Mid-Morning Market Update: Markets Edge Lower; CVS Health Profit Tops Expectations

Following the market opening Wednesday, the Dow traded down 0.18 percent to 25,583.70 while the NASDAQ declined 0.08 percent to 7,877.32. The S&P also fell, dropping 0.10 percent to 2,855.46.

Leading and Lagging Sectors

Wednesday morning, the financial shares climbed 0.29 percent. Meanwhile, top gainers in the sector included Beneficial Bancorp, Inc. (NASDAQ: BNCL ) up 14 percent, and Golden Bull Limited (NASDAQ: DNJR ) up 14 percent.

In trading on Wednesday, energy shares fell 0.78 percent.

Top Headline

CVS Health Corp (NYSE: CVS ) reported better-than-expected earnings for its second quarter and raised its FY18 earnings guidance.

The retail pharmacy and health care company said it earned $1.69 per share in the second quarter on revenue of $46.7 billion versus expectations of $1.61 per share and $46.34 billion. CVS now expects FY18 adjusted earnings of $6.98-$7.08 per share, versus earlier outlook of $6.87-$7.08 per share.

The company also updated its pending merger with Aetna Inc (NYSE: AET ) and said it expects to close in early Q4 if not earlier.

Equities Trading UP

Ability Inc. (NASDAQ: ABIL ) shares shot up 132 percent to $6.548.

Shares of 3D Systems Corporation (NYSE: DDD ) got a boost, shooting up 31 percent to $17.785 following upbeat Q2 earnings.

Applied Optoelectronics, Inc. (NASDAQ: AAOI ) shares were also up, gaining 17 percent to $43.57 after the company reported upbeat earnings for its second quarter.

Equities Trading DOWN

Ampio Pharmaceuticals, Inc. (NASDAQ: AMPE ) shares dropped 69 percent to $0.8947 after the FDA said the company's trial for AP-0003-C was not adequate. The FDA is recommending Ampio performs a randomized trial.

Shares of Extreme Networks, Inc. (NASDAQ: EXTR ) were down 33 percent to $5.99 after the company posted downbeat Q4 sales and issued a weak forecast for the first quarter.

Core Molding Technologies, Inc. (NYSE: CMT ) was down, falling around 30 percent to $9.60 following Q2 results. Core Molding posted Q2 earnings of $0.06 per share on sales of $68.6 million.


In commodity news, oil traded down 1.42 percent to $68.19 while gold traded down 0.24 percent to $1,215.40.

Silver traded down 0.41 percent Wednesday to $15.31, while copper fell 0.33 to $2.743.


European shares were mostly lower today. The eurozone's STOXX 600 fell 0.23 percent, the Spanish Ibex Index fell 0.62 percent, while Italy's FTSE MIB Index dropped 0.12 percent. Meanwhile the German DAX slipped 0.02 percent, and the French CAC 40 fell 0.19 percent while U.K. shares rose 0.68 percent.


The Energy Information Administration's weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

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

© 2018 Benzinga does not provide investment advice. All rights reserved.

Profit with More New & Research . Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional

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.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.