Following the market opening Wednesday, the Dow traded down 0.10% to 27854.85 while the NASDAQ rose 0.24% to 8,636.75. The S&P also rose, gaining 0.16% to 3,137.64.
Leading and Lagging Sectors
Materials shares climbed 0.7% on Wednesday. Meanwhile, top gainers in the sector included Ranpak Holdings Corp PACK, up 12%, and Hudbay Minerals Inc HBM, up 6%.
In trading on Wednesday, real estate shares fell 0.2%.
Top Headline
Childrens Place Inc PLCE reported upbeat earnings for its third quarter, while sales missed estimates. The company also issued Q4 guidance below analyst estimates.
Children's Place reported quarterly earnings of $3.03 per share, which beat the analyst consensus estimate of $3.02. The company reported quarterly sales of $524.796 million, which missed the analyst consensus estimate of $534.09 million.
The Children's Place sees fourth-quarter adjusted EPS $1.48-$1.68 versus the $2.06 analyst estimate and sales of $504-$509 million versus $555.13 million estimate.
Equities Trading UP
Photronics, Inc. PLAB shares shot up 20% to $15.04 after the company reported better-than-expected Q4 sales results. The company also issued Q1 EPS and sales guidance above analyst estimates.
Shares of Ollie's Bargain Outlet Holdings Inc OLLI got a boost, shooting up 16% to $70.21 after the company reported better-than-expected Q3 EPS and sales results.
Ranpak Holdings Corp PACK shares were also up, gaining 13% to $6.69. Ranpak priced its 15.4 million share common stock offering at $6.50 per share.
Equities Trading DOWN
Iterum Therapeutics PLC ITRM shares tumbled 35% to $3.16. Iterum Therapeutics said its SURE 3 clinical trial that evaluated its sulopenem compared to ertapenem in complicated intra-abdominal infections did not meet the primary end point of clinical response on Day 28 in the micro-NITT population. SVB Leerink downgraded the stock from Outperform to Market Perform and it lowered the price target from $14 to $4 per share.
Shares of United Natural Foods Inc UNFI were down 24% to $7.49 after the company reported worse-than-expected Q1 EPS results. The company also issued FY20 EPS guidance below analyst estimates.
Childrens Place Inc PLCE was down, falling 22% to $55.08 after the company reported worse-than-expected Q3 sales results. The company also issued Q4 EPS and sales guidance below analyst estimates.
Commodities
In commodity news, oil traded down 0.5% to $58.95, while gold traded up 0.1% to $1,470.10.
Silver traded down 0.1% Wednesday to $16.695, while copper rose 0.5% to $2.7795.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index rose 0.6%, while Italy’s FTSE MIB Index rose 0.1%. Meanwhile, the German DAX gained 0.4%, and the French CAC 40 rose 0.1% while UK shares fell 0.1%.
Economics
The Consumer Price Index increased 0.3% for November, versus economists’ expectations for a 0.2% rise.
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 Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.
The U.S. Treasury budget report for November will be released at 2:00 p.m. ET.
The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.
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