Mid-Day Market Update: Crude Oil Up Over 3%; Extreme Networks Shares Plummet

Midway through trading Wednesday, the Dow traded up 0.67 percent to 24,523.88 while the NASDAQ climbed 0.73 percent to 7,320.08. The S&P also rose, gaining 0.86 percent to 2,694.90.

Leading and Lagging Sectors

On Wednesday, the energy shares rose 2.39 percent. Meanwhile, top gainers in the sector included EP Energy Corporation (NYSE: EPE ), up 18 percent, and Penn Virginia Corporation (NASDAQ: PVAC ) up 23 percent.

In trading on Wednesday, utilities shares fell 1.01 percent.

Top Headline

Walmart Inc (NYSE: WMT ) disclosed that it reached an agreement to acquire 77 percent of India-based Flipkart for $16 billion. The Indian company recorded gross merchandise value of $7.6 billion and net sales of $4.6 billion in its recent fiscal year ended March 31.

The e-commerce giant cautioned the deal would result in a negative impact to its EPS of 25 to 30 cents in fiscal 2019 and a headwind of 60 cents per share in fiscal 2020.

Equities Trading UP

Liberty TripAdvisor Holdings, Inc. (NASDAQ: LTRPA ) shares shot up 32 percent to $12.175 following TripAdvisor Q1 earnings beat.

Shares of ZAGG Inc (NASDAQ: ZAGG ) got a boost, shooting up 27 percent to $14.60 after the company posted better-than-expected Q1 earnings.

OPKO Health, Inc. (NASDAQ: OPK ) shares were also up, gaining 30 percent to $4.18 following Q1 beat.

Equities Trading DOWN

Extreme Networks, Inc. (NASDAQ: EXTR ) shares dropped 23 percent to $9.00 after the company reported downbeat earnings for its third quarter and issued weak Q4 guidance.

Shares of Caesarstone Ltd. (NASDAQ: CSTE ) were down 30 percent to $13.001 after the company reported downbeat Q1 results and lowered its FY18 sales forecast.

Cutera, Inc. (NASDAQ: CUTR ) was down, falling around 27 percent to $40.95 following Q1 miss.


In commodity news, oil traded up 3.21 percent to $71.28 while gold traded down 0.05 percent to $1,313.10.

Silver traded up 0.44 percent Wednesday to $16.545, while copper rose 0.07 to $3.061.


European shares were higher today. The eurozone's STOXX 600 gained 0.24 percent, the Spanish Ibex Index rose 0.11 percent, while Italy's FTSE MIB Index rose 0.51 percent. Meanwhile the German DAX rose 0.24 percent, and the French CAC 40 gained 0.23 percent while U.K. shares rose 1.28 percent.


The Producer Price Index rose 0.1 percent for April, versus economists' expectations for a 0.2 percent gain.

U.S. wholesale trade inventories rose 0.3 percent for March, versus economists' expectations for a 0.6 percent rise.

Crude supplies slipped 2.2 million barrels for the week ended May 4, the U.S. Energy Information Administration reported. However, analysts expected a drop of 400,000 barrels. Gasoline stockpiles slipped 2.2 million barrels, while distillate stockpiles fell 3.8 million barrels for the week.

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

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 1:15 p.m. ET.

© 2018 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.

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

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