Mid-Morning Market Update: Markets Mostly Lower; Target Q3 Profit Beats Views

Following the market opening Wednesday, the Dow traded down 0.29 percent to 18,867.59 while the NASDAQ gained 0.02 percent to 5,276.46. The S&P also fell, dropping 0.18 percent to 2,176.43.

Leading and Lagging Sectors

Wednesday morning, technology shares gained by 0.32 percent. Meanwhile, top gainers in the sector included Guidance Software, Inc. GUID, and GigPeak Inc GIG.

In trading on Wednesday, basic materials shares fell by 0.76 percent. Meanwhile, top losers in the sector included Haynes International, Inc. HAYN, down 10 percent, and Allegheny Technologies Incorporated ATI, down 6 percent.

Top Headline

Target Corp. TGT reported better-than-expected earnings for its third quarter and raised its forecast.

Target posted quarterly EPS of $1.04 beating analysts’ estimates by $0.21 per share. Its revenue of $16.44 billion was $0.14 billion more than expected.

Target revised its full year 2016 EPS to a range of $4.67 to $4.87, from a prior range of $4.36 to $4.75.

Equities Trading UP

Globus Maritime Ltd GLBS shares shot up 53 percent to $7.57 after gaining 72.73 percent on Tuesday. Globus Maritime is up 175.9 percent since Election Day.

Shares of Euroseas Ltd. ESEA got a boost, shooting up 38 percent to $6.02 after jumping 99.09 percent on Tuesday. Euroseas is up 291.3 percent since Election Day.

Sino-Global Shipping America, Ltd. SINO shares were also up, gaining 55 percent to $3.76. Sino-Global Shipping shares have jumped 184.71 percent over the past 52 weeks, while the S&P 500 index has gained 6.20 percent in the same period.

Equities Trading DOWN

Eltek Ltd. ELTK shares dropped 27 percent to $0.781. Eltek posted a Q3 net loss of $0.04 per share, versus a year-ago net profit of $0.06 per share.

Shares of PDL BioPharma Inc PDLI were down 19 percent to $3.02 after the company reported a proposed $150 million public offering of new convertible senior notes due 2021.

InVitae Corp NVTA was down, falling around 12 percent to $7.53 after the company reported an offering of $40 million common stock.

Commodities

In commodity news, oil traded down 0.84 percent to $46.00 while gold traded up 0.24 percent to $1,227.40.

Silver traded down 0.05 percent Wednesday to $17.04, while copper fell 1.32 percent to $2.47.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.48 percent, the Spanish Ibex Index fell 1.06 percent, while Italy’s FTSE MIB Index fell 1.05 percent. Meanwhile the German DAX dropped 1 percent, and the French CAC 40 declined 1.09 percent while U.K. shares fell 0.80 percent.

Economics

The Producer Price Index came in unchanged for October, versus economists’ expectations for a 0.3 percent growth.

U.S. industrial production was flat for October, versus economists’ expectations for a 0.2 percent growth

The NAHB housing market index came in unchanged at 63.00 for November, versus a prior reading of 63.00. Economists expected a reading of 63.00.

The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.

The Treasury International Capital report for September will be released at 4:00 p.m. ET.

Philadelphia Federal Reserve Bank President Patrick Harker is set to speak in Philadelphia at 5:30 p.m. ET.