Market Overview

Mid-Morning Market Update: Markets Open Higher; Lululemon Earnings Beat Views

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Following the market opening Wednesday, the Dow traded up 0.74 percent to 17,764.29 while the NASDAQ gained 0.82 percent to 4,886.46. The S&P also rose, gaining 0.67 percent to 2,068.77.

Leading and Lagging Sectors

On Wednesday, energy shares jumped by 1.49 percent. Meanwhile, top gainers in the sector included Calumet Specialty Products Partners, L.P (NASDAQ: CLMT), up 7 percent, and InterOil Corporation (USA) (NYSE: IOC), up 7 percent.

In trading on Wednesday, utilities shares rose by just 0.1 percent. Meanwhile, top losers in the sector included SCANA Corporation (NYSE: SCG), down 1 percent, and ALLETE Inc (NYSE: ALE), down 1 percent.

Top Headline

Lululemon Athletica inc. (NASDAQ: LULU) reported better-than-expected results for its fourth quarter on Wednesday.

Lululemon posted quarterly earnings of $0.85 per share on revenue of $704.3 million. However, analysts were expecting earnings of $0.80 per share on revenue of $693.4 million.

Lululemon expects FY 2016 earnings of $2.05 to $2.15 per share, and revenue of $2.285 billion to $2.335 billion. Analysts projected earnings of $2.15 per share and revenue of $2.33 billion.

Equities Trading UP

Xtant Medical Holdings Inc (NYSE: XTNT) shares shot up 40 percent to $3.42 after the company reported the FDA clearance of the Xspan laminoplasty fixation system.

Shares of American Electric Technologies, Inc. (NASDAQ: AETI) got a boost, shooting up 19 percent to $2.27. American Electric reported a Q4 loss of $(0.45) per share on revenue of $7.7 million.

ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) shares were also up, gaining 15 percent to $27.36. A U.S. Food and Drug Administration panel voted 12-2 on Tuesday that Acadia's drug pimavanserin, a treatment for psychosis associated with Parkinson's disease, outweighed the risks of treatment.

Equities Trading DOWN

ContraVir Pharmaceuticals Inc (NASDAQ: CTRV) shares dropped 23 percent to $1.28 after the company reported a proposed stock and warrant offering to purchase stock.

Shares of Verint Systems Inc. (NASDAQ: VRNT) were down 13 percent to $30.47 after the company reported downbeat earnings for its fourth quarter and issued a weak forecast. The company also reported a $150 million buyback program.

FormFactor, Inc. (NASDAQ: FORM) was down, falling around 10 percent to $7.08 after the company lowered its outlook for the first quarter.

Commodities

In commodity news, oil traded up 1.70 percent to $38.93, while gold traded down 0.23 percent to $1,234.70.

Silver traded up 0.57 percent Wednesday to $15.32, while copper fell 0.88 percent to $2.19.

Eurozone

European shares were higher today. The eurozone's STOXX 600 rose 1.39 percent, the Spanish Ibex Index gained 1.27 percent, while Italy's FTSE MIB Index surged 1.59 percent. Meanwhile, the German DAX gained 1.67 percent, and the French CAC 40 gained 1.91 percent, while U.K. shares rose 1.60 percent.

Economics

The private sector added 200,000 jobs in March, according to ADP. However, economists were expecting a gain of 194,000 jobs.

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

 

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