Mid-Morning Market Update: Markets Mostly Higher; Dicks Sporting Tops Q2 Estimates

Following the market opening Wednesday, the Dow traded down 0.15% to 28205.09 while the NASDAQ rose 0.53% to 11527.36. The S&P also rose, gaining 0.18% to 3,449.65.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 5,779,390 cases with around 178,530 deaths. Brazil confirmed a total of over 3,669,990 COVID-19 cases with 116,580 deaths, while India reported a total of at least 3,234,470 confirmed cases and 59,440 deaths. In total, there were at least 23,925,640 cases of COVID-19 worldwide with over 820,190 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares gained 1.2% on Wednesday. Meanwhile, top gainers in the sector included Anaplan Inc PLAN, up 28%, and salesforce.com, inc. CRM, up 27%.

In trading on Wednesday, health care shares fell by 0.9%.

Top Headline

Dicks Sporting Goods Inc DKS reported better-than-expected results for its second quarter.

Dicks Sporting Goods reported quarterly earnings of $3.21 per share, beating analysts’ estimates of $1.26 per share. The company reported sales of $2.71 billion, also surpassing expectations of $2.45 billion. The company’s e-commerce sales climbed 194% during the quarter.



Equities Trading UP

Anaplan, Inc. PLAN shares shot up 29% to $61.50 after the company reported better-than-expected Q2 results and issued strong Q3 sales guidance.

Shares of Fluidigm Corporation FLDM got a boost, shooting 26% to $11.06 after the company announced it has received emergency use authorization from the FDA for the Advanta Dx SARS-CoV-2 RT-PCR Assay, an extraction-free saliva-based test to detect nucleic acid from COVID-19.

salesforce.com, inc. CRM shares were also up, gaining 24% to $268.73 after the company reported better-than-expected Q2 results and also issued strong FY21 guidance.


Equities Trading DOWN

Garrett Motion Inc. GTX shares tumbled 42% to $4.0150. Garrett Motion said it is exploring alternatives for balance sheet restructuring.

Shares of Pioneer Power Solutions, Inc. PPSI were down 25% to $1.7521 after jumping around 68% on Tuesday. Mazurek Nathan filed a Form 4 with the SEC on Tuesday, August 25. The insider bought 1,000 shares at an average price of $1.40.

XpresSpa Group, Inc. XSPA was down, falling 19% to $2.685 after the company announced a $35.5 million registered direct offering priced at-the-market under Nasdaq rules.

Commodities


In commodity news, oil traded down 0.5% to $43.13, while gold traded down 0.1% to $1,922.70.

Silver traded up 0.7% Wednesday to $26.465, while copper rose 0.8% to $2.958.


Euro zone


European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, the Spanish Ibex Index gained 0.4%, while Italy’s FTSE MIB Index rose 0.1%. Meanwhile, the German DAX 30 gained 0.6%, French CAC 40 rose 0.3% and UK shares fell 0.2%.


Economics

U.S. durable goods orders increased 11.2% for July, versus analysts’ expectations for a 4.3% rise.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

The business expectations and uncertainty indexes for August will be released at 11:00 a.m. ET.

The Treasury is set to auction 5-year notes at 1:00 p.m. ET.

Federal Reserve Bank of San Francisco President Mary Daly will speak at 3:25 p.m. ET.

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesGlobalIntraday UpdateMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.