Market Overview

Mid-Day Market Update: Health Care Up 0.8%; Mitcham Industries Shares Spike Higher

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Midway through trading Wednesday, the Dow traded up 0.3% to 26,877.21, while the NASDAQ rose 0.2% to 8,117.60. The S&P also rose, gaining 0.2% to 3,001.59.

Leading and Lagging Sectors
Health Care shares climbed 0.76% on Wednesday. Meanwhile, top gainers in the sector included Kezar Life Sciences Inc (NASDAQ: KZR), up 21.0%, and Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM), up 31.5%.

In trading on Wednesday, Consumer Discretionary shares fell 0.40%.

Top Headline
Boeing Co (NYSE: BA) shares rose, 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
Shares of Mitcham Industries (NASDAQ: MIND) surged 87.9% to $4.49.

Nano Dimension (NASDAQ: NNDM) shares spiked 56.1% to $4.48, 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.

Affiliated Manager Group (NYSE: MGR) shares rose 50.0% to $39.97.

Equities Trading DOWN
Resideo Technologies, Inc. (NYSE: REZI) shares dived 40.6% to $9.10, after the company announced its preliminary third quarter results and revised its full year 2019 guidance.

Shares of Kingstone Companies Inc (NASDAQ: KINS) plunged 26.7% to $6.00.

Kingold Jewelry Inc. (NASDAQ: KGJI) shares declined 22.5% to $2.31, after the company announced Monday that its Board of Directors and a majority of its shareholders had approved a 1-for-6 reverse stock split.

Commodities
In commodity news, oil traded up 1.9% to $55.19, while gold rose 0.6% to $1,496.00.

Silver traded up 0.4% Tuesday to $17.565, while copper was up 1.2% to $2.664.

Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, while UK’s FTSE 100 climbed 0.7%. Meanwhile, the German DAX gained 0.4% and the Spanish Ibex Index rose 0.1%. However, Italy’s FTSE MIB Index fell 0.6% and the French CAC 40 dropped 0.1%.

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

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

 

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