Market Overview

Mid-Morning Market Update: Markets Mixed; Goldman Sachs Profit Beats Views

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Following the market opening Wednesday, the Dow traded down 0.11 percent to 19,804.87 while the NASDAQ gained 0.23 percent to 5,551.59. The S&P also rose, gaining 0.06 percent to 2,269.31.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares gained around 0.47 percent in trading on Wednesday.

In trading on Wednesday, cyclical consumer goods & services shares fell by 0.40 percent. Meanwhile, top losers in the sector included Pearson PLC (ADR) (NYSE: PSO), down 29 percent, and Tuesday Morning Corporation (NASDAQ: TUES), down 6 percent.

Top Headline

Goldman Sachs Group Inc (NYSE: GS) reported better-than-expected results for its fourth quarter.

Goldman Sachs Group reported that it earned $5.08 per share in the fourth quarter on revenue of $8.17 billion. Wall Street analysts were expecting the company to earn $4.82 per share on revenue of $7.72 billion.


Equities Trading UP

Apricus Biosciences Inc (NASDAQ: APRI) shares shot up 64 percent to $2.46 after the company reported the approval of Vitaros in Mexico to treat erectile dysfunction.

Shares of NXT-ID Inc (NASDAQ: NXTD) got a boost, shooting up 21 percent to $3.21. NXT-ID reported revenue of $4,500,000 for the quarter ended December 31, 2016, versus $83,358 for the same period in 2015.

CoLucid Pharmaceuticals Inc (NASDAQ: CLCD) shares were also up, gaining 33 percent to $46.30 after the company agreed to be acquired by Eli Lilly and Co (NYSE: LLY) for $46.50 per share in cash.


Equities Trading DOWN

Pearson PLC (ADR) (NYSE: PSO) shares dropped 29 percent to $7.10 after the company lowered its profit forecast for the year and cut its dividend.

Shares of Gigamon Inc (NYSE: GIMO) were down around 27 percent to $32.35 after the company lowered its Q4 earnings guidance.

EnteroMedics Inc (NASDAQ: ETRM) was down, falling around 33 percent to $5.93 after the company’s filing showed increased maximum aggregate offering of Class A Units and Class B units by $1.75 million.


Commodities


In commodity news, oil traded down 2.20 percent to $52.09 while gold traded up 0.02 percent to $1,213.10.

Silver traded up 0.13 percent Wednesday to $17.17, while copper fell 0.50 percent to $2.61.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 slipped 0.07 percent, the Spanish Ibex Index fell 0.04 percent, while Italy’s FTSE MIB Index climbed 0.10 percent. Meanwhile the German DAX gained 0.25 percent, and the French CAC 40 fell 0.32 percent while U.K. shares rose 0.26 percent.

Economics

The Consumer Price Index rose 0.3 percent for December, versus economists’ expectations for a 0.3 percent growth.

The Johnson Redbook Retail Sales Index rose 0.6 percent during the first two weeks of January versus December.

U.S. industrial production rose 0.80 percent for December, versus economists’ expectations for a 0.60 percent growth.

The NAHB housing market index dropped 2 points to 67 in January. Economists were expecting a reading of 69 in January.

The Federal Reserve will release its latest Beige Book report at 2:00 p.m. ET.

Federal Reserve Chair Janet Yellen is set to speak in San Francisco at 3:00 p.m. ET.

The Treasury International Capital data for November will be released at 4:00 p.m. ET.

Posted-In: Earnings News Eurozone Commodities M&A Global Intraday Update Markets

 

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