Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Mid-Afternoon Market Update: Dow Climbs 250 Points; Impax Labs Shares Down Following Q3 Results

CXW, TRIP, ELP, NEE, Z

 


Toward the end of trading Wednesday, the Dow traded up 1.37 percent to 18,582.74 while the NASDAQ climbed 0.83 percent to 5,236.50. The S&P also rose, gaining 1.08 percent to 2,162.57.

Leading and Lagging Sectors

Wednesday afternoon, healthcare shares gained by 3.03 percent. Meanwhile, top gainers in the sector included Sucampo Pharmaceuticals, Inc. (NASDAQ: SCMP), and Ariad Pharmaceuticals, Inc. (NASDAQ: ARIA).

In trading on Wednesday, utilities shares fell by 2.30 percent. Meanwhile, top losers in the sector included NextEra Energy Inc (NYSE: NEE), down 6 percent, and Companhia Paranaense de Energia (ADR) (NYSE: ELP), down 5 percent.

Top Headline

Republican Presidential candidate Donald Trump has won the 2016 Presidential election in a hotly-contested vote against Hillary Clinton that few saw coming. To the surprise of many, Trump won big from Florida, Ohio and Pennsylvania en route to getting the necessary 270 electoral votes.

With his win in the U.S. presidential election, Trump is uniquely positioned to overhaul America’s relationship with Russia. But how Moscow will engage with the president-elect is still far from clear


Equities Trading UP

Corrections Corp Of America (NYSE: CXW) shares shot up 48 percent to $21.02. Prison shares are trading significantly higher after the victory of Donald Trump.

Shares of Foresight Energy LP (NYSE: FELP) got a boost, shooting up 23 percent to $7.03. Foresight Energy reported a Q3 loss of $24.3 million on revenue of $230.8 million.

Sucampo Pharmaceuticals, Inc. (NASDAQ: SCMP) shares were also up, gaining 30 percent to $14.75 after the company reported better-than-expected Q3 results and raised its FY 2016 guidance.


Equities Trading DOWN

AgroFresh Solutions Inc (NASDAQ: AGFS) shares dropped 41 percent to $2.75. AgroFresh posted Q3 earnings of $0.15 per share on revenue of $61.2 million.

Shares of Tripadvisor Inc (NASDAQ: TRIP) were down 18 percent to $51.92. Tripadvisor reported weaker-than-expected revenue for its third quarter on Tuesday.

Impax Laboratories Inc (NASDAQ: IPXL) was down, falling around 22 percent to $13.80 after the company posted downbeat Q3 results and lowered its FY 2016 guidance.


Commodities


In commodity news, oil traded up 0.78 percent to $45.33 while gold traded up 0.16 percent to $1,276.50.

Silver traded up 0.46 percent Wednesday to $18.44, while copper rose 3.32 percent to $2.46.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 1.46 percent, the Spanish Ibex Index dropped 0.40 percent, while Italy’s FTSE MIB Index fell 0.10 percent. Meanwhile the German DAX climbed 1.56 percent, and the French CAC 40 rose 1.49 percent while U.K. shares rose 1 percent.

Economics

The MBA’s index of mortgage application activity dropped 1.2 percent for the week ended November 4, 2016.

Domestic crude supplies increased by 2.4 million barrels for the week ended November 4, the U.S. Energy Information Administration reported. Analysts were expecting a gain of 1.6 million barrels. Gasoline supplies dropped 2.8 million barrels, while distillate stockpiles slipped 1.9 million barrels.

San Francisco Federal Reserve Bank President John Williams will speak at the University of San Francisco at 9:00 p.m. ET.



Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today