Mid-Morning Market Update: Markets Mostly Mixed; Mastercard Earnings Meet Estimates

Following the market opening Wednesday, the Dow traded up 0.19 percent to 17,664.57 while the NASDAQ declined 0.12 percent to 5,083.18. The S&P also rose, gaining 0.13 percent to 2,095.96.

Leading and Lagging Sectors

Wednesday morning, telecommunications services shares surged by 0.91 percent. Meanwhile, top gainers in the sector included Telefonica Brasil SA (ADR) VIV, up 7 percent, and NTT Docomo Inc (ADR) DCM, up 5 percent.

In trading on Wednesday, technology shares slipped by 0.22 percent. Meanwhile, top losers in the sector included Belden Inc. BDC, down 18 percent, and VASCO Data Security International, Inc. VDSI, off 17 percent.

Top Headline

Mastercard Inc MA reported in-line earnings for the second quarter on Wednesday.

The Purchase, New York-based company posted a quarterly net profit of $921 million, or $0.81 per share, versus a year-ago profit of $931 million, or $0.80 per share. Excluding items, the company’s earnings came in at $0.85 per share.

Its revenue gained 0.9 percent to $2.39 billion. However, analysts were expecting earnings of $0.85 per share on revenue of $2.41 billion.

Equities Trading UP

Cytec Industries Inc CYT shares shot up 27 percent to $73.97 after Belgium's Solvay announced its plans to buy Cytec for $5.5 billion.

Strayer Education Inc STRA shares were also up, gaining 18 percent to $49.28 after the company reported stronger-than-expected Q2 results.

Shares of Natural Health Trends Corp. NHTC got a boost, shooting up 28 percent to $31.62 after the company reported Q2 results and lifted its dividend by 33 percent to $0.04 per share. The company’s board authorized a $15 million share repurchase.

Equities Trading DOWN

Yelp Inc YELP shares tumbled 29 percent to $23.76 after the company posted a loss in the second quarter and lowered its full-year revenue outlook.

Shares of Tableau Software Inc DATA were down 18 percent to $103.67. Tableau reported Q2 earnings of $0.07 per share on revenue of $149.9 million.

Big 5 Sporting Goods Corporation BGFV was down, falling 23 percent to $11.50. Big 5 Sporting Goods reported downbeat Q2 sales and issued a weak Q3 earnings forecast.

Commodities

In commodity news, oil traded down 0.73 percent to $47.63, while gold traded down 0.11 percent to $1,095.50.

Silver traded up 0.29 percent Wednesday to $14.69, while copper rose 0.25 percent to $2.41.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 jumped 0.41 percent, the Spanish Ibex Index fell 0.52 percent, while Italy’s FTSE MIB Index dipped 1.18 percent. Meanwhile, the German DAX fell 0.02 percent, and the French CAC 40 gained 0.13 percent while UK shares rose 0.58 percent.

Economics

The MBA reported that its index of mortgage application activity rose 0.8 percent for the week ending July 24, 2015.

The Pending Home Sales Index declined 1.8 percent to 110.3 in June, versus 112.3 in May. However, economists were expecting a 1 percent growth.

The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.

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Posted In: EarningsNewsDividendsEurozoneFuturesCommoditiesBuybacksEcon #sIntraday UpdateMarkets
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