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Mid-Day Market Update: Wednesday's Movers, US Rebounds, China And More

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The U.S. markets were dragged down late Tuesday again due to China’s growth concerns. The Dow Jones Industrial futures were up nearly 500 points on Tuesday, but ended up losing more than 200 points by the close.

Shanghai’s Stock Exchange Composite Index lost 1.27 percent in Wednesday’s session (to levels experienced in mid December), further concerning the world markets. Its interest rates were cut to 4.6 percent and their reserve requirements are now down to 18 percent.

U.S. stocks rebounded at the open of Wednesday’s session:

  • The Dow Jones Industrials: Up 1.94 percent
  • S&P 500 Index: Up 2.01 percent
  • NASDAQ Composite: Up 2.10 percent
  • US Dollar Index: Up 0.65 percent
  • Crude Oil WTI: Up 0.03 percent

The Commerce Department announced that orders for U.S. long-lasting manufactured goods increased by 2 percent in the month of July, representing a two-month consecutive growth. July’s increase came short of Junes impressive 4.1 percent climb for durable goods.

Consumer confidence and the housing market continue to increase in the US, suggesting the economy is healthy but in an overall dangerous international state. New house sales increased in the month of July, nearly 21 percent more than last year. According to the Wall Street Journal, home builder sentiment is at its highest level since November of 2005.

Winners

Forward Industries, Inc. (NASDAQ: FORD) spiked 20 percent. The company signed an extension with Bayer Healthcare to supply Global customer carry cases for their diabetic products. The deal is good through the end of 2018.

Cameron International Corporation (NYSE: CAM) skyrocketed 42 percent after the oil and gas company was acquired by Schlumberger Limited (NYSE: SLB) for a deal worth $12.7 billion.

Abengoa SA (NASDAQ: ABGB) soared another 30 percent Wednesday after the technological solutions company reported that three banks have agreed to underwrite a capital increase.

Express, Inc. (NYSE: EXPR) was lifted 15 percent after the clothing retailer reported earnings of $21 million, or $0.25 per share on sales of $535.6 million. Analysts expected earnings of $0.16 per share on sales of $505 million.

Cellcom Israel Ltd (NYSE: CEL) was up 16 percent after the cellular communications company announced a five-year loan agreement of NIS 140 million with an annual interest of 4.9 percent.

Losers

Vital Therapies Inc (NASDAQ: VTL) sunk 11 percent after the company reported that its investigational cell-based therapy for the treatment of liver failure did not meet the primary endpoint of overall survival in a late-stage study, according to Zacks Research.

Syngenta AG (NYSE: SYT) fell 12 percent after Monsanto Company (NYSE: MON) dropped its $46 billion bid for the company.

XTL Biopharmaceuticals Ltd (NASDAQ: XTLB) declined 5 percent after the company announced a publication of previously reported results of a Phase 2b study on the safety and efficacy of its lead drug candidate, hCDR1 (Edratide) for the treatment of SLE (lupus) were published in the Lupus Science & Medicine Journal. The drug showed no safety signals in its 26-week study.

RenaSola Ltd (NYSE: SOL) dwindled 10 percent after the holding company beat earnings expectations by $0.09 per share, but missed on sales.

 

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