Market Overview

Mid-Day Market Update: Crude Oil Down 3%; J.Jill Shares Spike Higher

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Midway through trading Wednesday, the Dow traded down 0.17 percent to 20,993.21 while the NASDAQ declined 0.32 percent to 6,183.25. The S&P also fell, dropping 0.17 percent to 2,408.92.

Leading and Lagging Sectors

Non-cyclical consumer goods & services sector was the top gainer in the US market on Wednesday.

In trading on Wednesday, basic materials shares fell 0.93 percent. Meanwhile, top losers in the sector included Cliffs Natural Resources Inc (NYSE: CLF), down 9 percent, and Century Aluminum Co (NASDAQ: CENX), down 8 percent.

Top Headline

Michael Kors Holdings Ltd (NYSE: KORS) posted a loss for its fourth quarter loss and announced plans to close between 100 and 125 stores over the next 2 years.

The company also issued a weak earnings forecast for the current quarter. However, the company’s adjusted earnings for the fourth quarter exceeded expectations.

Michael Kors posted Q4 earnings of $0.73 per share on revenue of $1.06 billion. However, analysts were expecting earnings of $0.70 per share on revenue of $1.05 billion.

Equities Trading UP

J.Jill Inc (NYSE: JILL) shares shot up 14 percent to $12.70. J Jill posted Q1 earnings of $0.24 per share on sales of $166.1 million. J Jill expects Q2 earnings of $0.27 to $0.29 per share.

Shares of Mechel PAO (ADR) (NYSE: MTL) got a boost, shooting up 10 percent to $5.54. Mechel’s net profit for the first quarter surged to 13.9 billion roubles ($245 million), from 312 million roubles in the year-ago period.

Columbus McKinnon Corp. (NASDAQ: CMCO) shares were also up, gaining 14 percent to $27.68. Columbus McKinnon posted Q4 adjusted earnings of $0.40 per share on revenue of $183.7 million.

Equities Trading DOWN

Michael Kors Holdings Ltd (NYSE: KORS) shares dropped 9 percent to $32.97 after the company posted a loss for its fourth quarter loss and announced plans to close between 100 and 125 stores over the next 2 years. The company also issued a weak earnings forecast for the current quarter.

Shares of EnerSys (NYSE: ENS) were down 10 percent to $75.18 after the company posted downbeat quarterly earnings.

Golar LNG Limited (USA) (NASDAQ: GLNG) was down, falling around 8 percent to $23.29 after the company reported interim Q1 results. The company posted an operating loss of $41.4 million and EBITDA of $16.2 million.

Commodities

In commodity news, oil traded down 3.22 percent to $48.06 while gold traded up 0.23 percent to $1,268.60.

Silver traded down 0.73 percent Wednesday to $17.30, while copper rose 0.08 percent to $2.566.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 slipped 0.04 percent, the Spanish Ibex Index rose 0.30 percent, while Italy’s FTSE MIB Index fell 0.10 percent. Meanwhile the German DAX climbed 0.19 percent, and the French CAC 40 fell 0.10 percent while U.K. shares rose 0.25 percent.

Economics

The Johnson Redbook Retail Sales Index declined 1.1 percent during the first four weeks of May versus April.

The Chicago PMI declined to a reading of 55.2 in May, versus 58.3.

The pending home sales index dropped 1.3 percent to 109.8 in April, versus a revised reading of March. Economists were expecting a 0.3 percent gain in April.

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

Data on farm prices for May will be released at 3:00 p.m. ET.

San Francisco Federal Reserve Bank President John Williams is set to speak in Seoul at 7:30 p.m. ET.

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

 

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