Market Overview

Mid-Day Market Update: Dow Turns Lower; Unisys Shares Surge Following Q2 Results

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Midway through trading Wednesday, the Dow traded down 0.13 percent to 18,449.64 while the NASDAQ gained 0.37 percent to 5,128.87. The S&P also fell, dropping 0.28 percent to 2,163.03.

Leading and Lagging Sectors

On Wednesday, technology shares climbed by 0.55 percent. Top gainers in the sector included Unisys Corporation (NYSE: UIS) and LogMeIn Inc (NASDAQ: LOGM).

In trading on Wednesday, non-cyclical consumer goods & services shares fell by 1.12 percent. Meanwhile, top losers in the sector included Lifeway Foods, Inc. (NASDAQ: LWAY), down 9 percent, and SUPERVALU INC. (NYSE: SVU), down 10 percent.

Top Headline

Apple Inc. (NASDAQ: AAPL) reported stronger-than-expected results for its fiscal third quarter on Tuesday.

The company reported earnings of $7.8 billion or $1.42 per share, which compares to Wall Street consensus EPS estimates of $1.38. The high estimate was $1.47 with a low estimate of $1.23. This represents a decline of 27 percent from the $1.85 that Apple reported in last year's third-quarter. The company reported quarterly revenue of $42.36 billion, beating analysts' estimates. Sales in the period were expected to be $42.09 billion, with a high estimate of $43.7 billion and a low estimate of $40.72 billion.


Equities Trading UP

Medigus Ltd. (NASDAQ: MDGS) shares shot up 85 percent to $2.42 after the company reported that it has received its first purchase order from Johns Hopkins Hospital for its MUSE™ system.

Shares of Sequenom, Inc. (NASDAQ: SQNM) got a boost, shooting up 178 percent to $2.36 as the company agreed to be acquired by Laboratory Corp. of America Holdings (NYSE: LH) for $2.40 per share in cash.

Unisys Corporation (NYSE: UIS) shares were also up, gaining 29 percent to $10.25. Unisys reported Q2 earnings of $0.81 per share on revenue of $748.9 million.


Equities Trading DOWN

Akamai Technologies, Inc. (NASDAQ: AKAM) shares dropped 16 percent to $48.72 after the company reported downbeat Q2 revenue and issued a weak Q3 guidance.

Shares of Twitter Inc (NYSE: TWTR) were down 12 percent to $16.19. Twitter reported better-than-expected earnings for its second quarter, but revenue fell short of expectations. The company also issued a weak revenue forecast for the third quarter.

Diana Containerships Inc (NASDAQ: DCIX) was down, falling around 10 percent to $3.59 after the company posted Q2 results. Diana Containerships reported a Q2 loss of $0.88 per share.


Commodities

In commodity news, oil traded down 1.93 percent to $42.09 while gold traded up 0.44 percent to $1,334.20.

Silver traded up 1.76 percent Wednesday to $20.03, while copper fell 1.39 percent to $2.19.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 rose 0.43 percent, the Spanish Ibex Index climbed 1.18 percent, while Italy’s FTSE MIB Index rose 0.99 percent. Meanwhile the German DAX rose 0.70 percent, and the French CAC 40 rose 1.19 percent, while U.K. shares rose 0.39 percent.

Economics

The MBA’s index of mortgage application activity declined 11.20 percent in the week ended July 22, 2016.

U.S. durable-goods orders declined 4 percent for June, versus economists’ expectations for a 1.1 percent drop.

The pending home sales index increased 0.2 percent to 111.0 in June, compared to 110.8 in May. Economists were expecting a 1.4 percent growth for June.

U.S. crude supplies increased 1.7 million barrels for the week ended July 22, the U.S. Energy Information Administration reported. However, analysts were expecting a drop of 2.6 million barrels. Gasoline supplies rose 500,000 barrels, while distillate stockpiles slipped 800,000 barrels last week.

The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.

 

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