Market Overview

Mid-Afternoon Market Update: Crude Oil Up 1%; DragonWave Shares Plunge

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Toward the end of trading Thursday, the Dow traded up 0.12 percent to 21,557.35 while the NASDAQ climbed 0.08 percent to 6,266.31. The S&P also rose, gaining 0.16 percent to 2,447.25.

Leading and Lagging Sectors

Technology shares rose by 1.1 percent in the US market on Thursday. Top gainers in the sector included Yandex NV (NASDAQ: YNDX), and Magnachip Semiconductor Corp (NYSE: MX).

In trading on Thursday, healthcare shares fell 0.23 percent. Meanwhile, top losers in the sector included Arena Pharmaceuticals, Inc. (NASDAQ: ARNA), down 6 percent, and Amicus Therapeutics, Inc. (NASDAQ: FOLD), down 8 percent.

Top Headline

Delta Air Lines, Inc. (NYSE: DAL) posted stronger-than-expected earnings for its second quarter.

Delta Air posted quarterly earnings of $1.64 per share on revenue of $10.79 billion. However, analysts were expecting earnings of $1.67 per share on sales of $10.82 billion.

 

Equities Trading UP

Yandex NV (NASDAQ: YNDX) shares shot up 15 percent to $31.48 following announcement of a deal with Uber. Uber will merge its Russian operations with Russia-based Yandex and from a yet-to-be-named venture that would be worth $3.73 billion, Bloomberg reported. In turn, Uber will invest $225 million in the new venture and will own a 36.6-percent stake in the combined entity.

Shares of Navigator Holdings Ltd (NYSE: NVGS) got a boost, shooting up 31 percent to $11.10. Enterprise Products Partners L.P. (NYSE: EPD) and Navigator Holdings announced plans to develop an ethylene marine export terminal on the Houston Ship Channel.

Cobalt International Energy, Inc. (NYSE: CIE) shares were also up, gaining 9 percent to $2.49 after the company reported a deal to expand Anchor unit.

Equities Trading DOWN

Amicus Therapeutics, Inc. (NASDAQ: FOLD) shares dropped 8 percent to $12.17. Amicus Therapeutics reported a $225 million public offering of common stock.

Shares of DragonWave, Inc.(USA) (NASDAQ: DRWI) were down 11 percent to $0.973. DragonWave reported a Q1 loss of $0.52 per share on revenue of $9 million.

TESARO Inc (NASDAQ: TSRO) was down, falling around 7 percent to $128.29. Tesaro’s sale process is unlikely to result in a deal, according to CNBC's David Faber.

Commodities

In commodity news, oil traded up 1.01 percent to $45.95 while gold traded down 0.10 percent to $1,217.90.

Silver traded down 1.11 percent Thursday to $15.71, while copper fell 0.69 percent to $2.6655.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 climbed 0.32 percent, the Spanish Ibex Index rose 0.93 percent, while Italy’s FTSE MIB Index surged 0.42 percent. Meanwhile the German DAX gained 0.12 percent, and the French CAC 40 gained 0.25 percent while U.K. shares fell 0.05 percent.

Economics

U.S. initial jobless claims slipped 3,000 to 247,000 for the latest week.

The Producer Price Index rose 0.1 percent for June, versus economists’ expectations for a 0.1 percent decline.

Domestic supplies of natural gas increased 57 billion cubic feet for the week ended July 7, the U.S. Energy Information Administration reported. However, analysts were expecting a gain of 59 billion cubic feet.

The U.S government posted a budget deficit of $90 billion in June, compared to a surplus of $6 billion in the year-ago period, according to the U.S. Treasury Department. However, analysts were expecting a deficit of $35 billion for June.

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

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

 

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