Mid-Morning Market Update: Markets Open Higher; Cisco Profit Tops Estimates

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Following the market opening Thursday, the Dow traded up 0.64 percent to 25,052.78 while the NASDAQ climbed 0.80 percent to 7,200.67. The S&P also rose, gaining 0.48 percent to 2,711.59.

Leading and Lagging Sectors

Thursday morning, the technology shares climbed 1.10 percent. Meanwhile, top gainers in the sector included Syntel, Inc. (NASDAQ: SYNT ), up 14 percent, and Overstock.com Inc (NASDAQ: OSTK ), up 7 percent.

In trading on Thursday, energy shares tumbled 0.43 percent. Meanwhile, top losers in the sector included SunPower Corporation (NASDAQ: SPWR ), down 10 percent, and Zion Oil & Gas, Inc. (NASDAQ: ZN ) down 8 percent.

Top Headline

Cisco Systems, Inc. (NASDAQ: CSCO ) reported stronger-than-expected results for its second quarter on Wednesday.

Cisco said it earned 63 cents per share in the second quarter on revenue of $11.9 billion versus expectations of 59 cents per share and $11.81 billion.

Cisco boosted its quarterly dividend from 29 cents per share to 33 cents per share and guided its fiscal third quarter EPS above the Street's estimates.

Equities Trading UP

Solaredge Technologies Inc (NASDAQ: SEDG ) shares shot up 19 percent to $44.05 after issuing strong guidance following a fourth quarter earnings beat. A 13F filing from George Soros also showed an increased stake in the company.

Shares of AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG ) got a boost, shooting up 24 percent to $17.25 after the pharmaceutical company that focuses on maternal health, announced an update for its therapy to reduce the risk of preterm birth in certain at-risk women called Makena. The company said that the U.S. Food and Drug Administration approved Makena for pregnant women with one baby and who spontaneously delivered one preterm baby in the past.

Syntel, Inc. (NASDAQ: SYNT ) shares were also up, gaining 14 percent to $24.93 after the company posted upbeat Q4 results.

Equities Trading DOWN

Avid Bioservices Inc (NASDAQ: CDMO ) shares dropped 28 percent to $2.33. Avid Bioservices priced its 9 million share public offering of common stock at $2.25 per share.

Shares of Inpixon (NASDAQ: INPX ) were down 24 percent to $2.41 after announcing launch of public offering of Class A and B units.

Textainer Group Holdings Limited (NYSE: TGH ) was down, falling around 15 percent to $19.35. Textainer Group posted upbeat Q4 earnings, while sales missed estimates.


In commodity news, oil traded down 0.73 percent to $60.16 while gold traded up 0.41 percent to $1,352.50.

Silver traded down 1.11 percent Thursday to $16.69, while copper fell 0.63 percent to $3.2335.


European shares were higher today. The eurozone's STOXX 600 climbed 0.36 percent, the Spanish Ibex Index rose 0.09 percent, while Italy's FTSE MIB Index jumped 0.26 percent. Meanwhile the German DAX slipped 0.12 percent, and the French CAC 40 rose 0.89 percent while U.K. shares rose 0.25 percent.


Initial jobless claims gained 7,000 to 230,000 in the latest week. Economists projected claims to reach 230,000 last week.

The Producer Price Index rose 0.4 percent for January, versus economists' expectations for a 0.4 percent gain.

The Philadelphia Fed manufacturing index climbed to 25.8 in February, versus a reading of 22.2 in January. However, economists were expecting a reading of 21.1.

The Empire State manufacturing index declined to 13.1 in February, compared to 17.7 in January. Economists projected a reading of 17.5.

U.S. industrial production declined 0.1 percent for January, versus economists' expectations for a 0.2 percent growth.

The NAHB housing market index remained flat at 72 for February. However, economists projected a reading of 72.

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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Commodities
Referenced Symbols: ZN , AMAG , CSCO , OSTK , SYNT

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