Following the market opening Wednesday, the Dow traded down 0.28 percent to 24,765.43 while the NASDAQ declined 0.13 percent to
7,368.56. The S&P also fell, dropping 0.20 percent to 2,718.87.
Leading and Lagging Sectors
Wednesday morning, the real estate shares surged 0.67 percent. Meanwhile, top gainers in the sector included Innovative
Industrial Properties, Inc. (NYSE: IIPR), up 5 percent,
and Armada Hoffler Properties, Inc. (NYSE: AHH) up 3
percent.
In trading on Wednesday, financial shares fell 0.89 percent.
Top Headline
Target Corporation (NYSE: TGT) reported
weaker-than-expected earnings for its first quarter, while sales exceeded estimates.
Target's Q1 adjusted earnings per share rose 9.4 percent to $1.32, trailing the $1.38 consensus estimate. Total revenues climbed
3.4 percent to $16.78 billion, which came on the back of 3-percent comps growth and 3.7-percent traffic growth. Analysts, on
average, estimated revenue of $16.5 billion.
The company forecast both GAAP EPS from continuing operations and adjusted EPS of $1.30-$1.50, representing a 15-percent
increase from last year at the midpoint.
Equities Trading UP
Cara Therapeutics, Inc. (NASDAQ: CARA) shares shot
up 29 percent to $14.9675 in reaction to a new licensing agreement with Europe-based Vifor Pharma. As part of the agreement, the
biopharmaceutical company that alleviates pain licensed worldwide rights (except U.S., Japan, and South Korea) to Vifor Pharma to
commercialize its KORSUVA therapy to Vifor $70 million.
Shares of Tiffany & Co. (NYSE: TIF) got a boost,
shooting up 16 percent to $118.93 after the company reported upbeat results for its first quarter and raised its FY2018 earnings
guidance.
Ralph Lauren Corporation (NYSE: RL) shares were also
up, gaining 14 percent to $132.34 after the company reported stronger-than-expected results for its fourth quarter.
Equities Trading DOWN
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
shares dropped 19 percent to $47.125 after the company reported downbeat results for its first quarter and issued a weak earnings
forecast for the second quarter.
Shares of Pfenex Inc. (NYSE: PFNX) were down 15
percent to $5.86. Pfenex priced its 6.8 million share offering at $5.50 per share.
Ardelyx, Inc. (NASDAQ: ARDX) was down, falling
around 13 percent to $3.95. Ardelyx priced its 12.5 million share offering at $4.00 per share.
Commodities
In commodity news, oil traded down 0.29 percent to $71.99 while gold traded down 0.27 percent to $1,293.90.
Silver traded down 1.12 percent Wednesday to $16.39, while copper fell 1.71 to $3.0785.
Eurozone
European shares were lower today. The eurozone’s STOXX 600 dipped 1.02 percent, the Spanish Ibex Index fell 1.05 percent, while
Italy’s FTSE MIB Index declined 1.37 percent. Meanwhile the German DAX fell 1.54 percent, and the French CAC 40 declined 1.28
percent while U.K. shares fell 1.06 percent.
Economics
The IHS Markit flash manufacturing PMI rose to 56.6 in May, compared to 56.5 in April.
New-home sales fell 1.5 percent to an annual rate of 662,000 in April.
The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
The Federal Open Market Committee will issue minutes of its meeting at 2:00 p.m. ET.
Minneapolis Federal Reserve President Neel Kashkari is set to speak at 2:15 p.m. ET.
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