Quantcast

Mid-Morning Market Update: Markets Open Higher; Lennar Earnings Top Views


Shutterstock photo

Following the market opening Wednesday, the Dow traded up 0.59 percent to 23,928.69 while the NASDAQ climbed 0.56 percent to 6,935.61. The S&P also rose, gaining 0.36 percent to 2,583.65.

Leading and Lagging Sectors

Wednesday morning, the energy shares climbed 1.2 percent. Meanwhile, top gainers in the sector included Chesapeake Energy Corporation (NYSE: CHK ) up 14 percent, and WildHorse Resource Development Corporation (NYSE: WRD ) up 13 percent.

In trading on Wednesday, real estate shares fell 0.4 percent.

Top Headline

Lennar Corporation (NYSE: LEN ) reported upbea t earnings for its fourth quarter, while sales missed estimates.

Lennar posted Q4 earnings of $1.96 per share on sales of $6.459 billion. However, analysts were expecting earnings of $1.93 per share on sales of $6.55 billion.

Equities Trading UP

Gogo Inc. (NASDAQ: GOGO ) shares got a boost, shooting up 20 percent to $3.7059 after the company disclosed that modifications to protect against de-icing fluid contamination on its 2Ku North American aircraft have achieved positive results. The company also raised its FY18 adjusted EBITDA guidance.

Shares of Diebold Nixdorf, Incorporated (NYSE: DBD ) shot up 21 percent to $3.40. DA Davidson upgraded Diebold Nixdorf from Neutral to Buy.

Globus Medical, Inc. (NYSE: GMED ) shares were also up, gaining 13 percent to $45.04 after the company issued strong sales outlook for the fourth quarter and full year.

Equities Trading DOWN

SMART Global Holdings, Inc. (NASDAQ: SGH ) shares dropped 28 percent to $22.97 after the company reported downbeat earnings for its first quarter and issued weak forecast for the second quarter.

Shares of Constellation Brands, Inc. (NYSE: STZ ) were down 10 percent to $155.91 after management cut 2019 guidance to account for its Canopy Growth Corp investment. However, the company reported upbeat Q3 earnings.

Talend S.A. (NASDAQ: TLND ) was down, falling around 10 percent to $35.01 fter the company cut its Q4 sales guidance.

Commodities

In commodity news, oil traded up 3.21 percent to $51.38 while gold traded up 0.35 percent to $1,290.40.

Silver traded up 0.62 percent Wednesday to $15.81, while copper rose 0.49 percent to $2.669.

Eurozone

European shares were higher today. The eurozone's STOXX 600 surged 0.78 percent, the Spanish Ibex Index rose 0.15 percent, while Italy's FTSE MIB Index rose 1.31 percent. Meanwhile the German DAX climbed 1.05 percent, and the French CAC 40 jumped 1.22 percent while U.K. shares rose 0.93 percent.

Economics

The Energy Information Administration's weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

Boston Federal Reserve Bank President Eric Rosengren is set to speak in Boston, Massachusetts at 11:30 a.m. ET.

The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

© 2019 Benzinga.com. Benzinga does not provide investment advice . All rights reserved.

Profit with More New & Research . Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional

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: SGH , CHK , DBD , LEN , STZ



More from Benzinga

Subscribe






Contributor:

Benzinga

Market Analysis, FinTech










Research Brokers before you trade

Want to trade FX?