Market Overview

Mid-Morning Market Update: Markets Edge Higher; Verizon Profit Misses Expectations

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Following the market opening Thursday, the Dow traded up 0.14 percent to 20,433.68 while the NASDAQ climbed 0.33 percent to 5,882.63. The S&P also rose, gaining 0.15 percent to 2,341.72.

Leading and Lagging Sectors

Thursday morning, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from Kaiser Aluminum Corp. (NASDAQ: KALU) and AK Steel Holding Corporation (NYSE: AKS).

In trading on Thursday, utilities shares fell by 0.63 percent. Meanwhile, top losers in the sector included Westar Energy Inc (NYSE: WR), down 7 percent, and Companhia de Saneamento Basico (ADR) (NYSE: SBS), down 4 percent.

Top Headline

Verizon Communications Inc. (NYSE: MS) reported weaker-than-expected earnings for its first quarter.

Verizon posted adjusted earnings of $0.95 per share in the quarter on revenue of $29.8 billion; Analysts were expecting the company to earn $0.96 per share on revenue of $30.5 billion.

Equities Trading UP

Immune Pharmaceuticals Inc (NASDAQ: IMNP) shares shot up 66 percent to $4.05 after the company reported signing of letter of intent with Pint Pharma for license and commercialization of Ceplene in Latin America.

Shares of Select Comfort Corp. (NASDAQ: SCSS) got a boost, shooting up 21 percent to $31.23 after the company reported stronger-than-expected Q1 results.

Datawatch Corporation (NASDAQ: DWCH) shares were also up, gaining 16 percent to $8.25 after the company reported a narrower-than-expected quarterly loss.

Equities Trading DOWN

NanoString Technologies Inc (NASDAQ: NSTG) shares dropped 8 percent to $17.48. NanoString Technologies is expected to release Q1 results on May 4. Morgan Stanley downgraded NanoString from Overweight to Equal-Weight.

Shares of MEDNAX Inc (NYSE: MD) were down around 8 percent to $61.38 after the company reported downbeat quarterly earnings.

Texas Capital Bancshares Inc (NASDAQ: TCBI) was down, falling around 7 percent to $73.15 as the company posted weaker-than-expected Q1 results.

Commodities

In commodity news, oil traded down 0.06 percent to $50.41 while gold traded down 0.30 percent to $1,279.60.

Silver traded down 0.70 percent Thursday to $18.035, while copper rose 0.45 percent to $2.5605.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.05 percent, the Spanish Ibex Index rose 0.18 percent, while Italy’s FTSE MIB Index climbed 0.19 percent. Meanwhile the German DAX rose 0.01 percent, and the French CAC 40 climbed 0.89 percent while U.K. shares rose 0.08 percent.

Economics

U.S. initial jobless claims increased 10,000 to 244,000 for the latest week. Economists were projecting new claims to total 242,000 in the week.

The Philadelphia Fed manufacturing index dropped to 22.0, versus a prior reading of 32.8. Economists were expecting a reading of 25.

The index of leading economic indicators rose 0.4 percent for March, versus economists’ expectations for a 0.2 percent growth.

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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