Market Overview

Mid-Morning Market Update: Markets Open Higher; Darden Restaurants Posts Mixed Q1 Results

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Following the market opening Thursday, the Dow traded up 0.26% to 27217.67 while the NASDAQ rose 0.57% to 8224.02. The S&P also rose, gaining 0.34% to 3,017.23.

Leading and Lagging Sectors

Information technology shares climbed 0.8% on Thursday. Meanwhile, top gainers in the sector included New Relic, Inc. (NYSE: NEWR), up 6%, and Telenav, Inc. (NASDAQ: TNAV), up 6%.

In trading on Thursday, utilities shares fell 0.2%.

Top Headline

Darden Restaurants, Inc. (NYSE: DRI) reported upbeat earnings for its first quarter, while sales missed views.

Darden Restaurants reported first-quarter earnings of $1.38 per share, which beat the analyst consensus estimate of $1.36. The company reported quarterly sales of $2.134 billion, which missed the analyst consensus estimate of $2.14 billion. The company also announced a $500 million buyback.

Equities Trading UP

Westwater Resources, Inc. (NASDAQ: WWR) shares shot up 21% to $3.7432 after the company announced agreement to purchase natural flake graphite for Coosa Project.

Shares of Eros International Plc (NYSE: EROS) got a boost, shooting up 20% to $3.04 after the company announced it would collaborate with Microsoft to develop the next generation online video platform.

Euro Tech Holdings Company Limited (NASDAQ: CLWT) shares were also up, gaining 20% to $5.07 after the company declared issuance of bonus shares.

Equities Trading DOWN

McDermott International, Inc. (NYSE: MDR) shares tumbled 23% to $1.6664 on continued momentum after the company announced it has hired advisors to 'evaluate opportunities' for the company in order to improve capital structure and the balance sheet.

Shares of United States Steel Corporation (NYSE: X) were down 14% to $10.77 after the company issued Q3 EPS guidance below analyst estimates.

Viveve Medical, Inc. (NASDAQ: VIVE) was down, falling 13% to $6.78. Viveve submitted Investigational Testing Application to conduct short-term feasibility study in stress urinary incontinence.
 

Commodities

In commodity news, oil traded up 1.9% to $59.19, while gold traded down 0.6% to $1,507.30.

Silver traded down 0.4% Thursday to $17.855, while copper fell 0.2% to $2.607.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.9%, while Italy’s FTSE MIB Index climbed 0.7%. Meanwhile, the German DAX gained 0.2%, and the French CAC 40 rose 0.4% while UK shares rose 0.8%.

Economics

U.S. initial jobless claims rose 2,000 to 208,000 for the latest week. However, economists were expecting a reading of 213,000.

The Philadelphia Fed manufacturing index fell to 12 in September, versus prior reading of 16.8. However, analysts projected a reading of 11.

U.S. current-account deficit shrank 5.9% to $128.2 billion in the second quarter, versus a revised $136.2 billion in the first quarter.

U.S. existing home sales rose 1.3% to an annual rate of 5.49 million for August. However, analysts were expecting a 5.37 million rate.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 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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