Market Overview

Mid-Morning Market Update: Markets Open Lower; Time Warner Cable Profit Misses Expectations


Following the market opening Thursday, the Dow traded down 0.58 percent to 17,649.04 while the NASDAQ slipped 0.78 percent to 5,071.43. The S&P also fell, dropping 0.62 percent to 2,095.48.

Leading and Lagging Sectors

Thursday morning, utilities shares surged by 0.39 percent. Meanwhile, top gainers in the sector included Calpine Corporation (NYSE: CPN), up 5 percent, and Companhia Energetica Minas Gerais (ADR) (NYSE: CIG), up 2 percent.

In trading on Thursday, non-cyclical consumer goods & services shares slipped by 0.9 percent. Meanwhile, top losers in the sector included Whole Foods Market, Inc. (NASDAQ: WFM), down 12 percent, and Bunge Ltd (NYSE: BG), off 5 percent.

Top Headline

Time Warner Cable Inc (NYSE: TWC) reported weaker-than-expected earnings for the second quarter on Thursday.

The New York-based company reported a quarterly profit of $463 million, or $1.62 per share, versus $499 million, or $1.76 per share, in the year-ago period. Excluding non-recurring items, the company’s earnings came in at $1.54 per share.

Its revenue climbed to $5.93 billion from $5.73 billion. However, analysts were expecting earnings of $1.81 per share on revenue of $5.94 billion.

Equities Trading UP

LivePerson, Inc. (NASDAQ: LPSN) shares shot up 22 percent to $9.66 after the company reported stronger-than-expected earnings for the second quarter.

Synergy Pharmaceuticals Inc (NASDAQ: SGYP) shares were also up, gaining 11 percent to $9.14 following the announcement of positive results in second Phase 3 trial of plecanatide in patients with CIC.

Shares of Open Text Corporation (USA) (NASDAQ: OTEX) got a boost, shooting up 18 percent to $44.49 on stronger-than-expected quarterly results.

Equities Trading DOWN

Investment Technology Group (NYSE: ITG) shares tumbled 24 percent to $18.24. ITT Educational Services reported Q2 earnings of $0.03 per share on revenue of $214.231 million.

Shares of LinnCo LLC (NASDAQ: LNCO) were down 22 percent to $4.87 after the company reported Q2 financial results and announced intent to recommend suspension of dividend.

Foundation Medicine Inc (NASDAQ: FMI) was down, falling 22 percent to $22.75. Foundation Medicine reported a Q2 loss of $0.98 per share on sales of $22.5 million. The company also issued a weak FY15 sales outlook.


In commodity news, oil traded up 0.43 percent to $49.00, while gold traded down 0.71 percent to $1,085.50.

Silver traded down 0.43 percent Thursday to $14.68, while copper fell 1.47 percent to $2.37.


European shares were mostly higher today. The eurozone’s STOXX 600 jumped 0.57 percent, the Spanish Ibex Index fell 0.64 percent, while Italy’s FTSE MIB Index climbed 0.95 percent. Meanwhile, the German DAX rose 0.22 percent, and the French CAC 40 gained 0.60 percent while UK shares rose 0.87 percent.


The U.S. economy expanded at an annual rate of 2.3 percent in the second quarter, versus economists’ expectations for a 2.6 percent growth.

U.S. jobless claims increased 12,000 to 267,000 in the week ended July 25, 2015. However, economists were expecting claims to reach 275,000 in the week.

Data on money supply will be released at 4:30 p.m. ET.

Posted-In: Earnings News Dividends Eurozone Futures Commodities FDA Global


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