Mid-Morning Market Update: Markets Open Higher; DISH Network Earnings Miss Views

Following the market opening Wednesday, the Dow traded up 0.57 percent to 25,571.23 while the NASDAQ climbed 0.26 percent to 7,433.96. The S&P also rose, gaining 0.45 percent to 2,757.14.

Leading and Lagging Sectors

Wednesday morning, the energy shares climbed 1.3 percent. Meanwhile, top gainers in the sector included Alta Mesa Resources, Inc. AMR up 8 percent, and Diamond Offshore Drilling, Inc. DO up 7 percent.

In trading on Wednesday, utilities shares fell 0.3 percent.

Top Headline

DISH Network Corp DISH reported weaker-than-expected earnings for its fourth quarter.

DISH earned $0.64 cents per share in the fourth quarter on revenue of $3.31 billion. However, analysts were expecting the company to earn $0.67 per share on revenue of $3.28 billion.

 

Equities Trading UP

Diebold Nixdorf, Incorporated DBD shares got a boost, shooting up 32 percent to $6.89 after reporting upbeat Q4 sales.

Shares of ReWalk Robotics Ltd. RWLK shot up 29 percent to $0.3490 after the company announced Cigna will adopt national policy coverage of personal exoskeleton devices.

Lattice Semiconductor Corporation LSCC shares were also up, gaining 22 percent to $9.98 after reporting a fourth-quarter sales beat. The company issued strong first-quarter sales guidance.

Equities Trading DOWN

McDermott International, Inc. MDR shares dropped 24 percent to $7.07. McDermott projects adverse change in Q4 results of $168 million for Cameron Liquefied Natural Gas project, citing 'unfavorable labor productivity, and increases in subcontract, commissioning and construction management costs.'

Shares of Aquantia Corp. AQ were down 25 percent to $7.39 after the company reported downbeat Q4 results.

Groupon, Inc. GRPN was down, falling around 15 percent to $3.38 after reporting weaker-than-expected earnings for its fourth quarter on Tuesday.

Commodities

In commodity news, oil traded up 1 percent to $53.63 while gold traded down 0.1 percent to $1,313.00.

Silver traded down 0.25 percent Wednesday to $15.65, while copper fell 0.01 percent to $2.772.

 

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.8 percent, the Spanish Ibex Index rose 0.3 percent, while Italy’s FTSE MIB Index surged 1.1 percent. Meanwhile the German DAX climbed 0.7 percent, and the French CAC 40 surged 0.7 percent while U.K. shares rose 0.8 percent.

Economics

The Consumer Price Index was unchanged for January, versus economists’ expectations for a 0.1 percent drop.

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

Philadelphia Federal Reserve Bank Chairman Patrick Harker is set to speak in Philadelphia, Pennsylvania at 12:00 p.m. ET.

The U.S. Treasury budget report for December will be released at 2:00 p.m. ET.