Market Overview

Mid-Day Market Update: Crude Oil Up Over 1%; Synacor Shares Plunge

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Midway through trading Thursday, the Dow traded up 0.24 percent to 20,696.80 while the NASDAQ rose 0.15 percent to 5,873.27. The S&P also rose, gaining 0.20 percent to 2,357.60.

Leading and Lagging Sectors

On Thursday, the energy sector proved to be a source of strength for the market. Leading the sector was strength from Ballard Power Systems Inc. (USA) (NASDAQ: BLDP) and Pacific Ethanol Inc (NASDAQ: PEIX).

In trading on Thursday, telecommunications services shares fell 0.40 percent. Meanwhile, top losers in the sector included China Unicom (Hong Kong) Limited (ADR) (NYSE: CHU), down 6 percent, and Telekomunikasi Indones (Prsr)Tbk PT-ADR (NYSE: TLK), down 2 percent.

Top Headline

CarMax, Inc (NYSE: KMX) reported better-than-expected earnings for its fourth quarter.

CarMax reported Q4 earnings of $0.81 per share on revenue of $4.05 billion. Analysts expected earnings of $0.79 per share on revenue of $3.93 billion.

Equities Trading UP

Nova Lifestyle Inc (NASDAQ: NVFY) shares shot up 47 percent to $2.28. Nova LifeStyle reported that student member sign ups on Blockchain-based Nova-Mart site topped 2,000 in March, up from 1,000 in February.

Shares of Sunoco LP (NYSE: SUN) got a boost, shooting up 16 percent to $27.68 after the company agreed to sell majority of its convenience stores to 7-Eleven for $3.3 billion in cash.

Hooker Furniture Corporation (NASDAQ: HOFT) shares were also up, gaining 21 percent to $37.90 after the company reported strong results for its fourth quarter.

Equities Trading DOWN

Synacor Inc (NASDAQ: SYNC) shares dropped 14 percent to $3.55. Synacor priced 5.715 million shares at $3.50 per share.

Shares of Resources Connection, Inc. (NASDAQ: RECN) were down around 14 percent to $13.75 after the company posted downbeat quarterly results.

China Auto Logistics Inc (NASDAQ: CALI) was down, falling around 18 percent to $3.30 after climbing 54.89 percent on Wednesday.

Commodities

In commodity news, oil traded up 1.09 percent to $51.71 while gold traded up 0.50 percent to $1,254.70.

Silver traded up 0.37 percent Thursday to $18.26, while copper fell 0.91 percent to $2.66.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.18 percent, the Spanish Ibex Index rose 1.12 percent, while Italy’s FTSE MIB Index rose 0.22 percent. Meanwhile the German DAX rose 0.11 percent, and the French CAC 40 gained 0.58 percent while U.K. shares fell 0.39 percent.

Economics

U.S. initial jobless claims declined 25,000 to 234,000 in the latest week. Economists were expecting jobless claims to total 250,000 in the week.

The Energy Information Administration’s weekly report on natural gas stocks is schedule for release at 10:30 a.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

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

 

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