Market Overview

Mid-Morning Market Update: Markets Open Higher; Hershey Earnings Beat Views

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Following the market opening Wednesday, the Dow traded up 0.44 percent to 17,659.15 while the NASDAQ surged 0.19 percent to 5,039.71. The S&P also rose, gaining 0.44 percent to 2,074.98.

Leading and Lagging Sectors

In trading on Wednesday, energy shares jumped by 1.37 percent. Top gainers in the sector included Cloud Peak Energy Inc. (NYSE: CLD), up 17 percent, and Legacy Reserves LP (NASDAQ: LGCY), up 8 percent.

In trading on Wednesday, industrial shares rose by just 0.1 percent. Meanwhile, top losers in the sector included RPX Corp (NASDAQ: RPXC), down 11 percent, and Saia Inc (NASDAQ: SAIA), off 20 percent.

Top Headline

Hershey Co (NYSE: HSY) reported stronger-than-expected earnings for the third quarter.

The Hershey, Pennsylvania-based company posted quarterly net income of $154.8 million, or $0.70 per share, compared to $223.7 million, or $1.00 per share, in the year-ago quarter. Its adjusted earnings came in at $1.17 per share.

Its sales declined to $1.961 billion from $1.962 billion. However, analysts were expecting earnings of $1.13 per share on revenue of $1.98 billion.

Equities Trading UP

Cnova NV (NASDAQ: CNV) shares shot up 29 percent to $3.86. Cnova posted Q3 adjusted loss of $0.07 per share on revenue of $869.2 million.

Shares of Gibraltar Industries Inc (NASDAQ: ROCK) got a boost, shooting up 15 percent to $24.77 on upbeat Q3 results.

Chicago Bridge & Iron Company N.V. (NYSE: CBI) shares were also up, gaining 15 percent to $44.90 after the company agreed to sell its nuclear construction business to Westinghouse Electric Company LLC for $229 million.

Equities Trading DOWN

Akamai Technologies, Inc. (NASDAQ: AKAM) shares tumbled 20 percent to $60.56. Akamai Technologies reported upbeat Q3 earnings, but the company issued a weak forecast for the current quarter. JP Morgan downgraded Akamai Technologies from Overweight to Neutral and lowered the price target from $75.00 to $65.00.

Shares of Saia Inc (NASDAQ: SAIA) were down 18 percent to $24.64 on weak Q3 results.

Intercept Pharmaceuticals Inc (NASDAQ: ICPT) was down, falling 12 percent to $148.10 after the company reported results of Phase 2 trial of OCA in NASH patients in Japan.

Commodities

In commodity news, oil traded up 1.20 percent to $43.72, while gold traded up 1.36 percent to $1,181.60.

Silver traded up 2.50 percent Wednesday to $16.26, while copper fell 0.36 percent to $2.35.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 jumped 0.34 percent, the Spanish Ibex Index fell 0.02 percent, while Italy's FTSE MIB Index climbed 0.41 percent. Meanwhile, the German DAX surged 0.53 percent, and the French CAC 40 jumped 0.34 percent, while U.K. shares rose 0.62 percent.

Economics

The MBA reported that its index of mortgage application activity declined 3.50 percent in the week ended October 23, 2015.

The Federal Open Market Committee is scheduled to announce policy decision at 2:00 p.m. ET.

 

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Posted-In: Earnings M&A News Guidance Eurozone Commodities Global Intraday Update