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Mid-Morning Market Update: Markets Open Lower; Dicks Sporting Goods Profit Beats Views


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Following the market opening Wednesday, the Dow traded down 0.63 percent to 25188 while the NASDAQ fell 0.49 percent to 7,570. The S&P also fell, dropping 0.48 percent to 2,788.

Leading and Lagging Sectors

Utilities shares rose by 0.1 percent on Wednesday. Meanwhile, top gainers in the sector included Companhia de Saneamento Bsc DEDSP (NYSE: SBS ), up 5 percent, and Companhia Energética de Minas Gerais (NYSE: CIG ), up 3 percent.

In trading on Wednesday, energy shares fell by 1.3 percent.

Top Headline

Dicks Sporting Goods Inc (NYSE: DKS ) reported better-than-expected results for its first quarter.

Dick's Sporting reported quarterly earnings of 61 cents per share, which beat the analyst consensus estimate of 58 cents. The company reported quarterly sales of $1.92 billion, which beat the analyst consensus estimate of $1.9 billion.

The retailer raised 2019 EPS guidance from $3.15-$3.35 to $3.20-$3.40.

Equities Trading UP

Soliton Inc (NASDAQ: SOLY ) shares shot up 58 percent to $22.50 on continued strength after the company on Tuesday received FDA 510(k) approval for its acoustic wave device for dermal tattoo clearing.

Shares of Technical Communications Corporation (NASDAQ: TCCO ) got a boost, shooting up 29 percent to $4.23 after announcing orders valued at $2.7 million to secure military communications.

Netshoes (Cayman) Limited (NYSE: NETS ) shares were also up, gaining 18 percent to $3.61 after SBF Group reportedly raised its offer to acquire the company to $3.50 per share.

Equities Trading DOWN

Abercrombie & Fitch Co. (NYSE: ANF ) shares tumbled 25 percent to $18.85 after the company reported downbeat same-store sales for the first quarter and issued a weak outlook.

Shares of Canada Goose Holdings Inc. (NYSE: GOOS ) were down 23 percent to $37.70 following Q1 results. Canada Goose reported first-quarter adjusted earnings per share of 9 cents in Canadian dollars, up from 7 cents in the same period last year. The group reported sales of C$156.2 million, up from C$124.8 million in the first quarter of 2018.

Evolent Health, Inc. (NYSE: EVH ) was down, falling 18 percent to $11.61. Evolent Health expanded partnership with Passport Health Plan to support medicaid beneficiaries in the commonwealth of Kentucky.

Commodities

In commodity news, oil traded down 2.4 percent to $57.70, while gold traded up 0.4 percent to $1,281.80.

Silver traded up 0.8 percent Wednesday to $14.43, while copper fell 0.8 percent to $2.6745.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 1.5 percent, the Spanish Ibex Index fell 1.3 percent, while Italy's FTSE MIB Index fell 1.3 percent. Meanwhile, the German DAX declined 1.4 percent, and the French CAC 40 slipped 1.9 percent while UK shares fell 1.5 percent.

Economics

The Johnson Redbook Retail Sales Index rose 1.3 percent during the first three weeks of May versus April.

The Richmond Fed's manufacturing index fell to a reading of 5 for May, versus previous reading of 6.

The Treasury is set to auction 7-year notes at 1:00 p.m. ET.

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

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This article appears in: Investing , Commodities
Referenced Symbols: ANF , CIG , DKS , SBS , TCCO



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