Market Overview

Mid-Day Market Update: Acxiom Rises On Earnings Beat; Galena Biopharma Shares Plummet

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Midway through trading Wednesday, the Dow traded down 0.03 percent to 19,858.97 while the NASDAQ climbed 0.21 percent to 5,626.82. The S&P also fell, dropping 0.17 percent to 2,274.97.

Leading and Lagging Sectors

Technology shares rose by 0.38 percent in trading on Wednesday. Meanwhile, top gainers in the sector included Overstock.com, Inc. (NASDAQ: OSTK), and Carbonite Inc (NASDAQ: CARB).

In trading on Wednesday, utilities shares slipped by 1.34 percent. Meanwhile, top losers in the sector included Dominion Resources, Inc. (NYSE: D), down 6 percent, and MDU Resources Group Inc (NYSE: MDU), down 5 percent.

Top Headline

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

Apple reported Q1 EPS of $3.36, beating analysts’ expectations by $0.12. However, revenue came in at $78.4 billion, beating estimates by $20 million.

iPhone sales in the quarter rose to 78.3 million, versus 74.8 million in the year-ago quarter.


Equities Trading UP

Oneok Partners LP (NYSE: OKS) shares shot up 20 percent to $51.70. ONEOK, Inc. (NYSE: OKE) announced plans to acquire outstanding shares of Oneok Partners for $9.3 billion in stock.

Shares of Overstock.com, Inc. (NASDAQ: OSTK) got a boost, shooting up 17 percent to $19.50. Overstock.com reported Q4 earnings of $0.12 per share on revenue of $526.2 million.

Acxiom Corporation (NASDAQ: ACXM) shares were also up, gaining 11 percent to $29.06 after the company posted upbeat quarterly results.


Equities Trading DOWN

Catabasis Pharmaceuticals Inc (NASDAQ: CATB) shares dropped 71 percent to $1.16 after the company reported top-line results for Part B of MoveDMD trial for CAT-1004 in DMD. The company disclosed that primary efficacy endpoint was not met.

Shares of Pitney Bowes Inc. (NYSE: PBI) were down around 19 percent to $12.95 after the company reported weak Q4 results and lowered its FY17 outlook.

Galena Biopharma Inc (NASDAQ: GALE) was down, falling around 24 percent to $1.25. Galena Biopharma reported the resignation of its President and CEO and announced plans to evaluate strategic alternatives for the company.


Commodities


In commodity news, oil traded up 0.81 percent to $53.24 while gold traded down 0.39 percent to $1,206.70.

Silver traded down 0.59 percent Wednesday to $17.44, while copper fell 0.60 percent to $2.71.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.86 percent, the Spanish Ibex Index rose 0.17 percent, while Italy’s FTSE MIB Index surged 0.81 percent. Meanwhile the German DAX climbed 1.08 percent, and the French CAC 40 gained 0.96 percent while U.K. shares rose 0.12 percent.

Economics

Private-sector employers added 246,000 jobs in January, ADP reported. However, economists were expecting a gain of 165,000 jobs.

The Markit manufacturing PMI slipped to 55.00 in January, versus a prior reading of 55.10. Economists projected a reading of 55.10.

The ISM manufacturing index rose to 56.00 for January, versus a previous reading of 54.70. Economists were expecting a reading of 55.00.

U.S. construction spending declined 0.20 percent in December, versus economists’ expectations for a 0.20 percent growth.

Crude oil supplies rose 6.5 million barrels for the week ended January 27, the U.S. Energy Information Administration reported Wednesday. Analysts projected a gain of 2.2 million barrels.

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

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

 

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