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Mid-Afternoon Market Update: NASDAQ Rises 1%; Naked Brand Group Shares Spike Higher


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Toward the end of trading Wednesday, the Dow traded up 0.04 percent to 24,709.74 while the NASDAQ climbed 1 percent to 7,802.55. The S&P also rose, gaining 0.36 percent to 2,772.63.

Leading and Lagging Sectors

On Wednesday, the real estate shares surged 1.06 percent. Meanwhile, top gainers in the sector included CoreCivic, Inc. (NYSE: CXW ) up 4 percent, and CBL & Associates Properties, Inc (NYSE: CBL ) up 4 percent.

In trading on Wednesday, telecommunication services shares fell 0.86 percent.

Top Headline

Winnebago Industries, Inc. (NYSE: WGO ) reported stronger-than-expected results for its third quarter.

The company said it earned $1.02 per share in the quarter on revenue of $562.3 million versus expectations of 92 cents per share and $538.18 million.

Equities Trading UP

Caladrius Biosciences, Inc. (NASDAQ: CLBS ) shares shot up 33 percent to $8.78. Caladrius Biosciences shares climbed over 67 percent Tuesday after announcing the company's CD34+ cell therapy program received FDA regenerative medicine advanced therapy designation for treating refractory angina.

Shares of American Electric Technologies, Inc (NASDAQ: AETI ) got a boost, shooting up 52 percent to $1.72 after the company's M&I Electric business disclosed a $3 million project for new offshore drilling rig power system.

Naked Brand Group Inc. (NASDAQ: NAKD ) shares were also up, gaining 53 percent to $9.50 after the company announced the completion of a merger agreement with a New Zealand-based marketer of intimate apparels and swimwear. Naked Brands said it has completed its previously announced merger with Bendon following approval by its shareholders on June 11.

Equities Trading DOWN

Anika Therapeutics, Inc. (NASDAQ: ANIK ) shares dropped 37 percent to $28.9901 after reporting top-line results from CINGAL 16-02 clinical trial in knee osteoarthritis study did not achieve statistical significance at primary endpoint.

Shares of ReShape Lifesciences Inc. (NASDAQ: RSLS ) were down 21 percent to $2.56 after reporting a $1.5 million registered direct offering priced at-the-market.

Astrotech Corporation (NASDAQ: ASTC ) was down, falling around 24 percent to $4.8375. Astrotech shares surged 217.44 percent Tuesday after the company's subsidiary, 1st Detect, announced its TRACER 1000 Explosives Trace Detector was accepted into the European Evaluation Process for airport checkpoint screening.

Commodities

In commodity news, oil traded up 1.05 percent to $65.75 while gold traded down 0.44 percent to $1,273.00.

Silver traded down 0.14 percent Wednesday to $16.30, while copper fell 0.11 to $3.0665.

Eurozone

European shares closed mostly higher today. The eurozone's STOXX 600 climbed 0.28 percent, the Spanish Ibex Index rose 0.34 percent, while Italy's FTSE MIB Index gained 0.16 percent. Meanwhile the German DAX climbed 0.14 percent, and the French CAC 40 fell 0.34 percent while U.K. shares rose 0.31 percent.

Economics

The MBA's index of mortgage application activity rose 5.1 percent for the latest week.

The U.S. current account deficit increased 6.9 percent to $124.1 billion in the first quarter, versus a revised $116.1 billion deficit for the fourth quarter.

Existing-home sales declined 0.4 percent to an annual rate of 5.43 million in May.

Crude supplies fell 5.9 million barrels for the week ended June 15, the U.S. Energy Information Administration reported. However, analysts expected a decline of 3.7 million barrels. Gasoline stockpiles increased 3.3 million barrels, while distillate stockpiles rose 2.7 million barrels for the week.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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This article appears in: Investing , Commodities
Referenced Symbols: AETI , ANIK , ASTC , CBL , CXW



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