Mid-Morning Market Update: Markets Gain; Bank of America Earnings Top Views
Following the market opening Wednesday, the Dow traded up 0.14 percent to 17,105.68 while the NASDAQ climbed 0.45 percent to 4,818.07. The S&P also rose, gaining 0.25 percent to 2,008.68.
Leading and Lagging Sectors
In trading on Wednesday, basic materials shares jumped by 1.07 percent. Top gainers in the sector included Coeur Mining Inc (NYSE: CDE), up 7 percent, and Barrick Gold Corporation (USA) (NYSE: ABX), up 5 percent.
In trading on Wednesday, financial shares slipped by 0.02 percent. Meanwhile, top losers in the sector included BofI Holding, Inc. (NASDAQ: BOFI), down 17 percent, and OFG Bancorp (NYSE: OFG), off 5 percent.
Bank of America Corp (NYSE: BAC) reported better-than-expected earnings for the third quarter on Wednesday.
The Charlotte, North Carolina-based bank reported quarterly net income of $4.51 billion, or $0.37 per share, versus a year-ago net loss of $232 million, or $0.04 per share.
Its revenue, net of interest expense, on an FTE basis declined to $20.91 billion from $21.43 billion. However, analysts were expecting earnings of $0.33 per share on revenue of $20.77 billion.
Equities Trading UP
Liberty Tripadvisor Holdings Inc (NASDAQ: LTRPA) shares shot up 23 percent to $29.69 following announcement of TripAdvisor partnership with Priceline.
Shares of SanDisk Corporation (NASDAQ: SNDK) got a boost, shooting up 13 percent to $69.73 after Bloomberg reported that the storage solutions provider is working with a banker to explore the option of a sale.
Equities Trading DOWN
Cepheid (NASDAQ: CPHD) shares tumbled 16 percent to $33.12 after the company published its preliminary results for its third quarter.
Shares of Renewable Energy Group Inc (NASDAQ: REGI) were down 13 percent to $7.97 after the company lowered its Q3 forecast.
Colfax Corp (NYSE: CFX) was down, falling 5 percent to $27.93. Colfax reported downbeat Q3 results and announced a $100 million buyback program.
In commodity news, oil traded down 1.01 percent to $46.19, while gold traded up 0.80 percent to $1,174.70.
Silver traded up 0.62 percent Wednesday to $16.01, while copper rose 0.59 percent to $2.40.
European shares were lower today. The eurozone's STOXX 600 declined 0.53 percent, the Spanish Ibex Index fell 0.38 percent, while Italy's FTSE MIB Index dipped 0.61 percent. Meanwhile, the German DAX declined 0.83 percent, and the French CAC 40 slipped 0.50 percent, while U.K. shares fell 0.81 percent.
U.S. producer prices declined 0.5 percent in September, versus economists' expectations for a 0.2 percent drop.
U.S. retail sales gained 0.1 percent in September, versus economists' expectations for a 0.2 percent growth.
The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.
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