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Market Overview

Mid-Morning Market Update: Markets Rise; HD Supply Profit Beats Views

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Following the market opening Wednesday, the Dow traded up 0.74 percent to 16,613.84 while the NASDAQ climbed 0.60 percent to 4,840.99. The S&P also rose, gaining 0.63 percent to 1,981.80.

Leading and Lagging Sectors

In trading on Wednesday, energy shares jumped by 1.77 percent. Meanwhile, top gainers in the sector included DCP Midstream Partners, LP (NYSE: DPM), up 9 percent, and Solazyme Inc (NASDAQ: SZYM), up 7 percent.

Utilities shares fell by 0.02 percent in Wednesday’s trading. Meanwhile, top losers in the sector included NiSource Inc. (NYSE: NI), down 1.1 percent, and Portland General Electric Company (NYSE: POR), off 1.1 percent.

Top Headline

HD Supply Holdings Inc (NASDAQ: HDS) reported better-than-expected eranings for its second quarter on Wednesday.

The Atlanta, Georgia-based company reported quarterly net income of $109 million, or $0.54 per share, compared to $48 million, or $0.24 per share, in the year-ago quarter. Excluding one-time items, the company’s earnings rose to $0.56 per share from $0.35 per share.

Its revenue rose 6.7 percent year-over-year to $2.01 billion. However, analysts were expecting earnings of $0.54 per share on revenue of $2.00 billion.

Equities Trading UP

Akebia Therapeutics Inc (NASDAQ: AKBA) shares shot up 72 percent to $13.40 after announcing positive top-line results from a Phase 2 study of Vadadustat “in Dialysis Patients with Anemia Related to Chronic Kidney Disease.”

Shares of Vitae Pharmaceuticals Inc (NASDAQ: VTAE) got a boost, shooting up 55 percent to $12.29 after making public the positive top-line results it achieved “from its Phase 1 single ascending dose clinical study of VTP-43742 in autoimmune disorders.”

TRC Companies, Inc. (NYSE: TRR) shares were also up, gaining 21 percent to $10.65. TRC reported Q4 earnings of $0.22 per share on revenue of $114.6 million.

Equities Trading DOWN

Tetraphase Pharmaceuticals Inc (NASDAQ: TTPH) shares tumbled 79 percent to $9.60 after failing to meet the primary endpoint of statistical non-inferiority for IGNITE2, compared to levofloxacin.

Shares of Flexion Therapeutics Inc (NASDAQ: FLXN) were down 29 percent to $20.62 after failing to demonstrate statistical significance for the primary endpoint for FX006.

Kulicke and Soffa Industries Inc. (NASDAQ: KLIC) was down, falling 9 percent to $9.78 after the company lowered its Q4 revenue forecast.

Commodities

In commodity news, oil traded down 0.67 percent to $45.63, while gold traded down 0.69 percent to $1,113.30.

Silver traded down 0.61 percent Wednesday to $14.67, while copper rose 0.66 percent to $2.45.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 surged 2.51 percent, the Spanish Ibex Index jumped 3.16 percent, while Italy’s FTSE MIB Index rose 2.24 percent. Meanwhile, the German DAX climbed 1.89 percent, and the French CAC 40 gained 2.76 percent, while U.K. shares rose 2.14 percent.

Economics

The MBA reported that its index of mortgage application activity declined 6.2 percent for the week ended September 4, 2015.

 

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