Market Overview

Mid-Morning Market Update: Markets Edge Higher; Dave & Buster's Cuts Forecast

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Following the market opening Wednesday, the Dow traded up 0.13% to 26943.11 while the NASDAQ rose 0.54% to 8128.09. The S&P also rose, gaining 0.22% to 2,985.85.

Leading and Lagging Sectors

Energy shares climbed 1% on Wednesday. Meanwhile, top gainers in the sector included Roan Resources, Inc. (NYSE: ROAN), up 11%, and Range Resources Corporation (NYSE: RRC), up 10%.

In trading on Wednesday, real estate shares fell 0.5%.

Top Headline

Dave & Buster’s Entertainment Inc (NASDAQ: PLAY) reported better-than-expected earnings for its second quarter, but lowered its 2019 sales guidance.

Second-quarter earnings came in at 90 cents per share, beating estimates by 6 cents. Sales came in at $344.599 million, beating estimates by $309,000.

The company cut 2019 sales guidance from $1.365 billion-$1.390 billion to $1.34 billion-$1.36 billion and sees comps down 2%-3.5%.

Equities Trading UP

China Online Education Group (NYSE: COE) shares shot up 24% to $7.29 following Q2 results and Q3 guidance.

Shares of The Lovesac Company (NASDAQ: LOVE) got a boost, shooting up 21% to $22.32 after the company reported better-than-expected Q2 EPS and sales results.

Yuma Energy, Inc. (NYSE: YUMA) shares were also up, gaining 117% to $3.95 after the company announced a third-party has purchased all of the company's outstanding senior secured bank debt and related liabilities for approximately $35 million.

Equities Trading DOWN

Top Ships Inc. (NASDAQ: TOPS) shares tumbled 45% to $4.5850 after the company priced 1.58 million share common stock offering at $6.30 per share.

Shares of Zscaler, Inc. (NASDAQ: ZS) were down 23% to $47.54 after the company issued FY20 EPS guidance below analyst estimates.

Farmer Bros. Co. (NASDAQ: FARM) was down, falling 20% to $11.25 after the company reported worse-than-expected Q4 EPS and sales results.

Commodities

In commodity news, oil traded up 1% to $57.97, while gold traded up 0.1% to $1,499.60.

Silver traded down 0.1% Wednesday to $18.165, while copper fell 0.3% to $2.621.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.8%, the Spanish Ibex Index fell 0.1%, while Italy’s FTSE MIB Index rose 0.3%. Meanwhile, the German DAX rose 0.8% and the French CAC 40 gained 0.5% while UK shares rose 1%.

Economics

The Producer Price Index increased 0.1% for August.

U.S. wholesale inventories increased 0.2% for July.

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 will auction 10-year notes at 1:00 p.m. ET.

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

 

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