Market Overview

Mid-Day Market Update: Central Garden & Pet Drops Following Weak Q4 Earnings; AVX Shares Surge

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Midway through trading Wednesday, the Dow traded down 0.07% to 28,104.53while the NASDAQ rose 0.36% to 8,679.48. The S&P also rose, gaining 0.15% to 3,145.46.

Leading and Lagging Sectors

Communication services shares climbed 0.6% on Wednesday. Meanwhile, top gainers in the sector included Manchester United plc (NYSE: MANU), up 13%, and Liberty TripAdvisor Holdings, Inc. (NASDAQ: LTRPB), up 7%.

In trading on Wednesday, industrial shares fell 0.4%.

Top Headline

Deere & Company (NYSE: DE) reported upbeat sales for its fourth quarter, but issued weak outlook for fiscal 2020.

Deere reported fourth-quarter earnings of $2.14 per share on Tuesday, versus the analyst consensus estimate of $2.14. The company reported quarterly sales of $8.703 billion, which beat the analyst consensus estimate of $8.44 billion.

Deere said it projects fiscal 2020 net income of $2.7 billion to $3.1 billion, versus analysts’ estimates of $3.5 billion. The company expects FY20 agriculture & turf equipment sales to decline 5%-10% and construction & forestry sales to drop 10%-15%.

Equities Trading UP

AVX Corporation (NYSE: AVX) shares shot up 35% to $20.35 after Kyocera announced a proposal to acquire all shares of the company it does not own for $19.50/share.

Shares of 360 Finance, Inc. (NASDAQ: QFIN) got a boost, shooting up 14% to $8.97 after the company reported Q3 results.

Ocugen, Inc. (NASDAQ: OCGN) shares were also up, gaining 18% to $0.3655 after Chardan Capital initiated coverage on the company's stock with a Buy rating and a $2 price target. The company also reported insider buying of 200K shares.

Equities Trading DOWN

Evolent Health, Inc. (NYSE: EVH) shares tumbled 35% to $6.99 after Passport Health, which is owned by the company, was left out of large Medicaid contracts in Kentucky.

Shares of Central Garden & Pet Company (NASDAQ: CENT) were down 19% to $25.28 after the company reported worse-than-expected Q4 earnings.

Aravive, Inc. (NASDAQ: ARAV) was down, falling 16% to $7.93 after the company reported pricing of public offering of common stock at $7.50 per share.

Commodities

In commodity news, oil traded down 0.3% to $58.22, while gold traded down 0.3% to $1,455.30.

Silver traded down 0.5% Wednesday to $16.955, while copper rose 0.04% to $2.6785.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.33%, the Spanish Ibex Index rose 0.55%, while Italy’s FTSE MIB Index slipped 0.33%. Meanwhile, the German DAX gained 0.37%, and the French CAC 40 rose 0.03% while UK shares rose 0.43%.

Economics

U.S. durable goods orders increased 0.6% in October, versus a revised 1.4% drop in the prior month.

The US economy increased by an annualized 2.1% in the third quarter, versus an advance estimate of 1.9% and compared to a 2.0% growth in the prior three-month period.

Initial jobless claims fell 15,000 to 213,000 in the latest week.

U.S. personal income was unchanged for October, versus a 0.3% rise in September. Consumer spending increased 0.3% in October, compared to a 0.2% increase in September.

The pending home sales index fell 1.7% for October.

The Chicago PMI rose to 46.3 in November, versus a reading of 43.2 in October.

U.S. crude oil inventories rose 1.572 million barrels for the latest week, the Energy Information Administration reported. However, analysts were expecting a decline of 418,000 barrels.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

Data on farm prices for October will be released at 3:00 p.m. ET.

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

 

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