Market Overview

Mid-Day Market Update: Wednesday's Movers, China Rebounds And Greece's Syriza Party

Share:

Greece continues to struggle as its Syriza party is aiming to split. Dissidents are resisting Alexis Tsipras’ acquiescence to creditors demands.

According to the Wall Street Journal, Greece’s Syriza central committee, which sets policies, will meet Thursday to decide handling of the party’s lawmakers that voted negative on the austerity measures. Tsipras commented that it is “surrealism” that Syriza is voting against the government proposal, yet claim they support the government.

The Federal Reserve will make an announcement Wednesday at 2 p.m. ET about possibly raising interest rates and giving a brief statement about current issues.

Chinese shares broke a three-day losing streak as a late rally lifted stocks nearly 3.4 percent. The Shenzhen Composite rose 4.1 percent. Global markets are edging higher in Wednesday’s session, but investors remain cautious ahead of the Fed statement, fearing news on possible interest rate hikes.

The Dow Jones Industrial Index rose 0.37 percent, the S&P 500 Index increased 0.33 percent, the NASDAQ Composite was lifted 0.10 percent, and the US Dollar Index moved up 0.05 percent in Wednesday’s mid-day session.

Winners

Cytec Industries Inc (NYSE: CYT) skyrocketed 27 percent after the global specialty materials and chemicals company was acquired by Brussels-based chemical group Solvay SA for a total of $5.5 billion.

Strayer Education Inc (NASDAQ: STRA) soared 23 percent after the education services holding company reported better-than-expected earnings.

Federal-Mogul Holdings Corporation (NASDAQ: FDML) soared 20 percent after the holdings corporation reported Q2 earnings; the company announced net income of $0.13 per share on sales of ~$1.96 billion.

The Rubicon Project Inc (NYSE: RUBI) was lifted 18 percent after the technology company reported earnings of $0.06 a share on sales of $48.50 million. Analysts expected a loss of $0.20 a share on sales of $42.38 million.

ITT Educational Services Inc (NYSE: ESI) was up 13 percent. The education provider was upgraded by Zacks Equity Research as a Strong Buy; the firm also raised its full year consensus estimates from $0.79 a share to a $0.93 per share.

Losers

New Source Energy Partners LP (NYSE: NSLP) dwindled 44 percent after the oil and natural gas company announced that the board of its General Partner decided to halt the cash distribution on common units.

Yelp Inc (NYSE: YELP) sunk 29 percent after the company reported quarterly earnings after Tuesday’s close. The company followed up the strong quarterly results with poor guidance.

Big 5 Sporting Goods Corporation (NASDAQ: BGFV) was down 27 percent after the sporting goods retailer reported earnings of $0.15 per share that were in-line with analyst expectations, but misses on revenues.

VASCO Data Security International Inc (NASDAQ: VDSI) tumbled 22 percent after the IT security company reported earnings that beat expectations, but backs light guidance. The company sees revenues of $230-$240 million for the full year, a bit lower than expected $238.8 million.

 

Related Articles (STRA + CYT)

View Comments and Join the Discussion!

Posted-In: News Economics Intraday Update Movers