Nasdaq Down Over 100 Points; Corning Posts Upbeat Earnings - Corning (NYSE:GLW), Manhattan Associates (NA

U.S. stocks traded mostly lower midway through trading, with the Nasdaq Composite falling more than 100 points on Wednesday.

The Dow traded up 0.02% to 44,859.42 while the NASDAQ fell 0.63% to 19,609.55. The S&P 500 also fell, dropping, 0.31% to 6,048.95.

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Leading and Lagging Sectors

Utilities shares surged by 0.8% on Wednesday.

In trading on Wednesday, information technology shares fell by 1.2%.

Top Headline

Corning Inc (NYSE:GLW) posted better-than-expected fourth-quarter financial results and also issued first-quarter core EPS guidance with a midpoint above estimates.

Core sales grew 18% year-on-year to $3.87 billion, beating the analyst consensus estimate of $3.76 billion. The Apple glass supplier's core EPS of 57 cents beat the analyst consensus estimate of 56 cents.

Equities Trading UP

Signing Day Sports, Inc. (NYSE:SGN) shares shot up 226% to $6.32. Signing Day Sports executed a stock purchase agreement to acquire majority of capital stock of Swifty Global.
Shares of Ranpak Holdings Corp. (NYSE:PACK)got a boost, surging 24% to $7.12 after the company announced it has agreed to issue warrants for up to 18.72 million shares.
Nextracker Inc. (NASDAQ:NXT) shares were also up, gaining 24% to $49.14 as the company reported better-than-expected third-quarter financial results and raised its FY25 GAAP EPS guidance on Tuesday.

Equities Trading DOWN

Teva Pharmaceutical Industries Limited (NYSE:TEVA) shares dropped 14% to $18.53 following fourth-quarter financial results.
Shares of Manhattan Associates, Inc. (NYSE:MANH) were down 24% to $224.51 following soft FY25 guidance.
Packaging Corporation of America (NYSE:PKG) was down, falling 10% to $216.62 after the company reported mixed fourth-quarter financial results.

Commodities

In commodity news, oil traded down 0.4% to $73.47 while gold traded up 0.3% at $2,774.80.

Silver traded up 2.5% to $31.655 on Wednesday, while copper rose 0.8% to $4.2800.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.63%, Germany's DAX 40 gained 1.05% and France's CAC 40 fell 0.31%. Spain's IBEX 35 Index rose 0.92%, while London's FTSE 100 rose 0.44%.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan's Nikkei 225 gaining 1.02% and India's BSE Sensex gaining 0.83%.

Economics

The U.S. trade deficit in goods increased to a record $122.11 billion in December versus a revised $103.5 billion gap in the prior month.
U.S. wholesale inventories declined by 0.5% month-over-month to $898 billion in December following a revised 0.1% fall in the previous month and versus market estimates of a 0.2% gain.

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