Mid-Morning Market Update: Markets Mixed; Caterpillar Earnings Miss Views
Following the market opening Wednesday, the Dow traded down 0.42% to 27,233.83 while the NASDAQ rose 0.13% to 8,262.3. The S&P also rose, gaining 0.04% to 3,006.75.
Leading and Lagging Sectors
Energy shares rose 0.9% on Wednesday. Meanwhile, top gainers in the sector included U.S. Well Services, Inc. (NASDAQ: USWS), up 6%, and Bonanza Creek Energy, Inc. (NYSE: BCEI), up 5%.
In trading on Wednesday, health care shares fell 0.4%.
Top Headline
Caterpillar (NYSE: CAT) reported downbeat earnings for its second quarter.
Caterpillar reported second-quarter earnings of $2.83 per share, which missed the analyst consensus estimate of $3.12. The company reported quarterly sales of $14.432 billion, which missed the analyst consensus estimate of $14.44 billion by 0.06%.
Equities Trading UP
SigmaTron International, Inc. (NASDAQ: SGMA) shares shot up 27% to $3.33 after the company reported Q4 results.
Shares of Manhattan Associates, Inc. (NASDAQ: MANH) got a boost, shooting up 20% to $87.56 after the company reported better-than-expected Q2 EPS and sales results. The company also raised FY19 EPS and sales guidance above analyst estimates.
Teradyne, Inc. (NYSE: TER) shares were also up, gaining 16% to $55.67 after the company reported better-than-expected Q2 EPS and sales results. The company also issued Q3 EPS and sales guidance on the high end of analyst estimates.
Equities Trading DOWN
Healthcare Services Group, Inc. (NASDAQ: HCSG) shares tumbled 22% to $23.58 after reporting downbeat Q2 results.
Shares of iRobot Corporation (NASDAQ: IRBT) were down 21% to $71.25 after the company reported Q2 EPS and sales results down from last year. The company also issued FY19 sales guidance below analyst estimates.
Tupperware Brands Corporation (NYSE: TUP) was down, falling 17% to $14.71 after the company reported downbeat Q2 results and lowered its guidance.
Commodities
In commodity news, oil traded up 1.1% to $57.42, while gold traded up 0.3% to $1,425.30.
Silver traded up 0.7% Wednesday to $16.59, while copper rose 0.7% to $2.7195.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.04%, the Spanish Ibex Index rose 0.46%, while Italy’s FTSE MIB Index climbed 0.48%. Meanwhile, the German DAX gained 0.37%, and the French CAC 40 fell 0.19% while UK shares fell 0.57%.
Economics
The IHS Markit flash U.S. services PMI increased to 52.2 in July versus 51.5, while manufacturing PMI slipped to 50.0 in July versus 50.6.
New home sales increased 7% to 646,000 last month.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
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