Mid-Day Market Update: VMware Surges On Earnings Beat; Flexsteel Shares Tumble

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Midway through trading Wednesday, the Dow traded down 0.12 percent to 18,032.41 while the NASDAQ declined 0.11 percent to 4,934.68. The S&P also fell, dropping 0.18 percent to 2,097.09.
Leading and Lagging Sectors
On Wednesday, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from
Teck Resources Ltd (USA)TCK
and
Endeavour Silver CorpEXK
. In trading on Wednesday, utilities shares fell by 0.82 percent. Meanwhile, top losers in the sector included
NorthWestern CorpNWE
, down 2 percent, and
Huaneng Power International Inc (ADR)HNP
, down 2 percent.
Top HeadlineThe Coca-Cola CoKO
reported better-than-expected earnings for its first quarter on Wednesday. Coke posted a quarterly profit of $1.48 billion, or $0.34 per share, compared to $1.56 billion, or $0.35 per share, in the year-ago period. Excluding certain items, the company's earnings came in at $0.45 per share, beating analysts' estimates of $0.44 per share. Its revenue declined 4 percent to $10.28 billion, versus analysts' expectations of $10.28 billion.
Equities Trading UP Hansen Medical, Inc.HNSN
shares shot up 40 percent to $3.99 after the company agreed to be acquired by Auris Surgical. Shares of
VMware, Inc. VMW
got a boost, shooting up 13 percent to $58.01 as the company reported better-than-expected Q1 earnings. The company's board of directors also authorized a $1.2 billion share buyback program.
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OncoSec Medical IncONCS
shares were also up, gaining 20 percent to $2.88. OncoSec presented positive melanoma clinical data at the AACR Annual Meeting 2016.
Equities Trading DOWN CalAmp Corp.CAMP
shares dropped 13 percent to $15.15. CalAmp reported in-line Q4 earnings, but the company issued a weak forecast for the full year. Shares of
Flexsteel Industries, Inc.FLXS
were down 13 percent to $37.24. Flexsteel Industries reported Q3 adjusted earnings of $0.68 per share on revenue of $125.4 million
Argos Therapeutics IncARGS
was down, falling around 26 percent to $7.96. Argos Therapeutics reported plans to reduce workforce by 13 percent and announced the resignation of its COO Fred Miesowicz.
Commodities
In commodity news, oil traded down 2.39 percent to $40.10 while gold traded down 0.08 percent to $1,253.30. Silver traded up 0.61 percent Wednesday to $17.08, while copper fell 0.16 percent to $2.23.
Eurozone
European shares were higher today. The eurozone's STOXX 600 rose 0.04 percent, the Spanish Ibex Index gained 1.56 percent, while Italy's FTSE MIB Index rose 0.68 percent. Meanwhile, the German DAX gained 0.21 percent, and the French CAC 40 rose 0.08 percent, while U.K. shares fell 0.30 percent.
Economics
Existing home sales increased 5.1 percent to an annual rate of 5.33 million in March, according to the National Association of Realtors. However, economists were expecting a 5.3 million rate. Crude oil supplies rose 2.1 million barrels for the week ended April 15, the U.S. Energy Information Administration reported. However, analysts were expecting a gain of 1.6 million barrels. Gasoline supplies dropped 100,000 barrels, while distillate stockpiles fell 3.6 million barrels last week.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversMid-Day Market Update
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