Market Overview

Mid-Morning Market Update: Markets Open Higher; Signet Jewelers Profit Beats Views

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Following the market opening Thursday, the Dow traded up 1.59% to 26775.65 while the NASDAQ rose 1.61% to 8,105.23. The S&P also rose, gaining 1.35% to 2,977.51.

Leading and Lagging Sectors

Financial shares climbed 2.1% on Thursday. Meanwhile, top gainers in the sector included Royal Bank of Scotland Group PLC (NYSE: RBS), up 5%, and BBVA Banco Frances S.A. (NYSE: BBAR), up 8%.

In trading on Thursday, utilities shares fell 0.7%.

Top Headline

Signet Jewelers Ltd. (NYSE: SIG) reported better-than-expected Q2 results.

Signet Jewelers reported second-quarter earnings of 51 cents per share, which beat the analyst consensus estimate of 24 cents. The company reported quarterly sales of $1.364 billion, which beat the analyst consensus estimate of $1.34 billion.

Signet Jewelers sees fiscal year 2020 adjusted EPS $2.91-$3.23 versus the $2.91 estimate and sales adjusted from $6 billion-$6.03 billion versus the $6 billion estimate.

Equities Trading UP

Castor Maritime (NASDAQ: CTRM) shares shot up 38% to $4.21 after the company announced Q3 results.

Shares of Signet Jewelers Ltd. (NYSE: SIG) got a boost, shooting up 25% to $13.75 as the company reported better-than-expected Q2 results.

G-III Apparel Group, Ltd. (NASDAQ: GIII) shares were also up, gaining 20% to $22.67 after the company reported upbeat Q2 earnings.

Equities Trading DOWN

Mallinckrodt PLC (NYSE: MNK) shares tumbled 41% to $1.54 on a report that the company hired the restructuring firm Latham & Watkins in the wake of multiple looming lawsuits. BMO Capital also downgraded the stock from Outperform to Market Perform.

Shares of Meredith Corporation (NYSE: MDP) were down 27% to $31.94 following Q4 results. Meredith expects Q1 adjusted EPS of $0.88-$0.93 and FY20 adjusted EPS of $5.75-$6.20.

Rev Group Inc (NYSE: REVG) was down, falling 26% to $8.97 after the company reported Q3 results and lowered FY19 guidance.

Commodities

In commodity news, oil traded down 0.4% to $56.03, while gold traded down 0.6% to $1,550.50.

Silver traded down 1.1% Thursday to $19.34, while copper rose 1% to $2.6215.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.6%, the Spanish Ibex Index rose 1.2%, while Italy’s FTSE MIB Index rose 0.6%. Meanwhile, the German DAX rose 0.8% and the French CAC 40 climbed 1% while UK shares fell 0.6%.

Economics

U.S. private sector added 195,000 jobs for August, Automatic Data Processing, Inc. reported. However, economists were expecting a gain of 148,000 jobs.

U.S. jobless claims increased 1,000 to 217,000 for the latest week. However, analysts were projecting a reading of 215,000.

U.S. nonfarm productivity rose by an annualized 2.3% for the second quarter, matching a preliminary estimate and above economists’ expectations for a 2.2% increase. Unit labor costs increased by an annualized 2.6 percent in the second quarter.

The IHS Markit services PMI declined to 50.7 in August, versus 53 in the prior month, and compared to a preliminary reading of 50.9. However, analysts projected a reading of 51.

U.S. factory orders rose 1.4% for July, versus economists’ expectations for a 1% increase.

The ISM's non-manufacturing index increased to 56.4 in August, compared to 53.7 in the prior month. However, analysts expected a reading of 54.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.

The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 11:00 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

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

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

 

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