Market Overview

Mid-Day Market Update: Crude Oil Surges Over 5%; Paycom Software Shares Tumble


Midway through trading Wednesday, the Dow traded up 0.50 percent to 16,681.96 while the NASDAQ climbed 0.20 percent to 4,870.04. The S&P also rose, gaining 0.52 percent to 1,988.40.

Leading and Lagging Sectors

In trading on Wednesday, energy shares were relative leaders, up on the day by about 2.53 percent. Top gainers in the sector included Approach Resources Inc. (NASDAQ: AREX), up 16 percent, and Pioneer Energy Services Corp (NYSE: PES), up 16 percent.

Healthcare shares fell by 0.02 percent in Wednesday’s trading. Meanwhile, top losers in the sector included Amicus Therapeutics, Inc. (NASDAQ: FOLD), down 9 percent, and XenoPort, Inc. (NASDAQ: XNPT), off 5 percent.

Top Headline

FedEx Corporation (NYSE: FDX) reported downbeat earnings for its fiscal first quarter and lowered its forecast for the full year.

The Memphis, Tennessee-based company posted quarterly net profit of $692 million, or $2.42 per share, compared to $653 million, or $2.26 per share, in the year-ago quarter.

Its revenue rose to $12.3 billion from $11.7 billion. However, analysts were expecting earnings of $2.46 per share on revenue of $12.3 billion.

Equities Trading UP

Intra-Cellular Therapies Inc (NASDAQ: ITCI) shares shot up 71 percent to $44.67 following the announcement of positive top line results for ITI-007 first Phase 3 trial.

Shares of Adept Technology Inc (NASDAQ: ADEP) got a boost, shooting up 62 percent to $12.92 after the company agreed to be acquired by OMRON for $13 per share.

Molson Coors Brewing Company (NYSE: TAP) shares were also up, gaining 14 percent to $82.62 following confirmation of Anheuser Busch Inbev SA (ADR) (NYSE: BUD) proposal to acquire SABMiller plc (ADR) (OTC: SBMRY).

Equities Trading DOWN

Paycom Software Inc (NYSE: PAYC) shares tumbled 5 percent to $38.45 after the company priced 4.5 million shares at $37.95 per share.

Shares of Lightinthebox Holding Co Ltd-ADR (NYSE: LITB) were down 7 percent to $3.01. Light in the Box reported a Q3 loss of $0.11 per share on revenue of $78.4 million.

Foundation Medicine Inc (NASDAQ: FMI) was down, falling 10 percent to $21.76. Wells Fargo downgraded Foundation Medicine from Outperform to Market Perform.


In commodity news, oil traded up 5.16 percent to $46.89, while gold traded up 1.73 percent to $1,121.70.

Silver traded up 3.76 percent Wednesday to $14.87, while copper rose 1.11 percent to $2.45.


European shares were higher today. The eurozone’s STOXX 600 climbed 1.52 percent, the Spanish Ibex Index rose 1.93 percent, while Italy’s FTSE MIB Index jumped 0.58 percent. Meanwhile, the German DAX gained 0.48 percent, and the French CAC 40 jumped 1.77 percent, while U.K. shares rose 1.60 percent.


The MBA reported that its index of mortgage application activity declined 7 percent for the week ended September 11, 2015.

The Consumer Price Index declined 0.1 percent in August, versus economists’ expectations for a 0.1 percent drop. However, core consumer prices increased 0.1 percent in August.

The NAHB housing market index rose to 62.00 in September, versus a prior reading of 61.00. However, economists were expecting a reading of 61.00.

Crude supplies declined 2.1 million barrels for the week ended September 11, the U.S. Energy Information Administration said. However, analysts were expecting a drop of 200,000 barrels. Gasoline supplies gained 2.8 million barrels, while distillate stockpiles rose 3.1 barrels.

The Fed begins its two-day meeting today.


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