Markets

Mid-Day Market Update: Dow Rises Over 150 Points; OMNOVA Solutions Shares Spike Higher

Toward the end of trading Wednesday, the Dow traded up 0.58% to 26941.41 while the NASDAQ rose 0.63% to 8160.13. The S&P also rose, gaining 0.65% to 2,992.36.

Leading and Lagging Sectors

Real estate shares rose 1.3% on Wednesday. Meanwhile, top gainers in the sector included Griffin Industrial Realty, Inc. (NASDAQ: GRIF), up 8%, and Innovative Industrial Properties, Inc. (NYSE: IIPR), up 6%.

In trading on Wednesday, materials shares rose by just 0.2%.

Top Headline

International Speedway Corp (NASDAQ: ISCA) reported downbeat results for its second quarter.

International Speedway reported earnings of 36 cents per share, which missed the analyst consensus estimate of 39 cents. The company reported quarterly sales of $168.084 million, which missed the analyst consensus estimate of $178.99 million. International Speedway reaffirmed its FY20 guidance.

Equities Trading UP

OMNOVA Solutions Inc. (NYSE: OMN) shares shot up 55% to $9.93 after Synthomer Plc announced plans to buy OMNOVA for an enterprise value of $824 million. Omnova’s profit for the second quarter dropped over 33% to $5.6 million. Net sales slipped to $205.7 million for the quarter, from $206.3 million in the year-ago quarter.

Shares of Karyopharm Therapeutics Inc. (NASDAQ: KPTI) got a boost, shooting up 36% to $8.90.

Symantec Corporation (NASDAQ: SYMC) shares were also up, gaining 14% to $25.10 after a report that Broadcom Inc. (NASDAQ: AVGO) would acquire the company.

Equities Trading DOWN

USANA Health Sciences, Inc. (NYSE: USNA) shares tumbled 18% to $62.68 after the company cut its FY2019 EPS and sales guidance below analyst estimates. The company also sees second-quarter EPS and sales guidance below analyst estimates.

Shares of Camber Energy, Inc. (NYSE: CEI) were down 24% to $0.1204 after the company reported the approval of 1-for-25 reverse stock split..

HF Foods Group Inc. . (NASDAQ: HFFG) was down, falling 18% to $19.83.

Commodities

In commodity news, oil traded up 0.6% to $56.56, while gold traded up 0.8% to $1,419.50.

Silver traded up 0.6% Wednesday to $15.335, while copper rose 0.5% to $2.6785.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.85%, the Spanish Ibex Index rose 1.22%, while Italy’s FTSE MIB Index gained 2.4%. Meanwhile, the German DAX gained 0.71%, and the French CAC 40 rose 0.75% while UK shares rose 0.66%.

Economics

U.S. private employers added 102,000 jobs for June, ADP reported Wednesday, versus a revised 41,000 in May. However, economists were expecting a gain of 140,000 new jobs.

Initial jobless claims fell 8,000 to 221,000 for the latest week. However, economists were expecting a reading of 220,000.

U.S. trade deficit increased 8.4% to $55.5 billion in May. U.S. exports rose 2% to $210.6 billion, while imports increased 3.3% to $266.2 billion in May.

The IHS Markit US Services PMI rose to 51.5 in June, compared to a preliminary estimate of 50.7.

U.S. factory orders fell 0.7% for May, versus economists’ expectations for a 0.5% decline.

The ISM's non-manufacturing index fell to 55.1 in June, versus a reading of 56.9 in May. However, economists were expecting a reading of 55.9.

U.S. crude supplies fell 1.1 million barrels for the week ended June 28, the Energy Information Administration reported. However, analysts expected a drop of 3.7 million barrels.

Domestic supplies of natural gas increased 89 billion cubic feet for the week ended June 28, the U.S. Energy Information Administration reported.

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