Market Overview

Mid-Day Market Update: U.S. Steel Drops After Disappointing Q1 Results; Sajan Shares Surge

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Midway through trading Wednesday, the Dow traded up 0.17 percent to 21,032.06 while the NASDAQ climbed 0.04 percent to 6,027.74. The S&P also rose, gaining 0.20 percent to 2,393.36.

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 Central European Media Enterprises Ltd. (NASDAQ: CETV) and Beasley Broadcast Group Inc (NASDAQ: BBGI).

In trading on Wednesday, technology shares slipped by 0.25 percent. Meanwhile, top losers in the sector included Seagate Technology PLC (NASDAQ: STX), down 16 percent, and Cree, Inc. (NASDAQ: CREE), down 15 percent.

Top Headline

Twitter Inc (NYSE: TWTR) reported stronger-than-expected earnings for its first quarter on Wednesday.

Twitter said it earned $0.11 per share in the first quarter on revenue of $548.25 million; Analysts were expecting the company to earn one cent per share on revenue of $511.91 million.

Daily active usage (DAU) rose 14 percent year-over-year which marked the fourth consecutive quarter of growth, while total monthly active users (MAU) rose nine million from a quarter ago to 328 million.

Equities Trading UP

Sajan, Inc. (NASDAQ: SAJA) shares shot up 44 percent to $5.73 after the company agreed to be purchased by AMPLEXOR at $5.83 per share in cash.

Shares of Akebia Therapeutics Inc (NASDAQ: AKBA) got a boost, shooting up 39 percent to $13.00. Akebia Therapeutics and Otsuka disclosed that they have expanded relationship with collaboration to develop and commercialize Vadadustat in Europe, China and other territories.

Central European Media Enterprises Ltd. (NASDAQ: CETV) shares were also up, gaining 14 percent to $4.15 after the company posted a 29 percent growth in its Q1 core profit.

Equities Trading DOWN

United States Steel Corporation (NYSE: X) shares dropped 24 percent to $23.53. after the company reported surprise loss for its first quarter. U.S. Steel reported an adjusted loss of $0.83 per share and revenue of $2.73 billion.

Shares of Seagate Technology PLC (NASDAQ: STX) were down around 16 percent to $42.42. Seagate posted upbeat quarterly earnings, while sales missed estimates.

CyberOptics Corporation (NASDAQ: CYBE) was down, falling around 11 percent to $22.60. CyberOptics reported a Q1 loss of $0.03 per share on revenue of $11.92 million.

Commodities

In commodity news, oil traded up 0.44 percent to $49.78 while gold traded down 0.19 percent to $1,264.80.

Silver traded down 0.70 percent Wednesday to $17.535, while copper rose 0.41 percent to $2.6015.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.36 percent, the Spanish Ibex Index fell 0.18 percent, while Italy’s FTSE MIB Index dropped 0.03 percent. Meanwhile the German DAX gained 0.10 percent, and the French CAC 40 gained 0.27 percent while U.K. shares rose 0.20 percent.

Economics

Crude supplies dropped 3.6 million barrels for the week ended April 21, the U.S. Energy Information Administration reported. Analysts were expecting a decline of 1 million barrels. Gasoline stockpiles increased 3.4 million barrels, while distillate stockpiles rose 2.7 million barrels last week.

The Treasury is set to auction 5-year notes at 1:00 p.m. ET.

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

 

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