Market Overview

Mid-Morning Market Update: Markets Open Higher; Goldman Sachs Reports Mixed Q4 Results

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Following the market opening Wednesday, the Dow traded up 0.51% to 29086.20 while the NASDAQ rose 0.43% to 9,290.72. The S&P also rose, gaining 0.36% to 3,294.87.

Leading and Lagging Sectors

Health care shares climbed 0.8% on Wednesday. Meanwhile, top gainers in the sector included OrganiGram Holdings Inc (NASDAQ: OGI), up 33%, and Clovis Oncology Inc (NASDAQ: CLVS), up 17%.

In trading on Wednesday, financial shares fell 0.4%.

Top Headline

Goldman Sachs Group Inc (NYSE: GS) reported weaker-than-expected earnings for its fourth quarter, while sales exceeded estimates.

Goldman Sachs Group reported fourth-quarter earnings of $4.69 per share Wednesday, missing the Street estimate of $5.46. The company reported quarterly sales of $9.96 billion, beating the Street estimate of $8.51 billion.

Goldman Sachs reported fourth-quarter investment banking revenue of $7.6 billion, down 7% year-over-year; global markets revenue that was higher by 2% year-over-year; and flat year-over-year asset management revenue.

Equities Trading UP

Fluent, Inc. (NASDAQ: FLNT) shares shot up 64% to $3.60 after the company issued Q4 and FY20 sales guidance above analyst estimates.

Shares of Cemtrex, Inc. (NASDAQ: CETX) got a boost, shooting up 90% to $2.24 after the company late Tuesday reported a year-over-year increase in FY19 sales and gross profit. The company today announced the receipt of $700,000 in new video surveillance systems orders for municipal buildings.

The Peck Company Holdings, Inc. (NASDAQ: PECK) shares were also up, gaining 42% to $6.40 after gaining 34.2% on Tuesday.

Equities Trading DOWN

Artelo Biosciences, Inc. (NASDAQ: ARTL) shares tumbled 14% to $2.26.

Shares of Acorda Therapeutics, Inc. (NASDAQ: ACOR) were down 15% to $2.0001 after the company issued preliminary FY19 total net product revenue guidance of roughly $178 million, and FY20 sales at $130 million-$160 million versus the $143.9 million estimate.

Concrete Pumping Holdings, Inc. (NASDAQ: BBCP) was down, falling 12% to $4.9270 after the company reported worse-than-expected Q4 EPS and sales results.

Commodities

In commodity news, oil traded up 0.1% to $58.27, while gold traded up 0.5% to $1,552.30.

Silver traded up 0.5% Wednesday to $17.835, while copper fell 0.9% to $2.848.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.1%, the Spanish Ibex Index fell 0.4%, while Italy’s FTSE MIB Index declined 0.5% Meanwhile, the German DAX dropped 0.1%, and the French CAC 40 fell 0.2% while UK shares rose 0.1%.

Economics

The Producer Price Index rose 0.1% for December, versus economists’ expectations for a 0.2% increase.

The Empire State manufacturing index rose to 4.8 in January, versus prior reading of 3.5. However, analysts expected a reading of 3.55.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

Federal Reserve Bank of Philadelphia President Patrick Harker is set to speak at 11:00 a.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 12:00 p.m. ET.

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

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

 

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