Midway through trading Wednesday, the Dow traded down 0.03 percent to 18,222.38 while the NASDAQ declined 0.18 percent to 5,296.37.
The S&P also fell, dropping 0.13 percent to 2,157.13.
Leading and Lagging Sectors
On Wednesday, energy shares gained 0.48 percent. Meanwhile, top gainers in the sector included Cloud Peak Energy Inc.
(NYSE: CLD), and Oasis Petroleum Inc. (NYSE: OAS).
In trading on Wednesday, cyclical consumer goods & services shares tumbled by 0.50 percent. Meanwhile, top losers in the sector
included Tempur Sealy International Inc (NYSE: TPX),
down 24 percent, and Sonic Corporation (NASDAQ: SONC), down 8 percent.
Top Headline
BlackBerry Ltd (NASDAQ: BBRY) adjusted earnings
topped estimates, but revenue fell shy of the expectations. The company lifted its outlook for the fiscal year. BlackBerry also
announced that it struck a licensing deal with telecom joint venture in Indonesia, PT BB Merah Putih, to not only manufacture and
distribute but also promote its devices that run Android software and apps. This is meant to cater to the Indonesian market.
The company suffered a net loss of $372 million, or a loss of $0.71 a share, wider than a net loss of $238 million, or a loss of
$0.45 a share, in the year-ago quarter. However, adjusted EPS was break-even thus beating the Street analysts' estimates of a loss
of $0.05 a share.
BlackBerry generated adjusted and GAAP revenue of $352 million and $334 million respectively for the second quarter and missed
analysts' predictions of $393.75 million.
Moving ahead, BlackBerry lifted its adjusted EPS forecast to a range of breakeven to a loss of $0.05 a share for the current
fiscal year compared to the Street estimates of a loss per share of $0.15.
Equities Trading UP
Anavex Life Sciences Corp. (NASDAQ: AVXL) shares
shot up 47 percent to $4.60 after it was announced one of their compounds will be tested in a Biogen Neurological Protection
mode.
Shares of Origin Agritech Ltd. (NASDAQ: SEED) got
a boost, shooting up 14 percent to $2.65 as the company reported the sale of commercial seed production and distribution business
for around $60 million.
Harmonic Inc (NASDAQ: HLIT) shares were also up,
gaining 19 percent to $5.55. Harmonic reported a warrant deal with Comcast Corporation.
Equities Trading DOWN
Galectin Therapeutics Inc (NASDAQ: GALT) shares
dropped 44 percent to $1.38 after the company said that a Phase 2a study called NASH-FX involving its GR-MD-02 therapy failed its
primary and secondary endpoints. Roth Capital downgraded Galectin Therapeutics from Buy to Sell and lowered the price target from
$3.00 to $0.75.
Shares of Tempur Sealy International Inc (NYSE: TPX)
were down 24 percent to $56.70 after the company lowered its guidance for 2016.
Ferrellgas Partners, L.P. (NYSE: FGP) was down,
falling around 24 percent to $12.60. Ferrellgas Partners reported a Q4 loss of $6.68 per share on revenue of $409.5 million. The
company also disclosed that Stephen L. Wambold is stepping down as President and CEO.
Commodities
In commodity news, oil traded up 1.16 percent to $45.19 while gold traded down 0.41 percent to $1,325.00.
Silver traded down 0.10 percent Wednesday to $19.15, while copper rose 0.55 percent to $2.18.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 0.70 percent, the Spanish Ibex Index rose 0.60 percent, while
Italy’s FTSE MIB Index gained 0.54 percent. Meanwhile the German DAX climbed 0.74 percent, and the French CAC 40 gained 0.77
percent while U.K. shares rose 0.61 percent.
Economics
The MBA’s index of mortgage application activity declined 0.7 percent for the latest week.
U.S. durable-goods orders declined 0.4 percent for August, versus economists’ expectations for a 0.4 percent drop.
Crude supplies slipped 1.9 million barrels for the week ended September 23, the U.S. Energy Information Administration reported.
However, analysts were expecting a gain of 3.2 million barrels. Gasoline supplies increased 2 million barrels, while distillate
stockpiles dropped 1.9 million barrels.
Chicago Federal Reserve Bank President Charles Evans is set to speak in St. Louis at 1:30 p.m. ET.
Cleveland Federal Reserve Bank President Loretta Mester will speak in Cleveland, Ohio at 4:35 p.m. ET.
Kansas City Federal Reserve Bank President Esther George is set to speak in Kansas City at 7:15 p.m. ET.
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