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Market Overview

Mid-Morning Market Update: Markets Edge Lower; Macy's Lowers Full-Year Forecast

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Following the market opening Wednesday, the Dow traded down 0.18 percent to 17,725.37 while the NASDAQ declined 0.19 percent to 5,073.64. The S&P also fell, dropping 0.15 percent to 2,078.58.

Leading and Lagging Sectors

In trading on Wednesday, non-cyclical consumer goods & services shares jumped by 0.57 percent. Top gainers in the sector included SunOpta, Inc. (USA) (NASDAQ: STKL), up 5 percent, and Omega Protein Corporation (NYSE: OME), up 4 percent.

Energy shares declined around 0.49 percent in Wednesday's trading. Meanwhile, top losers in the sector included W&T Offshore, Inc. (NYSE: WTI), down 8 percent, and Basic Energy Services, Inc (NYSE: BAS), off 7 percent.

Top Headline

Macy's, Inc. (NYSE: M) reported downbeat sales for the third quarter and lowered its forecast for the year.

The Cincinnati, Ohio-based company posted a quarterly profit of $118 million, or $0.36 per share, versus a year-ago profit of $217 million, or $0.61 per share. Excluding items, the company's adjusted earnings came in at $0.56 per share.

Its total sales slipped 5.2 percent to $5.87 billion. However, analysts were expecting earnings of $0.54 per share on revenue of $6.09 billion.

Equities Trading UP

Roundy's Inc (NYSE: RNDY) shares shot up 64 percent to $3.58 after the company agreed to be acquired by Kroger Co (NYSE: KR) for $3.60 per share in cash.

Shares of The Hackett Group, Inc. (NASDAQ: HCKT) got a boost, shooting up 19 percent to $18.93 on better-than-expected Q3 results.

Glaukos Corp (NYSE: GKOS) shares were also up, gaining 17 percent to $21.93 after the company reported stronger-than-expected Q3 results.

Equities Trading DOWN

Everyday Health Inc (NYSE: EVDY) shares tumbled 30 percent to $7.00. Everyday Health reported a Q3 loss of $0.40 per share on revenue of $54.3 million.

Shares of Horizon Pharma PLC (NASDAQ: HZNP) were down 18 percent to $18.35. Horizon Pharma responded to a lawsuit filed by Express Scripts Holding Company (NASDAQ: ESRX) and recent allegations.

Macy's, Inc. (NYSE: M) was down, falling 13 percent to $40.97 after the company reported downbeat sales for the third quarter and lowered its forecast for the year.

Commodities

In commodity news, oil traded down 1.45 percent to $43.57, while gold traded down 0.23 percent to $1,086.00.

Silver traded down 0.42 percent Wednesday to $14.30, while copper fell 0.14 percent to $2.21.

Eurozone

European shares were higher today. The eurozone's STOXX 600 gained 0.60 percent, the Spanish Ibex Index rose 0.55 percent, while Italy's FTSE MIB Index climbed 0.09 percent. Meanwhile, the German DAX gained 0.75 percent, and the French CAC 40 jumped 0.92 percent, while U.K. shares rose 0.43 percent.

Economics

On the economics calendar Wednesday, there is no important data due out.

 

Related Articles (STKL + OME)

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