Market Overview

Mid-Morning Market Update: Markets Mostly Higher; Express Q4 Earnings Top Views

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Following the market opening Wednesday, the Dow traded up 0.35 percent to 17,023.61 while the NASDAQ surged 0.14 percent to 4,655.13. The S&P also rose, gaining 0.38 percent to 1,986.77.

Leading and Lagging Sectors

On Wednesday, telecommunications services shares rose by 0.68 percent. Top gainers in the sector included ORBCOMM Inc (NASDAQ: ORBC), Mobil'nye Telesistemy PAO (ADR) (NYSE: MBT), and Nippon Telegraph & Telephone Corp (ADR) (NYSE: NTT).

In trading on Wednesday, basic materials shares dipped by 0.49 percent. Meanwhile, top losers in the sector included Harmony Gold Mining Co. (ADR) (NYSE: HMY), down 7 percent, and Coeur Mining Inc (NYSE: CDE), down 7 percent.

Top Headline

Express, Inc. (NYSE: EXPR) better-than-expected earnings for its fourth quarter and issued a strong earnings forecast for the full year.

The apparel chain expects Q1 adjusted earnings of $0.25 to $0.28 per share, versus analysts' estimates of $0.26 per share. For the full year, the company projects adjusted earnings of $1.56 to $1.71 per share, versus analysts' estimates of $1.58 per share.

Express posted a quarterly profit of $56.1 million, or $0.67 per share, versus a year-ago profit of $41.8 million, or $0.49 per share. Its revenue gained 5 percent to $765.6 million. However, analysts were expecting earnings of $0.65 per share on revenue of $769.34 million.

Equities Trading UP

Air Transport Services Group Inc. (NASDAQ: ATSG) shares shot up 24 percent to $14.55 as the company confirmed a deal with Amazon.com, Inc. (NASDAQ: AMZN) to operate air transport network.

Shares of Blue Buffalo Pet Products Inc (NASDAQ: BUFF) got a boost, shooting up 21 percent to $22.51 after the company reported stronger-than-expected results for its fourth quarter and issued an upbeat earnings forecast for the full year.

Determine Inc (NASDAQ: DTRM) shares were also up, gaining 28 percent to $2.04. Maxim Group initiated coverage on Determine with a Buy rating and a $4.50 price target. Desjardins Securities upgraded Determine from Hold to Buy.

Equities Trading DOWN

Unisys Corporation (NYSE: UIS) shares dropped 22 percent to $8.59 after the company reported a proposed $150 million private offering of Convertible Senior Notes.

Shares of Ocean Rig UDW Inc (NASDAQ: ORIG) were down 19 percent to $1.17. Ocean Rig UDW reported a Q4 loss of $1.26 per share on revenue of $475.727 million.

Zagg Inc (NASDAQ: ZAGG) was down, falling around 15 percent to $8.91 after the company reported downbeat results for its fourth quarter and announced the closing of its acquisition of mophiefor $100 million.

Commodities

In commodity news, oil traded up 1.37 percent to $37.00, while gold traded down 0.70 percent to $1,254.00.

Silver traded down 0.49 percent Wednesday to $15.32, while copper rose 0.25 percent to $2.23.

Eurozone

European shares were higher today. The eurozone's STOXX 600 rose 1.15 percent, the Spanish Ibex Index rose 1.42 percent, while Italy's FTSE MIB Index jumped 1.67 percent. Meanwhile, the German DAX climbed 1.25 percent, and the French CAC 40 gained 1.15 percent, while U.K. shares rose 0.69 percent.

Economics

US wholesale inventories rose 0.30 percent in January, versus economists' expectations for a 0.20 percent drop.

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

 

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