Market Overview

Mid-Morning Market Update: Energy Shares Rise By 1.3%; ConocoPhilips Shares Move Higher

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Following the market opening Wednesday, the Dow traded down 0.15% to 26,788.10, while the NASDAQ fell 0.72% to 8,104.30. The S&P also fell, losing 0.36% to 2,995.99.

Leading and Lagging Sectors
Energy shares climbed 1.31% on Wednesday. Meanwhile, top gainers in the sector included Kinder Morgan, Inc. (NYSE: KMI), up 20.32%, and ConocoPhillips (NYSE: COP), up 56.54%.

In trading on Wednesday, Consumer Discretionary shares fell 0.27%.

Top Headline
Boeing Co (NYSE: BA) shares rise, despite a third-quarter earnings miss.

Boeing reported its quarterly revenue at $19.98 billion, ahead of Street expectations of $19.67 billion. However, the company's earnings came in at $1.45 per share, significantly lower than the consensus estimate of $2.09 per share. The airplane maker reiterated the expectation of regulatory approval of the 737 Max's return to service beginning in the fourth quarter and monthly production to increase from 42 to 57 by late 2020.

Equities Trading UP
NANO DIMENSION/S ADR (NASDAQ: NNDM) shares rose 43.90% to $4.13 in pre-market trading after the company announced that it had achieved a major milestone of selling over 50 DragonFly systems worldwide since the launch of the product's commercial sales in the fourth quarter of 2017.

Stage Stores Inc. (NYSE: SSI) shares rose 16.07% to $2.60 in pre-market trading on Wednesday, after news of partnership with Amazon to establish in-store pickup service counters in the U.S.

PDL BioPharma, Inc. (NASDAQ: PDLI) shares rose 7.26% to $2.66 in pre-market trading.

Equities Trading DOWN
Resideo Technologies, Inc. (NYSE: REZI) shares fell 39.59% to $9.20 in pre-market trading, after the company announced its preliminary third quarter results and revised its full year 2019 guidance.

iRobot Corporation (NASDAQ: IRBT) shares fell 18.56% to $44 in pre-market trading, after the company announced better than anticipated earnings and revenue results for the third quarter but lowered its fourth quarter guidance.

Cadence Bancorp (NYSE: CADE) shares fell 10.96% to $16 in pre-market trading, after the company reported lower than expected third quarter earnings of $0.34.

Commodities
In commodity news, oil traded down 0.24% to $54.36, while gold traded up 0.57% to $1,496.00

Silver traded up 0.46% Wednesday to $17.58, while copper traded up 0.46% to $2.64.

Euro zone
European shares were a mixed bag today. The Eurozone's STOXX 600 fell 0.03%, the Spanish Ibex Index rose 0.08%, while Italy's FTSE MIB Index was down 0.67%. Meanwhile, the German DAX gained 0.17%, and the French CAC 40 declined 0.30%, while UK shares climbed 0.41%.

Economics
The US Monthly Budget Statement for September will be released at 1 p.m. EST.

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

 

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