Market Overview

Mid-Day Market Update: Groupon Drops On Downbeat Q4 Results; Shotspotter Shares Climb

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Midway through trading Wednesday, the Dow traded up 0.29% to 29318.12 while the NASDAQ rose 0.76% to 9,806.34. The S&P also rose, gaining 0.47% to 3,386.08.

Leading and Lagging Sectors

Information technology shares climbed 0.9% on Wednesday. Meanwhile, top gainers in the sector included Enphase Energy Inc (NASDAQ: ENPH), up 30%, and Shotspotter Inc (NASDAQ: SSTI), up 25%.

In trading on Wednesday, real estate shares fell 1.2%.

Top Headline

DISH Network Corporation (NASDAQ: DISH) reported better-than-expected results for its fourth quarter.

DISH posted Q4 earnings of $0.69 per share, beating analysts’ estimates of $0.59 per share. Its sales came in at $3.24 billion, topping expectations of $3.15 billion. Net pay-TV subscribers fell by 194,000 during the quarter.

Equities Trading UP

Enphase Energy, Inc. (NASDAQ: ENPH) shares shot up 33% to $53.32 after the company reported better-than-expected Q4 results.

Shares of Myomo, Inc. (NYSE: MYO) got a boost, shooting 41% to $7.70 after the company signed a nationwide payer network agreement with HOMELINK.

ShotSpotter, Inc. (NASDAQ: SSTI) shares were also up, gaining 25% to $35.54 after the company reported better-than-expected Q4 results. The company also reaffirmed FY20 guidance.

Equities Trading DOWN

Groupon, Inc. (NASDAQ: GRPN) shares tumbled 43% to $1.74 after the company reported worse-than-expected Q4 results. The company announced it plans to exit the goods industry.

Shares of Blue Apron Holdings, Inc. (NYSE: APRN) were down 23% to $3.3779 after the company reported weak quarterly earnings and disclosed that it is evaluating a range of strategic alternatives.

Scientific Games Corporation (NASDAQ: SGMS) was down, falling 19% to $23.70 after the company reported Q4 results.

Commodities

In commodity news, oil traded up 1.5% to $52.82, while gold traded up 0.4% to $1,609.50.

Silver traded up 0.6% Wednesday to $18.26, while copper fell 0.8% to $2.5825.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.8% the Spanish Ibex Index rose 0.89%, while Italy’s FTSE MIB Index climbed 0.95% Meanwhile, the German DAX gained 0.72%, and the French CAC 40 rose 0.86% while UK shares rose 1.06%.

Economics

U.S. housing starts declined 3.6% at an annual rate of 1.567 million units in January, while building permits climbed 9.2% at an annual rate of 1,551 thousand.

The Producer Price Index increased 0.5% for January, following a revised 0.2% rise for December.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 1:30 p.m. ET.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 4:30 p.m. ET.

 

Related Articles (DISH + APRN)

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

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