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Mid-Afternoon Market Update: Dow Falls 50 Points; Fossil Shares Slide After Disappointing Results

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Toward the end of trading Wednesday, the Dow traded down 0.26 percent to 20,921.19 while the NASDAQ gained 0.10 percent to 6,126.71. The S&P also rose, gaining 0.05 percent to 2,398.16.

Leading and Lagging Sectors

Energy sector was the top gainer in the US market on Wednesday. Top gainers in the sector included TETRA Technologies, Inc. (NYSE: TTI), CARBO Ceramics Inc. (NYSE: CRR), and Atwood Oceanics, Inc. (NYSE: ATW).

In trading on Wednesday, industrial shares were relative laggards, down on the day by about 0.20 percent. Meanwhile, top losers in the sector included The Hackett Group, Inc. (NASDAQ: HCKT), down 22 percent, and PC Tel Inc (NASDAQ: PCTI), down 18 percent.

Top Headline

NVIDIA Corporation (NASDAQ: NVDA) reported better-than-expected results for its first quarter and issued a strong sales forecast for the current quarter on Tuesday.

NVIDIA said it earned $0.85 per share in the first quarter on revenue of $1.94 billion; Analysts were expecting the company to earn $0.67 per share on revenue of $1.91 billion.

Equities Trading UP

Medical Transcription Billing Corp (NASDAQ: MTBC) shares shot up 46 percent to $2.86. MTBC reported Q1 adjusted loss of $0.08 per share on revenue of $8.2 million.

Shares of Proteon Therapeutics Inc (NASDAQ: PRTO) got a boost, shooting up 31 percent to $1.70 after the company disclosed that it has received the FDA Breakthrough Therapy designation for Vonapanitase. Proteon Therapeutics posted a narrower-than-expected quarterly loss.

Walter Investment Management Corp (NYSE: WAC) shares were also up, gaining 28 percent to $1.49 as the company posted a narrower-than-expected quarterly loss.

Equities Trading DOWN

Rocket Fuel Inc (NASDAQ: FUEL) shares dropped 36 percent to $3.16. Rocket Fuel reported a Q1 loss of $22.5 million on revenue of $95.2 million. Credit Suisse downgraded Rocket Fuel from Outperform to Neutral.

Shares of Concordia International Corp (NASDAQ: CXRX) were down around 25 percent to $1.55. Concordia posted a quarterly net loss from continuing operations of $78.8 million, and total revenue of $160.6 million.

Fossil Group Inc (NASDAQ: FOSL) was down, falling around 21 percent to $14.32 after the company posted downbeat quarterly results and issued a weak outlook for the second quarter.

Commodities

In commodity news, oil traded up 3.14 percent to $47.32 while gold traded up 0.16 percent to $1,218.10.

Silver traded up 0.77 percent Wednesday to $16.19, while copper fell 0.12 percent to $2.495.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 climbed 0.16 percent, the Spanish Ibex Index fell 0.13 percent, while Italy’s FTSE MIB Index gained 0.31 percent. Meanwhile the German DAX gained 0.07 percent, and the French CAC 40 rose 0.05 percent while U.K. shares rose 0.59 percent.

Economics

Import prices rose 0.5 percent in Aril, versus a 0.1 percent revised growth in March. Export prices increased 0.2 percent for April, following a revised 0.1 percent growth in March. Economists were expecting a 0.2 percent gain in import prices and a 0.1 percent growth in export prices.

Crude supplies declined 5.25 million barrels for the week ended May 5, the U.S. Energy Information Administration reported. However, analysts expected a drop of 1.79 million barrels. Gasoline stockpiles slipped 150,000 barrels, while distillate stockpiles declined 1.59 million barrels last week.

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

 

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