ: VISL) shares were also up, gaining 322% to $7.00 after the company won a $2.8 million US army contract for handheld intelligence, surveillance, and reconnaissance receiver devices.

Equities Trading DOWN

Amneal Pharmaceuticals, Inc. (NYSE: AMRX) shares tumbled 34% to $4.47 after the company cut its FY19 adj. EBITDA guidance along with its restructuring plan.

Shares of Camber Energy, Inc. (NYSE: CEI) were down 38% to $4.65 after surging 268.47% on Tuesday.

Levi Strauss & Co. (NYSE: LEVI) was down, falling 12% to $20.89 after the company reported worse-than-expected Q2 EPS results.


In commodity news, oil traded up 3.3% to $59.74, while gold traded up 0.8% to $1,411.70.

Silver traded up 0.4% Wednesday to $15.20, while copper rose 2.5% to $2.6895.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, the Spanish Ibex Index fell 0.23%, while Italy’s FTSE MIB Index gained 0.73%. Meanwhile, the German DAX dropped 0.51%, and the French CAC 40 slipped 0.08% while UK shares fell 0.08%.


U.S. wholesale inventories rose 0.4% for May, versus economists’ expectations for a 0.4% increase.

U.S. crude supplies fell 9.5 million barrels for the week ended July 5, the Energy Information Administration reported. However, analysts were expecting a decline of 2.1 million barrels. Gasoline inventories dropped 1.5 million barrels last week, while distillate stockpiles rose 3.7 million barrels.

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

St. Louis Federal Reserve Bank President James Bullard is set to speak in Saint Louis, Missouri at 1:30 p.m. ET.

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


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