Following the market opening Wednesday, the Dow traded down 0.29 percent to 18,867.59 while the NASDAQ gained 0.02 percent to
5,276.46. The S&P also fell, dropping 0.18 percent to 2,176.43.
Leading and Lagging Sectors
Wednesday morning, technology shares gained by 0.32 percent. Meanwhile, top gainers in the sector included Guidance Software,
Inc. (NASDAQ: GUID), and GigPeak Inc (NYSE:
GIG).
In trading on Wednesday, basic materials shares fell by 0.76 percent. Meanwhile, top losers in the sector included Haynes
International, Inc. (NASDAQ: HAYN), down 10 percent, and
Allegheny Technologies Incorporated (NYSE: ATI), down 6
percent.
Top Headline
Target Corp. (NYSE: TGT) reported
better-than-expected earnings for its third quarter and raised its forecast.
Target posted quarterly EPS of $1.04 beating analysts’ estimates by $0.21 per share. Its revenue of $16.44 billion was $0.14
billion more than expected.
Target revised its full year 2016 EPS to a range of $4.67 to $4.87, from a prior range of $4.36 to $4.75.
Equities Trading UP
Globus Maritime Ltd (NASDAQ: GLBS) shares shot up
53 percent to $7.57 after gaining 72.73 percent on Tuesday. Globus Maritime is up 175.9 percent since Election Day.
Shares of Euroseas Ltd. (NASDAQ: ESEA) got a
boost, shooting up 38 percent to $6.02 after jumping 99.09 percent on Tuesday. Euroseas is up 291.3 percent since Election Day.
Sino-Global Shipping America, Ltd. (NASDAQ: SINO)
shares were also up, gaining 55 percent to $3.76. Sino-Global Shipping shares have jumped 184.71 percent over the past 52 weeks,
while the S&P 500 index has gained 6.20 percent in the same period.
Equities Trading DOWN
Eltek Ltd. (NASDAQ: ELTK) shares dropped 27
percent to $0.781. Eltek posted a Q3 net loss of $0.04 per share, versus a year-ago net profit of $0.06 per share.
Shares of PDL BioPharma Inc (NASDAQ: PDLI) were
down 19 percent to $3.02 after the company reported a proposed $150 million public offering of new convertible senior notes due
2021.
InVitae Corp (NYSE: NVTA) was down, falling around
12 percent to $7.53 after the company reported an offering of $40 million common stock.
Commodities
In commodity news, oil traded down 0.84 percent to $46.00 while gold traded up 0.24 percent to $1,227.40.
Silver traded down 0.05 percent Wednesday to $17.04, while copper fell 1.32 percent to $2.47.
Eurozone
European shares were lower today. The eurozone’s STOXX 600 dropped 0.48 percent, the Spanish Ibex Index fell 1.06 percent, while
Italy’s FTSE MIB Index fell 1.05 percent. Meanwhile the German DAX dropped 1 percent, and the French CAC 40 declined 1.09 percent
while U.K. shares fell 0.80 percent.
Economics
The Producer Price Index came in unchanged for October, versus economists’ expectations for a 0.3 percent growth.
U.S. industrial production was flat for October, versus economists’ expectations for a 0.2 percent growth
The NAHB housing market index came in unchanged at 63.00 for November, versus a prior reading of 63.00. Economists expected a
reading of 63.00.
The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.
The Treasury International Capital report for September will be released at 4:00 p.m. ET.
Philadelphia Federal Reserve Bank President Patrick Harker is set to speak in Philadelphia at 5:30 p.m. ET.
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