Mid-Day Market Update: Crude Oil Jumps Over 5%; Akamai Technologies Shares Surge
Midway through trading Wednesday, the Dow traded up 0.64 percent to 17,693.43 while the NASDAQ surged 0.76 percent to 5,068.23. The S&P also rose, gaining 0.74 percent to 2,081.25.
Leading and Lagging Sectors
In trading on Wednesday, energy shares jumped by 2.50 percent. Top gainers in the sector included Breitburn Energy Partners LP (NASDAQ: BBEP ), up 16 percent, and Legacy Reserves LP (NASDAQ: LGCY ), up 14 percent.
In trading on Wednesday, utilities shares rose by just 0.2 percent. Meanwhile, top losers in the sector included Edison International (NYSE: EIX ), down 5 percent, and PG&E Corporation (NYSE: PCG ), off 2 percent.
Hershey Co (NYSE: HSY ) reported stronger-than-expected earnings for the third quarter.
The Hershey, Pennsylvania-based company posted quarterly net income of $154.8 million, or $0.70 per share, compared to $223.7 million, or $1.00 per share, in the year-ago quarter. Its adjusted earnings came in at $1.17 per share.
Its sales declined to $1.961 billion from $1.962 billion. However, analysts were expecting earnings of $1.13 per share on revenue of $1.98 billion.
Equities Trading UP
Cnova NV (NASDAQ: CNV ) shares shot up 20 percent to $3.59. Cnova posted Q3 adjusted loss of $0.07 per share on revenue of $869.2 million.
Shares of Gibraltar Industries Inc (NASDAQ: ROCK ) got a boost, shooting up 13 percent to $24.39 on upbeat Q3 results.
Chicago Bridge & Iron Company N.V. (NYSE: CBI ) shares were also up, gaining 17 percent to $45.57 after the company agreed to sell its nuclear construction business to Westinghouse Electric Company LLC for $229 million.
Equities Trading DOWN
Akamai Technologies, Inc. (NASDAQ: AKAM ) shares tumbled 18 percent to $61.83. Akamai Technologies reported upbeat Q3 earnings, but the company issued a weak forecast for the current quarter. JP Morgan downgraded Akamai Technologies from Overweight to Neutral and lowered the price target from $75.00 to $65.00.
Shares of Saia Inc (NASDAQ: SAIA ) were down 21 percent to $23.67 on weak Q3 results.
Synchronoss Technologies, Inc. (NASDAQ: SNCR ) was down, falling 8 percent to $33.48. Synchronoss Technologies reported Q3 adjusted earnings of $0.58 per share on revenue of $151.3 million.
In commodity news, oil traded up 5.69 percent to $45.66, while gold traded up 1.19 percent to $1,179.70.
Silver traded up 2.91 percent Wednesday to $16.33, while copper rose 0.34 percent to $2.37.
European shares were higher today. The eurozone's STOXX 600 jumped 1.10 percent, the Spanish Ibex Index gained 1.06 percent, while Italy's FTSE MIB Index climbed 1.40 percent. Meanwhile, the German DAX surged 1.37 percent, and the French CAC 40 jumped 1.02 percent, while U.K. shares rose 1.25 percent.
The MBA reported that its index of mortgage application activity declined 3.50 percent in the week ended October 23, 2015.
Crude supplies rose 3.4 million barrels for the week ended October 23, the U.S. Energy Information Administration said. However, analysts were projecting supplies to rise by 1.6 million barrels. Gasoline supplies slipped 1.1 million barrels, while distillate stockpiles fell 3 million barrels last week.
The Federal Open Market Committee is scheduled to announce policy decision at 2:00 p.m. ET.
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