Market Overview

Mid-Morning Market Update: Markets Open Lower; DISH Network Profit Beats Expectations

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Following the market opening Wednesday, the Dow traded down 0.07 percent to 20,729.49 while the NASDAQ declined 0.20 percent to 5,853.95. The S&P also fell, dropping 0.19 percent to 2,360.85.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares climbed by 0.35 percent in trading on Wednesday.

In trading on Wednesday, energy shares fell by 0.97 percent. Meanwhile, top losers in the sector included SunPower Corporation (NASDAQ: SPWR), down 6 percent, and Tesoro Logistics LP (NYSE: TLLP), down 6 percent.

Top Headline

DISH Network Corp (NASDAQ: DISH) reported better-than-expected earnings for its fourth quarter.

DISH posted Q4 earnings of $0.70 per share on revenue of $3.72 billion. However, analysts were expecting earnings of $0.66 per share on revenue of $3.76 billion.

During the quarter, Dish added around 28,000 net Pay-TV subscribers.

Equities Trading UP

Microbot Medical Inc (NASDAQ: MBOT) shares shot up 67 percent to $8.56 after reporting a technology patent allowance in the U.S.

Shares of Internap Corp (NASDAQ: INAP) got a boost, shooting up 30 percent to $2.36 as the company reported that it has raised $43 million in a common equity private placement.

Lantheus Holdings Inc (NASDAQ: LNTH) shares were also up, gaining 20 percent to $11.18 after reporting strong Q4 results.

Equities Trading DOWN

Argos Therapeutics Inc (NASDAQ: ARGS) shares dropped 69 percent to $1.38 after the company disclosed that an independent data monitoring committee has recommended discontinuation of ADAPT Phase 3 trial of rocapuldencel-T in metastatic renal cell carcinoma.

Shares of Servicesource International Inc (NASDAQ: SREV) were down around 33 percent to $4.07 after the company posted downbeat Q4 results and issued a weak revenue forecast.

Entellus Medical Inc (NASDAQ: ENTL) was down, falling around 19 percent to $13.85 after the company posted a wider-than-expected quarterly loss.

Commodities

In commodity news, oil traded down 1.03 percent to $53.77 while gold traded up 0.10 percent to $1,240.10.

Silver traded down 0.13 percent Wednesday to $18.05, while copper fell 0.74 percent to $2.74.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.16 percent, the Spanish Ibex Index fell 0.93 percent, while Italy’s FTSE MIB Index declined 1.15 percent. Meanwhile the German DAX gained 0.05 percent, and the French CAC 40 fell 0.18 percent while U.K. shares rose 0.10 percent.

Economics

Existing-home sales rose 3.3 percent to an annual pace of 5.69 million in January, the National Association of Realtors reported. However, economists were expecting a 5.54 million rate.

Federal Reserve Gov. Jerome Powell is set to speak at the Forecaster's Club of New York at 1:00 p.m. ET.

The Treasury will auction 5-year notes at 1:00 p.m. ET.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

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

 

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