Midway through trading Wednesday, the Dow traded down 0.03 percent to 20,661.19 while the NASDAQ rose 0.35 percent to 5,814.28.
The S&P also rose, gaining 0.18 percent to 2,348.15.
Leading and Lagging Sectors
On Wednesday, the technology sector proved to be a source of strength for the market. Leading the sector was strength from
Himax Technologies, Inc. (ADR) (NASDAQ: HIMX) and
LG Display Co Ltd. (ADR) (NYSE: LPL).
In trading on Wednesday, energy shares fell 0.21 percent. Meanwhile, top losers in the sector included Hornbeck Offshore
Services, Inc. (NYSE: HOS), down 8 percent, and
Westmoreland Coal Company (NASDAQ: WLB), down 7
percent.
Top Headline
Nike Inc (NYSE: NKE) reported upbeat earnings for its
third quarter, while sales missed estimates.
Nike posted Q3 earnings of $0.68 per share on revenue of $8.4 billion. Analysts expected earnings of $0.53 per share on revenue
of $8.47 billion. On a currency-neutral basis, Nike’s futures orders dropped 1 percent, while futures orders on a reported basis
dropped around 4 percent.
Equities Trading UP
Duluth Holdings Inc (NASDAQ: DLTH) shares shot up
15 percent to $22.05 after the company reported upbeat Q4 results.
Shares of Moleculin Biotech Inc (NASDAQ: MBRX) got
a boost, shooting up 30 percent to $1.39 after the company reported that its AML treatment Liposomal Annamycin has been awarded the
FDA Orphan Drug designation.
Idera Pharmaceuticals Inc (NASDAQ: IDRA) shares
were also up, gaining 11 percent to $2.32. JMP Securities initiated coverage on Idera Pharmaceuticals with a Market Outperform
rating.
Equities Trading DOWN
Diana Containerships Inc (NASDAQ: DCIX) shares
dropped 25 percent to $1.72. Diana Containerships reported up to $150 million securities offering.
Shares of Sears Holdings Corp (NASDAQ: SHLD) were
down around 15 percent to $7.75. Sears warned on Tuesday about its ability to continue as a going concern after years of losses and
declining sales.
Glassbridge Enterprises Inc (NYSE: GLA) was down,
falling around 12 percent to $5.42. GlassBridge reported a Q4 loss from continuing operations of $3.27 per share on sales of $11.3
million.
Commodities
In commodity news, oil traded down 1.20 percent to $47.66 while gold traded up 0.12 percent to $1,251.10.
Silver traded down 0.13 percent Wednesday to $17.56, while copper rose 0.36 percent to $2.63.
Eurozone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.43 percent, the Spanish Ibex Index rose 0.43 percent,
while Italy’s FTSE MIB Index rose 0.29 percent. Meanwhile the German DAX declined 0.34 percent, and the French CAC 40 fell 0.05
percent while U.K. shares fell 0.57 percent.
Economics
Existing-home sales declined 3.7 percent to an annual rate of 5.48 million in February, the National Association of Realtors
reported. However, economists were expecting a 5.57 million rate.
Crude-oil supplies increased 5 million barrels for the week ended March 17, the U.S. Energy Information Administration reported.
However, analysts were expecting a gain of 2 million barrels. Gasoline supplies slipped 2.8 million barrels, while distillate
stockpiles dropped 1.9 million barrels last week.
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