Mid-Morning Market Update: Markets Open Higher; Time Warner Posts Mixed Q4 Results
Following the market opening Wednesday, the Dow traded up 0.24 percent to 16,053.17 while the NASDAQ climbed 0.75 percent to 4,300.76. The S&P also rose, gaining 0.47 percent to 1,860.83.
Leading and Lagging Sectors
On Wednesday, healthcare shares rose by 1.03 percent. Meanwhile, top gainers in the sector included Charles River Laboratories (NYSE: CRL ), up 6 percent, and Genomic Health, Inc. (NASDAQ: GHDX ) up 5 percent.
In trading on Wednesday, energy shares tumbled by 0.92 percent. Meanwhile, top losers in the sector included NGL Energy Partners LP (NYSE: NGL ), down 16 percent, and Stone Energy Corporation (NYSE: SGY ), down 8 percent.
Time Warner Inc (NYSE: TWX ) reported better-than-expected earnings for its fourth quarter, but the company missed analysts' revenue expectations. The company also issued a strong forecast for fiscal 2016.
Time Warner earned $1.06 per share in the fourth quarter on revenue of $7.1 billion. Wall Street was expecting the company to earn $1.01 per share on revenue of $7.53 billion.
Looking forward to fiscal 2016, Time Warner guided its earnings per share to a range of $5.30 to $5.40 - exceeding Wall Street's estimate of $5.26 per share.
Equities Trading UP
Electromed, Inc. (NYSE: ELMD ) shares shot up 74 percent to $3.02. Electromed reported Q2 net income of $1.07 million, or $0.13 per share, and revenue of $6.26 million.
Shares of Cloud Peak Energy Inc. (NYSE: CLD ) got a boost, shooting up 22 percent to $1.79 after the U.S. Supreme Court blocked President Obama's Clean Power Plan intended to cut emissions from power plants.
Trimble Navigation Limited (NASDAQ: TRMB ) shares were also up, gaining 18 percent to $22.19 after the company posted upbeat Q4 results.
Equities Trading DOWN
KapStone Paper and Packaging Corp. (NYSE: KS ) shares dropped 30 percent to $10.11 after the company reported weak Q4 results.
Shares of SPX Flow Inc (NYSE: FLOW ) were down 18 percent to $17.01. SPX FLOW reported Q4 GAAP earnings of $0.51 per share. The company expects FY16 earnings of $0.75 to $1.05 per share and sales to drop 12 percent to 8 percent.
SolarCity Corp (NASDAQ: SCTY ) was down, falling around 24 percent to $20.05. SolarCity reported better-than-expected results for its fourth quarter, but the company issued a weak forecast for the first quarter.
In commodity news, oil traded up 0.47 percent to $28.08, while gold traded down 0.78 percent to $1,189.30.
Silver traded down 1.32 percent Wednesday to $15.25, while copper fell 0.81 percent to $2.02.
European shares were higher today. The eurozone's STOXX 600 gained 1.78 percent, the Spanish Ibex Index rose 2.41 percent, while Italy's FTSE MIB Index surged 4.08 percent. Meanwhile, the German DAX gained 1.72 percent, and the French CAC 40 climbed 1.54 percent, while U.K. shares rose 0.51 percent.
The Treasury budget data for January will be released at 2:00 p.m. ET.
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