Mid-Afternoon Market Update: Crude Oil Up 1%; Tech Data Shares Spike Higher
|Toward the end of trading Wednesday, the Dow traded down 0.02% to 27018.11 while the NASDAQ fell 0.32% to 8,122.93. The S&P also fell, dropping 0.!6% to 2,990.97.
Leading and Lagging Sectors
Consumer Discretionary shares climbed 0.5% on Wednesday. Meanwhile, top gainers in the sector included Tenneco Inc. TEN 8.59%, up 9%, and Puxin Limited NEW 7.27%, up 8%.
In trading on Wednesday, energy shares fell 1%.
Top Headline
Bank of America Corporation BAC 2.1% reported better-than-expected Q3 results.
Bank of America reported third-quarter earnings of 56 cents per share, which beat the analyst consensus estimate of 51 cents. The company reported sales of $22.8 billion, versus expectations of $22.79 billion.
Equities Trading UP
Viveve Medical, Inc. VIVE 70.26% shares shot up 71% to $6.51 after surging 16.21% on Tuesday.
Shares of Achillion Pharmaceuticals, Inc. ACHN 70% surged 70% to $6.20. Alexion Pharma ALXN 3.84% will buy Achillion Pharma for the initial value of $930 million, or $6.30 per share in cash plus added contingent considerations for total potential value of $8.30 per share.
Tech Data Corporation TECD 12.91% was up, rising 13% to $125.62 after Apollo reportedly offered to acquire the company for $5 billion.
Equities Trading DOWN
Workday, Inc. WDAY 11.74% shares tumbled 12% to $159.04 following the company's Tuesday analyst day. Bernstein said the company's focus on innovation and R&D spending is a long-term positive but could pressure margins near term. Other firms lowered their price targets.
Shares of Synthesis Energy Systems, Inc. SES 23.98% were down 22% to $7.46 despite no company-specific news. The stock has dropped approximately 53% over the past 2 days.
American Vanguard Corporation AVD 13.1% was down, falling 14% to $13.25 after the company reported weak preliminary sales for the third quarter.
Commodities
In commodity news, oil traded up 1% to $53.33, while gold traded up 0.6% to $1,492.3.
Silver traded up 0.1% Wednesday to $17.40, while copper fell 1.1% to $2.5865.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 fell 0.14%, the Spanish Ibex Index rose 0.33%, while Italy’s FTSE MIB Index climbed 0.28%. Meanwhile, the German DAX gained 0.32%, and the French CAC 40 slipped 0.09% while UK shares fell 0.61%
Economics
U.S. retail sales fell 0.3% for September, versus economists’ expectations for a 0.3% increase.
U.S. business inventories were unchanged for August, versus economists’ expectations for a 0.2% rise.
The NAHB housing market index rose to 71 in October, versus prior reading of 68. However, economists were expecting a reading of 68.
The Federal Open Market Committee released its Beige Book report.
The Treasury International Capital report for August is schedule for release at 4:00 p.m. ET.
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