Mid-Afternoon Market Update: Hooker Furniture Falls Following Downbeat Earnings; Immuron Shares Gain


Toward the end of trading Wednesday, the Dow traded down 0.25% to 25984.60 while the NASDAQ fell 0.44% to 7,788.33. The S&P also fell, dropping 0.25% to 2,878.59.

Leading and Lagging Sectors

Utilities shares rose 1.2% on Wednesday. Meanwhile, top gainers in the sector included Pampa Energía S.A. PAM 8.51%, up 9%, and Empresa Distribuidora y Comercializadora Norte Sociedad Anónima EDN 9.81%, up 11%.

In trading on Wednesday, energy shares fell by 1.4%.

Top Headline

Online financial news publication TheStreet, Inc. TST 6.51% will be acquired by Maven for $16.5 million in cash.

Seattle-based Maven is a coalition of Mavens, including individual thought-leaders to world-leading independent publishers, operating on a shared digital publishing, advertising, and distribution platform and unified under a single media brand.

Equities Trading UP

Immuron Limited IMRN 19.93% shares shot up 21% to $3.65 after the company announced the US Department of Defense reported final results from the Travelan shigellosis challenge study; the drug prevented clinical shigellosis in 75% of treated animals.

Shares of Synlogic, Inc. SYBX 23.6% got a boost, shooting up 28% to $8.03 after the company received an $80 million equity investment from Ginkgo. The companies will enter a long-term strategic collaboration to develop synthetic biotic medicines.

CrowdStrike Holdings, Inc. NASDAQCRWD shares were also up, gaining 82% to $62.00 after pricing its IPO at $34 per share.

Equities Trading DOWN

Dave & Buster's Entertainment, Inc. PLAY 22.76% shares tumbled 22% to $40.27 after the company reported worse-than-expected Q1 sales results. The company also cut its FY19 guidance.

Shares of Hooker Furniture Corporation HOFT 22.43% were down 22% to $21.00 after the company reported worse-than-expected Q1 EPS results.

Globus Maritime Limited GLBS 9.93% was down, falling 9% to $2.65 after reporting first-quarter earnings of $(0.15), up from $(0.48) year-over-year. Sales came in at $3.54 million, down from $3.938 million year over year.

Commodities

In commodity news, oil traded down 3% to $51.65, while gold traded up 0.4% to $1,336.80.

Silver traded up 0.1% Wednesday to $14.76, while copper fell 0.8% to $2.651.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.30%, the Spanish Ibex Index fell 0.47%, while Italy’s FTSE MIB Index declined 0.71%. Meanwhile, the German DAX slipped 0.33%, and the French CAC 40 fell 0.62% while UK shares fell 0.42%.

Economics

The Consumer Price Index rose 0.1% for May.

U.S. crude supplies rose 2.2 million barrels for the week ended June 7, the Energy Information Administration reported. However, analysts were expecting a gain of 80,000 barrels. Gasoline inventories climbed 800,000 barrels last week, while distillate stockpiles slipped 1 million barrels.

The U.S. federal government posted a budget deficit of $208 billion for May, the Treasury Department reported. However, analysts were projecting a deficit of $185.5 billion.

Benzinga does not provide investment advice. All rights reserved.

Feed news

Latest Forex Analysis

Editors’ Picks

EUR/USD extends its gains toward 1.1300 after the dovish Fed decision

EUR/USD has extended its gains after the Fed opened the door to cutting interest rates, stating that uncertainties have increased. Markets are awaiting EU leaders to divvy up top jobs.

EUR/USD News

GBP/USD holds onto gains after retail sales, ahead of the BOE

GBP/USD has extended its gains above 1.2700 after the Fed opened the door to rate cuts. UK retail sales fell by 0.5% in May as expected. The BOE's decision and two more rounds of the Conservative contest await traders.

GBP/USD News

USD/JPY rebounds from multi-month lows, continues to trade below 108

Fed's dovish shift continues to weigh on the greenback. 10-year US Treasury bond yield plummets to lowest level since November 2016. Wall Street looks to open sharply higher on Thursday.

USD/JPY News

FOMC: Prelude to a rate cut?

The Federal Reserve added little new to its policy prescript in Wednesday’s FOMC statement and economic projections and with the anticipation for a July rate cut long priced into market levels the reaction was decidedly uninvolved.

Read more

Gold eases from multi-year tops, still well bid near $1380 level

Gold built on the post-FOMC upsurge and rallied to near six-year tops during the Asian session on Thursday, albeit retreated a bit thereafter.

Gold News

Majors

Cryptocurrencies

Signatures