Market Overview

Mid-Afternoon Market Update: Dow Rises 150 Points; Enphase Energy Shares Jump On Earnings Beat

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Toward the end of trading Wednesday, the Dow traded up 0.51% to 29382 while the NASDAQ rose 0.96% to 9,826.65. The S&P also rose, gaining 0.59% to 3,390.06.

Leading and Lagging Sectors

Energy shares climbed 1.3% on Wednesday. Meanwhile, top gainers in the sector included Solaris Oilfield Infrastructure, Inc. (NYSE: SOI), up 12%, and Montage Resources Corporation (NYSE: MR), up 9%.

In trading on Wednesday, real estate shares fell 1%.

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 38% to $55.62 after the company reported better-than-expected Q4 results.

Shares of Myomo, Inc. (NYSE: MYO) got a boost, shooting 42% to $7.78 after the company signed a nationwide payer network agreement with HOMELINK.

ShotSpotter, Inc. (NASDAQ: SSTI) shares were also up, gaining 29% to $36.51 after the company reported better-than-expected Q4 results. The company also reaffirmed FY20 guidance.

Equities Trading DOWN

Groupon, Inc. (NASDAQ: GRPN) shares tumbled 41% to $1.8098 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 21% to $3.46 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 $23.76 after the company reported Q4 results.

Commodities

In commodity news, oil traded up 2.4% to $53.28, while gold traded up 0.5% to $1,611.90.

Silver traded up 1% Wednesday to $18.325, while copper rose 0.1% to $2.6065.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.83% the Spanish Ibex Index rose 0.78%, while Italy’s FTSE MIB Index climbed 1.01% Meanwhile, the German DAX gained 0.79%, and the French CAC 40 rose 0.90% while UK shares rose 1.02%.

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.

The Federal Open Market Committee issued minutes of its latest meeting.

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-Afternoon Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

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