Mid-Morning Market Update: Markets Open Higher; DISH Network Earnings Beat Expectations

Following the market opening Wednesday, the Dow traded up 0.23% to 29299.76 while the NASDAQ rose 0.70% to 9801.19. The S&P also rose, gaining 0.42% to 3,384.29.

Leading and Lagging Sectors

Information technology shares climbed 0.9% on Wednesday. Meanwhile, top gainers in the sector included Enphase Energy Inc ENPH, up 35%, and Shotspotter Inc SSTI, up 26%.

In trading on Wednesday, utilities shares fell 0.6%.

Top Headline

DISH Network Corporation DISH reported better-than-expected results for its fourth quarter.

DISH posted Q4 earnings of $0.69 per share, beating analysts’ estimates of $0.59 per share. Its sales came in at $3.24 billion, topping expectations of $3.15 billion. Net pay-TV subscribers fell by 194,000 during the quarter.

Equities Trading UP

Enphase Energy, Inc. ENPH shares shot up 38% to $55.22 after the company reported better-than-expected Q4 results.

Shares of Myomo, Inc. MYO got a boost, shooting 31% to $7.15 after the company signed a nationwide payer network agreement with HOMELINK.

Quad/Graphics, Inc. QUAD shares were also up, gaining 25% to $6.34 after the company reported financial results for its fourth quarter.

Equities Trading DOWN

Groupon, Inc. GRPN shares tumbled 40% to $1.85 after the company reported worse-than-expected Q4 results. The company announced it plans to exit the goods industry.

Shares of Blue Apron Holdings, Inc. APRN were down 24% to $3.3250 after the company reported weak quarterly earnings and disclosed that it is evaluating a range of strategic alternatives.

Genprex, Inc. GNPX was down, falling 20% to $3.915 as the company filed for $3 million common stock offering.

Commodities


In commodity news, oil traded up 1.4% to $52.76, while gold traded up 0.5% to $1,610.80.

Silver traded up 1.1% Wednesday to $18.345, while copper fell 0.1% to $2.603.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.6% the Spanish Ibex Index rose 0.7%, while Italy’s FTSE MIB Index climbed 0.7% Meanwhile, the German DAX gained 0.5%, and the French CAC 40 rose 0.7% while UK shares rose 0.8%.

Economics

U.S. housing starts declined 3.6% at an annual rate of 1.567 million units in January, while building permits climbed 9.2% at an annual rate of 1,551 thousand.

The Producer Price Index increased 0.5% for January, following a revised 0.2% rise for December.

Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 11:45 a.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 1:30 p.m. ET.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 4:30 p.m. ET.