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Mid-Day Market Update: Express Jumps On Upbeat Results; Century Aluminum Shares Decline

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Midway through trading Wednesday, the Dow traded up 1.27 percent to 15,865.50 while the NASDAQ climbed 1.29 percent to 4,564.81. The S&P also rose, gaining 1.29 percent to 1,891.66.

Leading and Lagging Sectors

In trading on Wednesday, technology shares were relative leaders, up on the day by about 1.82 percent. Meanwhile, top gainers in the sector included Neonode, Inc (NASDAQ: NEON), up 8 percent, and ChinaCache Internatnl Hldgs Ltd (ADR) (NASDAQ: CCIH), up 4 percent.

Basic materials shares rose by just 0.3 percent in Wednesday’s trading. Meanwhile, top losers in the sector included Syngenta AG (ADR) (NYSE: SYT), down 14 percent, and Century Aluminum Co (NASDAQ: CENX), off 9 percent.

Top Headline

Abercrombie & Fitch Co. (NYSE: ANF) reported upbeat results for the second quarter on Wednesday.

The New Albany, Ohio-based company posted a quarterly net loss of $0.8 million, or $0.01 per share, versus a year-ago profit of $12.9 million, or $0.17 per share. Excluding certain items, Abercrombie & Fitch’s earnings came in at $0.12 per share in the latest quarter, versus net income of $0.19 per share in the year-ago quarter.

Its sales declined 8 percent to $817.8 million. However, analysts were projecting a loss of $0.04 per share on revenue of $811.5 million.

Equities Trading UP

Cameron International Corporation (NYSE: CAM) shares shot up 41 percent to $59.95 after the company agreed to be acquired by Schlumberger Limited. (NYSE: SLB) for $66.36 per share.

Shares of Cellcom Israel Ltd. (NYSE: CEL) got a boost, shooting up 16 percent to $6.77 after the company reported a 5 year loan agreement of NIS 140 million at 4.9 percent.

Express, Inc. (NYSE: EXPR) shares were also up, gaining 18 percent to $19.89 after the company reported stronger-than-expected results for the second quarter.

Equities Trading DOWN

Aerohive Networks Inc (NYSE: HIVE) shares tumbled 12 percent to $6.00. Bank of America downgraded Aerohive Networks from Buy to Underperform and lowered the price target from $9.00 to $7.00.

Shares of Century Aluminum Co (NASDAQ: CENX) were down 9 percent to $4.25. Century Aluminum issued a notice to employees at Hawesville, Kentucky smelter of its intent to curtail plant operations.

Schlumberger Limited. (NYSE: SLB) was down, falling 4 percent to $69.46 after the company announced its plans to acquire Cameron International Corporation (NYSE: CAM) in a $14.8 billion deal.

Commodities

In commodity news, oil traded down 0.94 percent to $38.94, while gold traded down 1.38 percent to $1,122.60.

Silver traded down 3.90 percent Wednesday to $14.08, while copper fell 2.72 percent to $2.24.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dipped 1.75 percent, the Spanish Ibex Index declined 1.29 percent, while Italy’s FTSE MIB Index declined 0.81 percent. Meanwhile, the German DAX dropped 1.29 percent, and the French CAC 40 slipped 1.40 percent while UK shares fell 1.68 percent.

Economics

Durable-goods orders increased 2 percent in July, versus a 4.1 percent growth in June.

Crude stockpiles slipped 5.5 million barrels for the week ended August 21, the U.S. Energy Information Administration said. However, analysts were expecting a gain of 1.9 million barrels. Gasoline supplies gained 1.7 million barrels, while distillate stockpiles rose 1.4 million barrels.

 

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