Mid-Day Market Update: Crude Oil Up Over 2%; Mattel Shares Drop On Downbeat Results

Midway through trading Thursday, the Dow traded up 0.16 percent to 20,101.18 while the NASDAQ declined 0.04 percent to 5,653.91. The S&P also fell, dropping 0.07 percent to 2,296.84.

Leading and Lagging Sectors

Telecommunications services shares gained around 0.08 percent in trading on Thursday. Meanwhile, top gainers in the sector included Rogers Communications Inc. (USA) RCI, and China Unicom (Hong Kong) Limited (ADR) CHU.

In trading on Thursday, basic materials shares slipped by 0.94 percent. Meanwhile, top losers in the sector included Northern Dynasty Minerals Ltd NAK, down 9 percent, and Intrepid Potash, Inc. IPI, down 7 percent.

Top Headline

Caterpillar Inc. CAT reported downbeat revenue for its fourth quarter and issued a weak forecast for 2017. However, the company’s quarterly earnings exceeded expectaions.

Cat reported Q4 adjusted earnings of $0.83 per share on revenue of $9.57 billion. Analysts expected earnings of $0.66 per share on revenue of $9.84 billion.

Cat projects FY17 adjusted earnings of $2.90 per share, versus analysts’ estimates of $3.26 per share.

Equities Trading UP

Fuwei Films (Holdings) Co., Ltd FFHL shares shot up 50 percent to $3.45 after the company disclosed that it has signed an annual sales contract for PCB with Eternal Electronic Material (Guangzhou) Co., Ltd.

Shares of Avinger Inc AVGR got a boost, shooting up 34 percent to $3.08 after the company reported positive 24-month data from the pivotal VISION study of Lumivascular tech.

CARBO Ceramics Inc. CRR shares were also up, gaining 31 percent to $13.99 after the company reported better-than-expected results for its fourth quarter.

Equities Trading DOWN

World Acceptance Corp. WRLD shares dropped 18 percent to $49.70 after the company reported weak Q3 results.

Shares of Mattel, Inc. MAT were down around 16 percent to $26.40 after the company reported downbeat Q4 results.

Real Goods Solar, Inc. RGSE was down, falling around 25 percent to $4.19. RGS Energy reported a public offering of common stock and warrants and issued preliminary Q4 results.

Commodities

In commodity news, oil traded up 2.20 percent to $53.91 while gold traded down 1.02 percent to $1,188.20.

Silver traded down 1.41 percent Thursday to $16.74, while copper fell 1.40 percent to $2.67.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 gained 0.25 percent, the Spanish Ibex Index fell 0.38 percent, while Italy’s FTSE MIB Index declined 0.73 percent. Meanwhile the German DAX gained 0.36 percent, and the French CAC 40 slipped 0.21 percent while U.K. shares fell 0.04 percent.

Economics

U.S. trade deficit declined 0.5 percent to $65 billion in December. Wholesale inventories increased 1 percent in December.

Initial jobless claims rose 22,000 to 259,000 in the latest week. Economists were expecting initial claims to reach 250,000 in the week.

The Chicago Fed National Activity Index rose to a reading of 0.14 in December, versus a prior reading of -0.27.

The Markit Services PMI rose to 55.10 in January, versus a prior reading of 53.90. Economists projected a reading of 54.40.

New-home sales dropped 10.4 percent to an annual rate of 536,000 for December. However, economists estimated a rate of 588,000 for the month.

The Conference Board’s leading economic index increased 0.5 percent for December.

Supplies of natural gas dropped 119 billion cubic feet for the week ended January 20, the U.S. Energy Information Administration reported. Analysts projected a decline of 117 billion cubic feet.

The Kansas City Fed manufacturing index slipped to a reading of 9.00 for January, versus a prior reading of 11.00. Economists were expecting a reading of 9.00.

The Treasury is set to auction 7-year notes at 1:00 p.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.