Following the market opening Wednesday, the Dow traded up 0.20 percent to 21,178.62 while the NASDAQ climbed 0.33 percent to
6,295.85. The S&P also rose, gaining 0.19 percent to 2,433.91.
Leading and Lagging Sectors
Financial sector was the top gainer in the US market on Wednesday. Top gainers in the sector included MBIA Inc. (NYSE:
MBI), AmTrust Financial Services Inc (NASDAQ: AFSI), and LNB Bancorp Inc (NASDAQ: LNBB).
In trading on Wednesday, energy shares fell 0.03 percent. Meanwhile, top losers in the sector included Isramco, Inc.
(NASDAQ: ISRL), down 8 percent, and CGG SA (ADR)
(NYSE: CGG), down 3 percent.
Top Headline
Brown-Forman Corporation (NYSE: BF.B) reported a weaker-than-expected results for its fourth quarter.
Brown-Forman reported Q4 profit of $144 million, or $0.37 per share, compared to $522 million, or $1.30 per share, in the
year-ago period.
Its total sales declined to $887 million, while net sales slipped to $694 million. However, analysts were expecting earnings of
$0.40 per share on net sales of $738.52 million.
Equities Trading UP
DragonWave, Inc.(USA) (NASDAQ: DRWI) shares shot
up 60 percent to $1.03 following announcement of product and services contract for SmartSky Networks.
Shares of Mateon Therapeutics Inc (OTC: MATN) got a
boost, shooting up 18 percent to $0.530 after the company disclosed that it has received the FDA Fast Track designation for OXi4503
for the treatment of acute myeloid leukemia.
Carvana Co (NYSE: CVNA) shares were also up, gaining
17 percent to $11.19 after the company reported upbeat Q1 results and issued a strong sales forecast for the current quarter.
Equities Trading DOWN
Duluth Holdings Inc (NASDAQ: DLTH) shares dropped
16 percent to $17.28 after the company posted downbeat quarterly profit.
Shares of Analogic Corporation (NASDAQ: ALOG) were
down 11 percent to $66.70. Analogic reported Q3 adjusted earnings of $0.79 per share on sales of $122.2 million. The company also
issued a weak earnings forecast for FY17.
Ambarella Inc (NASDAQ: AMBA) was down, falling
around 11 percent to $52.99. Ambarella reported stronger-than-expected results for its first quarter, but issued a weak outlook for
the current quarter.
Commodities
In commodity news, oil traded down 1.06 percent to $47.68 while gold traded down 0.25 percent to $1,294.20.
Silver traded down 0.31 percent Wednesday to $17.655, while copper fell 0.14 percent to $2.5435.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.45 percent, the Spanish Ibex Index rose 0.31 percent,
while Italy’s FTSE MIB Index gained 0.86 percent. Meanwhile the German DAX climbed 0.33 percent, and the French CAC 40 surged 0.87
percent while U.K. shares fell 0.18 percent.
Economics
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m.
ET.
Data on consumer credit for April will be released at 3:00 p.m. ET.
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