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Mid-Day Market Update: Lannett Gains On Strong Results; Dycom Industries Shares Slide

Midway through trading Wednesday, the Dow traded down 0.24 percent to 18,502.38 while the NASDAQ declined 0.18 percent to 5,250.70. The S&P also fell, dropping 0.23 percent to 2,181.82.

Leading and Lagging Sectors

Wednesday morning, non-cyclical consumer goods & services shares gained by 0.1 percent. Meanwhile, top gainers in the sector included Craft Brew Alliance Inc (NASDAQ: BREW ), and National Beverage Corp. (NASDAQ: FIZZ ).

In trading on Wednesday, basic materials shares fell by 1.3 percent. Meanwhile, top losers in the sector included Endeavour Silver Corp (NYSE: EXK ), down 9 percent, and McEwen Mining Inc (NYSE: MUX ), down 9 percent.

Top Headline

Express Inc. (NYSE: EXPR ) reported downbeat results for its fiscal second quarter and issued a weak outlook for the full year.

The retailer's net income for the second quarter was $10.1 million, or $0.13 a share, down from $21.0 million, or $0.25 a share, in the year-ago quarter. Street analysts expected an EPS of $0.17. Express generated net sales of $504.8 million, down 6 percent from $535.6 million in the previous year quarter and came in below the analysts' predictions of $520.95 million. The company's comparable store sales witnessed 8 percent drop.

Moving ahead, the retailer expects EPS of $0.09-$0.15 for the third quarter, which is sharply below than the Street estimates of $0.32 a share. The company expects comparable sales to record negative high single to low double digits in the same period.

For the full year, Express expects adjusted EPS to be $1.00 $1.14 on negative comparable sales of high single digits. Street is looking for an EPS of $1.46 for the same period.

Equities Trading UP

Uranium Resources, Inc. (NASDAQ: URRE ) shares shot up 33 percent to $1.75 following Tuesday's announcement of acquisition of first lithium property in Nevada.

Shares of Craft Brew Alliance Inc (NASDAQ: BREW ) got a boost, shooting up 21 percent to $17.46. Craft Brew Alliance and Anheuser Busch Inbev SA (ADR) (NYSE: BUD ) reported new and enhanced commercial agreements.

Lannett Company, Inc. (NYSE: LCI ) shares were also up, gaining 16 percent to $37.55 after the company posted better-than-expected fourth-quarter results and issued a strong outlook.

Equities Trading DOWN

Express, Inc. (NYSE: EXPR ) shares dropped 24 percent to $12.10 after the company reported downbeat results for its fiscal second quarter and issued a weak outlook for the full year.

Shares of La-Z-Boy Incorporated (NYSE: LZB ) were down 14 percent to $26.95 as the company reported weaker-than-expected sales for its first quarter.

Dycom Industries, Inc. (NYSE: DY ) was down, falling around 8 percent to $85.00. Dycom reported stronger-than-expected results for its fourth quarter on Tuesday. However, earnings guidance and new unit figures disappointed investors.

Commodities

In commodity news, oil traded down 3.22 percent to $46.55 while gold traded down 1.27 percent to $1,329.00.

Silver traded down 2.10 percent Wednesday to $18.67, while copper fell 1.79 percent to $2.09.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.39 percent, the Spanish Ibex Index gained 0.87 percent, while Italy's FTSE MIB Index gained 0.68 percent. Meanwhile the German DAX climbed 0.28 percent, and the French CAC 40 rose 0.32 percent, while U.K. shares fell 0.48 percent.

Economics

The MBA reported that its index of mortgage application activity declined 2.1 percent for the week ended August 19, 2016.

The Federal Housing Finance Agency House Price Index rose 0.2 percent to 234.80 for June. Economists were expecting a 0.3 percent growth.

Sales of existing homes dropped 3.2 percent to an annual rate of 5.39 million in July. However, economists projected a 5.51 million pace for the month.

Crude supplies increased 2.5 million barrels for the week ended August 19, the U.S. Energy Information Administration reported. However, analysts were expecting a gain of 455,000 barrels.

The Treasury will also auction 5-year notes at 1:00 p.m. ET.

© 2016 Benzinga.com. 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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