Market Overview

Mid-Afternoon Market Update: Foundation Medicine Slides On Wider-Than-Expected Loss; Chefs Warehouse Shares Spike Higher

Share:

Toward the end of trading Wednesday, the Dow traded down 0.24 percent to 17,875.09 while the NASDAQ declined 0.06 percent to 5,142.29. The S&P also fell, dropping 0.34 percent to 2,102.63.

Leading and Lagging Sectors

In trading on Wednesday, technology shares jumped by 0.32 percent. Top gainers in the sector included MaxLinear, Inc. (NYSE: MXL), up 26 percent, and RealPage, Inc. (NASDAQ: RP), up 13 percent.

Energy shares declined around 1.21 percent in Wednesday's trading. Meanwhile, top losers in the sector included Plains All American Pipeline, L.P. (NYSE: PAA), down 10 percent, and Tidewater Inc. (NYSE: TDW), off 9 percent.

Top Headline

Time Warner Inc (NYSE: TWX) reported stronger-than-expected earnings for the third quarter on Wednesday.

The New York-based company posted quarterly net income of $1.04 billion, or $1.26 per share, compared to $967 million, or $1.11 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings came in at $1.25 per share.

Its revenue surged to $6.56 billion from $6.24 billion. Analysts were expecting earnings of $1.09 per share on revenue of $6.51 billion.

Equities Trading UP

The Chefs Warehouse, Inc (NASDAQ: CHEF) shares shot up 17 percent to $18.15 after the company reported upbeat Q3 earnings.

Shares of MaxLinear, Inc. (NYSE: MXL) got a boost, shooting up 26 percent to $16.50 on better-than-expected Q3 earnings.

Paycom Software Inc (NYSE: PAYC) shares were also up, gaining 16 percent to $45.27 on strong Q3 results.

Equities Trading DOWN

Groupon Inc (NASDAQ: GRPN) shares tumbled 27 percent to $2.95. Groupon reported better-than-expected earnings for the third quarter, but the company's sales missed analysts' estimates. The company also issued a weak forecast for the current quarter.

Shares of FARO Technologies, Inc. (NASDAQ: FARO) were down 30 percent to $24.80. FARO Tech reported a Q3 loss of $0.05 per share on revenue of $72.5 million. The company also announced plans to reduce workforce by 8 percent.

Foundation Medicine Inc (NASDAQ: FMI) was down, falling 25 percent to $18.01 after the company reported a wider-than-expected Q3 loss.

Commodities

In commodity news, oil traded down 2.90 percent to $46.51, while gold traded down 0.57 percent to $1,107.80.

Silver traded down 1.04 percent Wednesday to $15.08, while copper fell 0.30 percent to $2.32.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 climbed 0.51 percent, the Spanish Ibex Index rose 0.08 percent, while Italy's FTSE MIB Index declined 0.65 percent. Meanwhile, the German DAX fell 0.97 percent, and the French CAC 40 gained 0.25 percent, while U.K. shares rose 0.46 percent.

Economics

Private-sector employers added 182,000 jobs in October. However, economists were expecting a gain of 180,000 jobs last month.

The U.S. trade deficit declined 15 percent to $40.8 billion in September, versus a revised $48 billion in August. Exports climbed 1.6 percent to $187.9 billion in the month, while imports shrank 1.8 percent to $228.7 billion.

The Markit services PMI gained to 54.80 in October, versus a previous reading of 54.40.

The ISM non-manufacturing index climbed to 59.10 in October, versus a prior reading of 56.90. However, economists were expecting a reading of 56.50.

Crude supplies gained 2.8 million barrels for the week ended Oct. 30, the U.S. Energy Information Administration said. Analysts were expecting supplies to rise by 2.45 million barrels. Gasoline supplies slipped 3.3 million barrels, while distillate stockpiles fell 1.3 million barrels.

Posted-In: Earnings News Guidance Eurozone Commodities Global Intraday Update Markets

 

Related Articles (FARO + CHEF)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

McDonald's Resumes Sale Of French Fries In Venezuela

Technology ETFs: New Value Destinations