Market Overview

Mid-Morning Market Update: Markets Edge Higher; Deere Profit Tops Views

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Following the market opening Wednesday, the Dow traded up 0.15 percent to 17,839.38 while the NASDAQ climbed 0.20 percent to 5,113.14. The S&P also rose, gaining 0.10 percent to 2,091.23.

Leading and Lagging Sectors

In trading on Wednesday, healthcare shares were relative leaders, up on the day by about 0.35 percent. Meanwhile, top gainers in the sector included ImmunoGen, Inc. (NASDAQ: IMGN), up 7 percent, and Pacira Pharmaceuticals Inc (NASDAQ: PCRX), up 5 percent.

Energy sector was the top loser in the US market on Wednesday. Top losers in the sector included Petroleo Brasileiro SA Petrobras (ADR) (NYSE: PBR), Stone Energy Corporation (NYSE: SGY), and Seadrill Ltd (NYSE: SDRL).

Top Headline

Deere & Company (NYSE: DE) reported better-than-expected earnings for its fiscal fourth quarter.

The company reported quarterly net income of $351.2 million, or $1.08 per share, down from $649.2 million, or $1.83 per share, in the year-ago period.

Worldwide net sales and revenue dropped 25 percent to $6.715 billion, while net sales of the equipment operations slipped to $5.932 billion from $8.043 billion. Analysts were expecting earnings of $0.75 per share on revenue of $6.12 billion.

Equities Trading UP

Computer Programs & Systems, Inc. (NASDAQ: CPSI) shares shot up 18 percent to $47.65 after the company announced plans to acquire Healthland for $250 million and announced expansion of its senior management team.

Shares of Guess?, Inc. (NYSE: GES) got a boost, shooting up 9 percent to $21.25 after the company reported better-than-expected earnings for the third quarter.

Deere & Company (NYSE: DE) shares were also up, gaining 3 percent to $78.78 after the company reported better-than-expected earnings for its fiscal fourth quarter.

Equities Trading DOWN

Abengoa SA (ADR) (NASDAQ: ABGB) shares tumbled 45 percent to $2.55. Following the failure of its efforts to raise capital, the company announced that it would seek protection from creditors.

Shares of QAD Inc. (NASDAQ: QADA) were down 14 percent to $22.31 after the company reported weak Q3 sales and lowered its FY16 forecast.

HP Inc (NYSE: HPQ) was down, falling 16 percent to $12.36 after the company reported results for its fiscal fourth quarter and issued a weak profit forecast.

Commodities

In commodity news, oil traded down 1.45 percent to $42.25, while gold traded down 0.31 percent to $1,070.00.

Silver traded down 0.51 percent Wednesday to $14.12, while copper fell 0.77 percent to $2.05.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 rose 1.484 percent, the Spanish Ibex Index slipped 0.38 percent, while Italy's FTSE MIB Index surged 1.48 percent. Meanwhile, the German DAX jumped 1.80 percent, and the French CAC 40 climbed 1.38 percent, while U.K. shares rose 0.95 percent.

Economics

US jobless claims slipped 12,000 to 260,000 in the week ending November 21. However, economists were expecting claims to reach 270,000 in the seven days.

U.S. durable-goods orders gained 3 percent in October. However, economists were projecting a 1.5 percent growth last month.

Consumer spending increased 0.1 percent in October, while personal income surged 0.4 percent. Economists were estimating a 0.3 percent gain in spending and a 0.4 percent growth in income.

The FHFA house price index rose 0.80 percent in September, versus economists' expectations for a 0.5 percent growth. to a reading of 226.50. Economists were expecting a reading of 224.90.

Sales of new homes rose 10.7 percent for the month to an annual rate of 495,000 in October.

The University of Michigan's consumer sentiment index climbed to a final reading of 91.30 in November, versus a reading of 90 in October. Economists were expecting a reading of 93.10.

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

 

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