Following the market opening Wednesday, the Dow traded down 0.04 percent to 21,856.79 while the NASDAQ climbed 0.37 percent to
6,324.99. The S&P also rose, gaining 0.09 percent to 2,448.39.
Leading and Lagging Sectors
Wednesday morning, the non-cyclical consumer goods & services shares climbed by 0.35 percent.
In trading on Wednesday, energy shares fell 0.41 percent. Meanwhile, top losers in the sector included Bristow Group Inc
(NYSE: BRS), down 7 percent, and Frontline Ltd. (NYSE:
FRO) down 6 percent.
Top Headline
Analog Devices, Inc. (NASDAQ: ADI) posted upbeat
earnings for its third quarter on Wednesday.
Analog Devices posted quarterly earnings of $1.26 per share on revenue of $1.46 billion. However, analysts were expecting
earnings of $1.15 per share on revenue of $1.4 billion.
Analog Devices expects Q4 earnings of $1.29 to $1.43 per share, on revenue of $1.45 billion to $1.55 billion. Analysts projected
earnings of $1.24 per share on sales of $1.45 billion.
Equities Trading UP
AeroVironment, Inc. (NASDAQ: AVAV) shares shot up
18 percent to $46.28 after the company posted better-than-expected quarterly results.
Shares of Mazor Robotics Ltd - ADR (NASDAQ: MZOR)
got a boost, shooting up 7 percent to $44.96 following announcement of Medtronic making a $40 million third tranche investment in
the company.
Bob Evans Farms Inc (NASDAQ: BOBE) shares were
also up, gaining 8 percent to $69.30. Bob Evans Farms posted in-line quarterly earnings, while sales exceeded estimates. The
company also raised its FY18 outlook.
Equities Trading DOWN
Otonomy Inc (NASDAQ: OTIC) shares dropped 82
percent to $3.70 after the company issued results from its AVERTS-1 Phase 3 trial for OTIVIDEX in patients with Meniere's disease.
The company disclosed that the trial missed primary endpoint and all key vertigo secondary endpoints. Otonomy reported that it will
immediately suspend all development activities for OTIVIDEX.
Shares of Barnes & Noble Education Inc (NYSE: BNED)
were down 16 percent to $5.71 after the company posted a wider-than-expected quarterly loss.
Dycom Industries, Inc. (NYSE: DY) was down, falling
around 8 percent to $75.32. Dycom reported stronger-than-expected earnings for its fourth quarter, while sales missed estimates.
The company also issued a weak forecast for the current quarter.
Commodities
In commodity news, oil traded down 0.78 percent to $46.08 while gold traded down 0.40 percent to $1,313.60.
Silver traded down 0.66 percent Wednesday to $17.40, while copper fell 0.32 percent to $3.0945.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 climbed 0.67 percent, the Spanish Ibex Index gained 0.66 percent,
while Italy’s FTSE MIB Index rose 0.26 percent. Meanwhile the German DAX climbed 0.59 percent, and the French CAC 40 rose 0.49
percent while U.K. shares rose 0.52 percent.
Economics
The MBA's index of mortgage application activity declined 2.3 percent for the latest week.
Private-sector employers added 237,000 jobs during August, ADP reported. However, economists were expecting a gain of 183,000
jobs.
Gross domestic product increased at a rate of 3 percent in the second quarter, versus an initial reading of 2.6 percent.
Economists projected a 2.7 percent rate for the quarter.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 p.m.
ET.
Data on farm prices for July will be released at 3:00 p.m. ET.
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