Mid-Afternoon Market Update: Crude Oil Up Over 2%; FTD Companies Shares Plunge

Toward the end of trading Wednesday, the Dow traded up 0.43 percent to 20,927.40 while the NASDAQ climbed 0.58 percent to 5,891.04. The S&P also rose, gaining 0.67 percent to 2,381.35.

Leading and Lagging Sectors

Basic materials shares climbed 2.06 percent in trading on Wednesday. Meanwhile, top gainers in the sector included Gold Resource Corporation GORO, and McEwen Mining Inc MUX.

In trading on Wednesday, cyclical consumer goods & services shares rose by just 0.4 percent. Meanwhile, top losers in the sector included Titan International Inc TWI, down 13 percent, and Lee Enterprises, Incorporated LEE, down 4 percent.

Top Headline

AT&T Inc. T disclosed that the European Commission has approved its $85 billion acquisition deal with Time Warner Inc TWX.

The deal is expected to close by the end of the year.

Equities Trading UP

Digital Power Corporation DPW shares shot up 114 percent to $1.26 after the company reported a $50 million purchase order.

Shares of Catalyst Pharmaceuticals Inc CPRX got a boost, shooting up 32 percent to $1.54 after the company reported positive data from investigator-sponsored trial of Firdapse.

Everi Holdings Inc EVRI shares were also up, gaining 17 percent to $3.80. Everi reported a Q4 loss of $3.29 per share on revenue of $217.51 million. Telsey Advisory Group upgraded Everi Holdings from Market Perform to Outperform.

Equities Trading DOWN

The Rubicon Project Inc RUBI shares dropped 28 percent to $6.08. Rubicon Project reported upbeat results for its fourth quarter and named Michael Barrett as CEO.

Shares of Connecture Inc CNXR were down around 26 percent to $1.42. Connecture reported a Q4 loss of $0.32 per share on revenue of $20.879 million.

FTD Companies Inc FTD was down, falling around 21 percent to $18.41. FTD Cos. reported Q4 adjusted net income of $13.3 million on sales of $280.7 million. Sidoti & Co. downgraded FTD from Buy to Neutral.

Commodities

In commodity news, oil traded up 2.11 percent to $49.37 while gold traded down 0.72 percent to $1,211.20.

Silver traded up 1.22 percent Wednesday to $17.13, while copper rose 1.20 percent to $2.67.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.44 percent, the Spanish Ibex Index rose 0.79 percent, while Italy’s FTSE MIB Index climbed 1.21 percent. Meanwhile the German DAX rose 0.18 percent, and the French CAC 40 gained 0.23 percent while U.K. shares rose 0.15 percent.

Economics

The Consumer Price Index increased 0.1 percent for February, versus economists’ expectations for a 0.1 percent growth.

U.S. retail sales rose 0.1 percent for February, versus economists’ expectations for a 0.1 percent gain.

The Empire State manufacturing index dropped to 16.4 in March, compared to 18.7 in February. Economists were expecting a reading of 15.

U.S. business inventories rose 0.3 percent for January, compared to economists’ estimates for a 0.3 percent growth.

The NAHB housing market index climbed to 71.00 in March, versus a prior reading of 65.00. Economists were projecting a reading of 65.00.

Crude-oil supplies dropped 200,000 barrels for the week ended March 10, the U.S. Energy Information Administration reported. Analysts projected a gain of 3.5 million barrels. Gasoline supplies dropped 3.1 million barrels, while distillate stockpiles fell 4.2 million barrels last week.

The Federal Reserve raised benchmark interest rate by a quarter-point to 0.75 percent - 1.00 percent.

The Treasury International Capital data for January is schedule for release at 4:00 p.m. ET.