Skip to main content

Market Overview

Mid-Morning Market Update: Markets Open Higher; CSX Revenue Misses Estimates

Share:

Following the market opening Wednesday, the Dow traded up 0.14 percent to 16,540.12 while the NASDAQ gained 0.07 percent to 4,689.22. The S&P also rose, gaining 0.21 percent to 1,942.83.

Leading and Lagging Sectors

On Wednesday, energy shares surged by 1.47 percent. Meanwhile, top gainers in the sector included Alliance Holdings GP, L.P. (NASDAQ: AHGP), up 10 percent, and Pacific Ethanol Inc (NASDAQ: PEIX), up 7 percent.

In trading on Wednesday, non-cyclical consumer goods & services shares tumbled by 0.07 percent. Meanwhile, top losers in the sector included SUPERVALU INC. (NYSE: SVU), down 8 percent, and Church & Dwight Co., Inc. (NYSE: CHD), down 3 percent.

Top Headline

CSX Corporation (NASDAQ: CSX) reported better-than-expected earnings for the fourth quarter, but the company's revenue missed analysts' estimates.

Equities Trading UP

Cyberark Software Ltd (NASDAQ: CYBR) shares shot up 22 percent to $46.20. Haaretz reported that Check Point Software Technologies Ltd. (NASDAQ: CHKP) is in talks to acquire the company.

Shares of Nobilis Health Corp (NYSE: HLTH) got a boost, shooting up 22 percent to $2.92. Nobilis Health reported upbeat Q3 results and reported that it has completed earlier announced financial restatement.

Qunar Cayman Islands Ltd (NASDAQ: QUNR) shares were also up, gaining 15 percent to $43.75. Ctrip.com International, Ltd. (ADR) (NASDAQ: CTRP) reported a deal to make certain investments via a limited partnership capital contribution in several non-U.S. investment entities. The investment entities "will acquire a significant minority stake of Qunar Cayman Islands Limited, or Qunar, from Qunar's shareholders through privately negotiated transactions, using cash and/or Ctrip's ordinary shares as purchase consideration," according to the release.

Equities Trading DOWN

Multi-Fineline Electronix, Inc. (NASDAQ: MFLX) shares dropped 6 percent to $15.40 after the company reported weak preliminary Q4 revenue.

Shares of Intelsat SA (NYSE: I) were down 15 percent to $2.83. Goldman Sachs downgraded Intelsat from Neutral to Sell and lowered the price target from $7.00 to $3.00.

SUPERVALU INC. (NYSE: SVU) was down, falling around 8 percent to $5.51. SUPERVALU reported Q3 earnings of $0.16 per share on revenue of $4.11 billion.

Commodities

In commodity news, oil traded up 2.79 percent to $31.29, while gold traded down 0.04 percent to $1,084.80.

Silver traded up 1.48 percent Wednesday to $13.96, while copper rose 0.46 percent to $1.97.

Eurozone

European shares were higher today. The eurozone's STOXX 600 gained 1.28 percent, the Spanish Ibex Index rose 1.35 percent, while Italy's FTSE MIB Index jumped 1.76 percent. Meanwhile, the German DAX jumped 0.95 percent, and the French CAC 40 climbed 1.35 percent, while U.K. shares gained 1.21 percent.

Economics

The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

 

Related Articles (AHGP + PEIX)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
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.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
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