Market Overview

Mid-Day Market Update: Dow Turns Negative; Argos Therapeutics Shares Spike Higher

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Midway through trading Wednesday, the Dow traded down 0.14 percent to 20,495.15 while the NASDAQ climbed 0.57 percent to 5,882.88. The S&P also rose, gaining 0.24 percent to 2,347.78.

Leading and Lagging Sectors

On Wednesday, the cyclical consumer goods & services sector proved to be a source of strength for the market. Leading the sector was strength from Lithia Motors Inc (NYSE: LAD) and Radiant Logistics Inc (NYSE: RLGT).

In trading on Wednesday, utilities shares fell by 0.49 percent. Meanwhile, top losers in the sector included Huaneng Power International Inc (ADR) (NYSE: HNP), down 2 percent, and Pampa Energia S.A. (ADR) (NYSE: PAM), down 2 percent.

Top Headline

Morgan Stanley (NYSE: MS) reported stronger-than-expected earnings for its first quarter.

Morgan Stanley said it earned $1.00 per share in the quarter on revenue of $9.7 billion; Analysts were expecting the company to earn $0.88 per share on revenue of $9.3 billion.

Equities Trading UP

Argos Therapeutics Inc (NASDAQ: ARGS) shares shot up 60 percent to $0.625 after the company announced interim results of the Phase 3 ADAPT trial of Rocapuldencel-T and decision to continue the trial.

Shares of Soligenix, Inc. (NASDAQ: SNGX) got a boost, shooting up 67 percent to $4.28. Soligenix reported that results from its ricin toxin vaccine program will be presented at the 20th Annual Conference on Vaccine Research.

CalAmp Corp. (NASDAQ: CAMP) shares were also up, gaining 13 percent to $18.03 after the company reported strong Q4 results.

Equities Trading DOWN

Sunshine Heart Inc (NASDAQ: SSH) shares dropped 33 percent to $0.910. Sunshine Heart reported the pricing of $8 million offering.

Shares of Libbey Inc. (NYSE: LBY) were down around 22 percent to $10.89 after the company reported weak preliminary financial results for its first quarter.

Lifetime Brands Inc (NASDAQ: LCUT) was down, falling around 10 percent to $18.36 as the company disclosed that its board has unanimously rejected the unsolicited offer from Mill Road Capital.

Commodities

In commodity news, oil traded down 0.23 percent to $52.29 while gold traded down 0.89 percent to $1,282.60.

Silver traded down 0.42 percent Wednesday to $18.195, while copper rose 0.51 percent to $2.5535.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.29 percent, the Spanish Ibex Index rose 0.88 percent, while Italy’s FTSE MIB Index climbed 1.50 percent. Meanwhile the German DAX rose 0.28 percent, and the French CAC 40 climbed 0.28 percent while U.K. shares fell 0.40 percent.

Economics

Crude supplies dropped 1.03 million barrels for the latest week, the U.S. Energy Information Administration reported. However, analysts were expecting a decline of 1.47 million barrels. Gasoline stockpiles rose 1.54 million barrels, while distillate stockpiles slipped 1.96 million barrels last week.

Boston Federal Reserve Bank President Eric Rosengren is set to speak in Annandale-on-Hudson, N.Y. at 12:30 p.m. ET.

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

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

 

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