Midway through trading Wednesday, the Dow traded up 0.03 percent to 24,187.35 while the NASDAQ climbed 0.03 percent to 6,763.99.
The S&P also rose, gaining 0.01 percent to 2,629.80.
Leading and Lagging Sectors
On Wednesday, the information technology sector proved to be a source of strength for the market. Leading the sector was
strength from Moxian Inc (NASDAQ: MOXC) and
Inseego Corp (NASDAQ: INSG).
In trading on Wednesday, real estate shares fell 0.07 percent.
Top Headline
American Eagle Outfitters (NYSE: AEO) reported
downbeat earnings for its third quarter, but issued a strong earnings forecast for the current quarter.
American Eagle posted quarterly earnings of $0.37 per share on revenue of $960 million. However, analysts expected earnings of
$0.38 per share on revenue of $960.8 million.
American Eagle expects Q4 earnings of $0.42 to $0.44 per share, versus analysts’ estimates of $0.39 per share.
Equities Trading UP
Madrigal Pharmaceuticals Inc (NASDAQ: MDGL) shares
shot up 79 percent to $82.78 after the company disclosed that its MGL-3196 achieved primary endpoint in patients with biopsy-proven
non-alcoholic steatohepatitis in Phase 2 clinical trial.
Shares of Cleantech Solutions International, Inc. (NASDAQ: CLNT) got a boost, shooting up 26 percent to $6.67 after announcing agreement to
acquire 51 percent of Brighten Holdings.
AeroVironment, Inc. (NASDAQ: AVAV) shares were
also up, gaining 34 percent to $57.80 as the company reported stronger-than-expected earnings for its second quarter on
Tuesday.
Equities Trading DOWN
Biocept Inc (NASDAQ: BIOC) shares dropped 33
percent to $0.77. Biocept priced its 4.93 million share offering at $0.68 per share.
Shares of Tronox Ltd (NYSE: TROX) were down 27
percent to $18.73. The FTC has challenged Tronox acquisition of Cristal’s titanium dioxide business. Tronox disclosed that it will
fight FTC lawsuit seeking to block proposed acquisition of Saudi-owned Cristal.
Fred's, Inc. (NASDAQ: FRED) was down, falling
around 21 percent to $4.00. Fred's reported downbeat Q3 results and cancelled its dividend.
Commodities
In commodity news, oil traded down 1.56 percent to $56.72 while gold traded up 0.17 percent to $1,267.10.
Silver traded down 0.49 percent Wednesday to $15.99, while copper rose 1 percent to $2.9755.
Eurozone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.10 percent, the Spanish Ibex Index fell 0.34 percent,
while Italy’s FTSE MIB Index dropped 0.39 percent. Meanwhile the German DAX slipped 0.54 percent, and the French CAC 40 dipped 0.02
percent while U.K. shares rose 0.50 percent.
Economics
Private-sector employers added 190,000 jobs for November, Automatic Data Processing Inc. reported. However, economists were
expecting a gain of 185,000 private jobs.
U.S. nonfarm productivity rose 3 percent for the third quarter, versus economists’ expectations for a 3.3 percent growth. Unit
labor costs declined 0.2 percent for the quarter.
Domestic crude supplies slipped 5.6 million barrels for the week ended December 1, the U.S. Energy Information Administration
reported. Analysts expected a drop of 4.1 million barrels. Gasoline stockpiles gained 6.8 million barrels, while distillate
stockpiles rose 1.7 million barrels for the week.
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