Market Overview

Mid-Day Market Update: Crude Oil Down Over 1%; Ollie's Bargain Shares Surge On Upbeat Earnings

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Midway through trading Wednesday, the Dow traded down 0.12% to 27847.95 while the NASDAQ rose 0.20% to 8633.80. The S&P also rose, gaining 0.14% to 3136.87.

Leading and Lagging Sectors

Materials shares climbed 0.6% on Wednesday. Meanwhile, top gainers in the sector included Ranpak Holdings Corp (NYSE: PACK), up 12%, and Sibanye Gold Ltd (NYSE: SBGL), up 8%.

In trading on Wednesday, real estate shares fell 0.4%.

Top Headline

Childrens Place Inc (NASDAQ: 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. (NASDAQ: PLAB) shares shot up 20% to $15.08 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 (NASDAQ: OLLI) got a boost, shooting up 17% to $70.42 after the company reported better-than-expected Q3 EPS and sales results.

Aspen Group Inc (NASDAQ: ASPU) shares were also up, gaining 13% to $7.82 after the company reported better-than-expected Q2 EPS and sales results.

Equities Trading DOWN

Iterum Therapeutics PLC (NASDAQ: ITRM) shares tumbled 33% to $3.25. 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 (NYSE: UNFI) were down 26% to $7.32 after the company reported worse-than-expected Q1 EPS results. The company also issued FY20 EPS guidance below analyst estimates.

Childrens Place Inc (NASDAQ: PLCE) was down, falling 22% to $55.13 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 1.4% to $58.44, while gold traded up 0.6% to $1,476.30.

Silver traded up 1.1% Wednesday to $16.88, while copper rose 1.1% to $2.7945.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.24%, the Spanish Ibex Index rose 0.89%, while Italy’s FTSE MIB Index rose 0.31%. Meanwhile, the German DAX gained 0.61%, and the French CAC 40 rose 0.26% while UK shares rose 0.03%.

Economics

The Consumer Price Index increased 0.3% for November, versus economists’ expectations for a 0.2% rise.

U.S. crude supplies rose 800,000 barrels for the week ended December 6, the Energy Information Administration reported. However, analysts expected a drop of 2.8 million barrels. Gasoline supplies rose 5.4 million barrels for the week, while distillate supplies gained 4.1 million barrels.

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.

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

 

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