Market Overview

Mid-Afternoon Market Update: Snap Rises After Strong Q2 Results; Healthcare Services Shares Plummet

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Toward the end of trading Wednesday, the Dow traded down 0.42% to 27235.18 while the NASDAQ rose 0.5% to 8292.71. The S&P also rose, gaining 0.24% to 3012.72.

Leading and Lagging Sectors

Financial shares rose 0.8% on Wednesday. Meanwhile, top gainers in the sector included Jiayin Group Inc. (NASDAQ: JFIN), up 20%, and Navient Corporation (NASDAQ: NAVI), up 11%.

In trading on Wednesday, consumer staples shares fell 0.7%.

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 21% to $3.20 after the company reported Q4 results.

Shares of Snap Inc. (NYSE: SNAP) got a boost, shooting up 18% to $17.45 after the company reported better-than-expected Q2 EPS and sales results. The company also issued Q3 sales guidance above analyst estimates and an increase in daily active users from Q2 last year.

Teradyne, Inc. (NYSE: TER) shares were also up, gaining 18% to $56.71 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 $23.41 after reporting downbeat Q2 results.

Shares of iRobot Corporation (NASDAQ: IRBT) were down 17% to $74.67 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 18% to $14.68 after the company reported downbeat Q2 results and lowered its guidance.

Commodities

In commodity news, oil traded down 1.4% to $55.99, while gold traded up 0.1% to $1,423.40.

Silver traded up 1% Wednesday to $16.635, while copper rose 0.4% to $2.711.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.05%, the Spanish Ibex Index rose 0.52%, while Italy’s FTSE MIB Index climbed 0.57%. Meanwhile, the German DAX gained 0.26%, and the French CAC 40 fell 0.22% while UK shares fell 0.73%.

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.

U.S. crude supplies dropped 10.8 million barrels for the week ended July 19, the Energy Information Administration reported. However, analysts projected a fall of 4.4 million barrels.

Posted-In: Mid-Afternoon Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

Related Articles (HCSG + CAT)

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