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Mid-Afternoon Market Update: Crude Oil Up 1.2%; Retrophin Shares Jump On Kidney Disease Drug Trial

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Toward the end of trading Wednesday, the Dow traded down 0.11 percent to 18,517.68 while the NASDAQ declined 0.02 percent to 5,274.71. The S&P also fell, dropping 0.08 percent to 2,184.76.

Leading and Lagging Sectors

Wednesday afternoon, energy shares surged by 0.27 percent. Meanwhile, top gainers in the sector included Comstock Resources Inc (NYSE: CRK), and Natural Resource Partners LP (NYSE: NRP).

In trading on Wednesday, basic materials shares fell by 0.69 percent. Meanwhile, top losers in the sector included Valhi, Inc. (NYSE: VHI), down 6 percent, and Harmony Gold Mining Co. (ADR) (NYSE: HMY), down 6 percent.

Top Headline

HD Supply Holdings Inc (NASDAQ: HDS) reported below than expected results for the second quarter.

The company reported net income of $98 million, down from $109 million while EPS dipped from $0.54 to $0.49. On an adjusted basis, profit increased from $114 million to $171 million and EPS from $0.56 to $0.85. This is $0.03 a share lower than the Street estimates of $0.88 a share. HD Supply's net sales advanced 4.1 percent to $2.0 billion. Analysts predicted $2.03 billion revenue.

Going forward, the company expects adjusted EPS to be $0.77-$0.82 on revenue guidance of $1.985-$2.035 billion for the third quarter. Street analysts are looking for an EPS of $0.91 on revenue of $2.06 billion.


Equities Trading UP

Cogentix Medical Inc (NASDAQ: CGNT) shares shot up 46 percent to $1.75 after the company disclosed that it has entered into a definitive agreement for a $25 million equity investment.

Shares of Retrophin Inc (NASDAQ: RTRX) got a boost, shooting up 31 percent to $21.32 as the company announced positive results from a mid-stage clinical trial in patients suffering from a rare kidney disease.

Applied Optoelectronics Inc (NASDAQ: AAOI) shares were also up, gaining 15 percent to $19.99 as the company lifted its Q3 forecast.


Equities Trading DOWN

Sprouts Farmers Market Inc (NASDAQ: SFM) shares dropped 13 percent to $19.81 as the company lowered its full-year forecast and announced a $250 million buyback plan.

Shares of Shiloh Industries, Inc. (NASDAQ: SHLO) were down 18 percent to $7.20. Shiloh Industries reported Q3 earnings of $0.02 per share on sales of $248.8 million.

Adeptus Health Inc (NYSE: ADPT) was down, falling around 18 percent to $35.90 as the company announced the retirement of its CEO Thomas Hall.


Commodities


In commodity news, oil traded up 1.21 percent to $45.37 while gold traded down 0.35 percent to $1,349.30.

Silver traded down 1.48 percent Wednesday to $19.84, while copper rose 0.38 percent to $2.10.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.29 percent, the Spanish Ibex Index climbed 1.41 percent, while Italy’s FTSE MIB Index gained 1.41 percent. Meanwhile the German DAX rose 0.62 percent, and the French CAC 40 gained 0.61 percent while U.K. shares rose 0.30 percent.

Economics


The MBA reported that its index of mortgage application activity rose 0.9 percent for the week ended September 2.

The Johnson Redbook Retail Sales Index declined 0.1 percent during the first week of September versus August.

Job openings rose to 5.87 million in July, from a prior reading of 5.62 million, according to the Labor Department's JOLTS report. Economists were expecting openings of 5.58 million.

The Fed released its latest Beige Book report.

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

 

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