Market Overview

Mid-Afternoon Market Update: LeMaitre Vascular Rises After Strong Q1 Results; Synchronoss Technologies Shares Plunge

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Toward the end of trading Thursday, the Dow traded up 0.07 percent to 20,989.38 while the NASDAQ climbed 0.39 percent to 6,048.40. The S&P also rose, gaining 0.08 percent to 2,389.43.

Leading and Lagging Sectors

Thursday afternoon, the technology sector proved to be a source of strength for the market. Leading the sector was strength from AXT Inc (NASDAQ: AXTI) and Silicom Ltd (NASDAQ: SILC).

In trading on Thursday, energy shares slipped by 1.03 percent. Meanwhile, top losers in the sector included CARBO Ceramics Inc. (NYSE: CRR), down 27 percent, and Nabors Industries Ltd. (NYSE: NBR), down 10 percent.

Top Headline

Ford Motor Company (NYSE: F) reported stronger-than-expected earnings for its first quarter on Thursday.

Ford said it earned $0.39 per share in the first quarter on revenue of $36.48 billion; Analysts were expecting the company to earn $0.36 per share on revenue of $34.70 billion.

 

Equities Trading UP

EXACT Sciences Corporation (NASDAQ: EXAS) shares shot up 25 percent to $29.71 after the company reported a narrower-than-expected Q1 loss and raised its FY17 sales outlook.

Shares of GrubHub Inc (NYSE: GRUB) got a boost, shooting up 23 percent to $43.01 after the company posted upbeat Q1 results.

LeMaitre Vascular Inc (NASDAQ: LMAT) shares were also up, gaining 21 percent to $31.92 as the company posted upbeat quarterly results.

Equities Trading DOWN

Synchronoss Technologies, Inc. (NASDAQ: SNCR) shares dropped 47 percent to $12.97 after the company reported the departure of CEO Ronald Hovsepian and CFO John Frederick. The company also lowered its Q1 outlook. Wells Fargo downgraded Synchronoss from Outperform to Market Perform.

Shares of Ocean Power Technologies Inc (NASDAQ: OPTT) were down around 30 percent to $1.42. Ocean Power Technologies priced its 5.385 million share common stock offering at $1.30 per share.

CARBO Ceramics Inc. (NYSE: CRR) was down, falling around 27 percent to $6.68 as the company reported a wider-than-expected Q1 loss.

Commodities

In commodity news, oil traded down 1.05 percent to $49.10 while gold traded up 0.13 percent to $1,265.90.

Silver traded down 0.52 percent Thursday to $17.34, while copper fell 0.19 percent to $2.5955.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 0.24 percent, the Spanish Ibex Index fell 0.74 percent, while Italy’s FTSE MIB Index slipped 1.15 percent. Meanwhile the German DAX slipped 0.23 percent, and the French CAC 40 declined 0.31 percent while U.K. shares fell 0.71 percent.

Economics

U.S. durable goods orders rose 0.7 percent for March, versus economists’ expectations for a 1.2 percent growth.

The U.S. trade gap in goods increased to $64.8 billion in March, compared to $63.9 billion in February

Wholesale inventories declined 0.1percent for March, while retail inventories increased 0.4 percent in the month, according to advanced data.

Initial jobless claims rose 14,000 to 257,000 in the latest week. However, economists were expecting claims to reach 241,000 in the week.

The pending home sales index declined 0.8 percent to a reading of 111.40 in March. However, economists were expecting a 1.0 percent drop.

Supplies of natural gas increased 74 billion cubic feet in the week ended April 21, the U.S. Energy Information Administration reported. Analysts expected a gain of 72 billion cubic feet.

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

Posted-In: Earnings News Guidance Eurozone Commodities Management Global Intraday Update

 

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