Following the market opening Wednesday, the Dow traded up 0.21 percent to 18,266.55 while the NASDAQ climbed 0.15 percent to
5,313.49. The S&P also rose, gaining 0.13 percent to 2,162.76.
Leading and Lagging Sectors
Wednesday morning, basic materials shares gained 0.89 percent. Meanwhile, top gainers in the sector included Braskem SA
(ADR) (NYSE: BAK), and LSB Industries, Inc. (NYSE:
LXU).
In trading on Wednesday, telecommunications services shares tumbled by 0.14 percent. Meanwhile, top losers in the sector
included Hawaiian Telcom HoldCo Inc (NASDAQ: HCOM),
down 3 percent, and NTT Docomo Inc (ADR) (NYSE: DCM),
down 2 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 34 percent to $4.20 as the company disclosed that it has signed a material transfer deal with Biogen under which Biogen
will test Anavex’s drug candidate, ANAVEX 2-73 in neurological protection model.
Shares of Origin Agritech Ltd. (NASDAQ: SEED) got
a boost, shooting up 27 percent to $2.95 as the company reported the sale of commercial seed production and distribution business
for around $60 million.
China Ceramics Co Ltd (NASDAQ: CCCL) shares were
also up, gaining 24 percent to $3.70. China Ceramics reported Q2 earnings of $1.18 per share on revenue of $31.1 million.
Equities Trading DOWN
Galectin Therapeutics Inc (NASDAQ: GALT) shares
dropped 40 percent to $1.50 after the company disclosed that its Phase 2a clinical (NASH-FX) trail did not meet either primary or
secondary endpoints.
Shares of Tempur Sealy International Inc (NYSE: TPX)
were down 23 percent to $57.56 after the company lowered its guidance for 2016.
Ferrellgas Partners, L.P. (NYSE: FGP) was down,
falling around 19 percent to $13.44. 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 1.50 percent to $45.34 while gold traded down 0.23 percent to $1,327.40.
Silver traded down 0.08 percent Wednesday to $19.15, while copper rose 0.78 percent to $2.19.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 1.01 percent, the Spanish Ibex Index rose 1.02 percent, while
Italy’s FTSE MIB Index gained 1.12 percent. Meanwhile the German DAX climbed 1.21 percent, and the French CAC 40 gained 1.12
percent while U.K. shares rose 0.92 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.
Federal Reserve Chair Janet Yellen is set to testify before the House Financial Services Committee at 10:00 a.m. ET.
St. Louis Federal Reserve Bank President James Bullard will speak in St. Louis at 10:15 a.m. ET.
The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.
The Treasury is set to auction 7-year notes at 11:30 a.m. ET.
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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