Mid-Afternoon Market Update: Crude Oil Up Over 1%; Express Shares Rise After Strong Q2 Results

Toward the end of trading Wednesday, the Dow traded down 0.34 percent to 21,826.33 while the NASDAQ declined 0.30 percent to 6,278.53. The S&P also fell, dropping 0.33 percent to 2,444.42.

Leading and Lagging Sectors

Wednesday afternoon, the energy shares climbed by 0.76 percent. Meanwhile, top gainers in the sector included CGG SA (ADR) CGG, up 32 percent, and Unit Corporation UNT, up 8 percent.

In trading on Wednesday, healthcare shares fell by 0.53 percent. Meanwhile, top losers in the sector included RadNet Inc. RDNT, down 5 percent, and STAAR Surgical Company STAA down 4 percent.

Top Headline

Lowe's Companies, Inc. LOW reported weaker-than-expected profit for its second quarter on Wednesday.

Lowe's earned $1.57 per share in the second quarter on revenue of $19.5 billion, while Wall Street analysts were expecting the company to earn $1.61 per share on revenue of $19.53 billion. Net earnings for the quarter rose from $1.2 billion a year ago to $1.4 billion.

Equities Trading UP

Intra-Cellular Therapies Inc ITCI shares shot up 27 percent to $14.31 after the company issued positive regulatory update on schizophrenia program.

Shares of Paratek Pharmaceuticals Inc PRTK got a boost, shooting up 30 percent to $24.77 after Bloomberg reported that the company is exploring strategic options, including a potential sale.

Express, Inc. EXPR shares were also up, gaining 23 percent to $6.77 after the company posted stronger-than-expected quarterly results.

Equities Trading DOWN

Precipio Inc PRPO shares dropped 47 percent to $2.38. Precipio reported that it has priced its $6,000,000 public offering.

Shares of Root9B Holdings Inc RTNB were down 24 percent to $2.27. Root9B Holdings has issued secured convertible promissory notes for principal amount of $500,000.

La-Z-Boy Incorporated LZB was down, falling around 20 percent to $25.05 as the company posted weaker-than-expected earnings for its first quarter on Tuesday.

Commodities

In commodity news, oil traded up 1.23 percent to $48.42 while gold traded up 0.22 percent to $1,293.90.

Silver traded up 0.38 percent Wednesday to $17.125, while copper fell 0.05 percent to $3.006.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 declined 0.50 percent, the Spanish Ibex Index fell 0.69 percent, while Italy’s FTSE MIB Index slipped 0.50 percent. Meanwhile the German DAX dropped 0.45 percent, and the French CAC 40 slipped 0.32 percent while U.K. shares rose 0.01 percent.

Economics

The MBA’s index of mortgage application activity declined 0.5 percent for the latest week.

The IHS Markit flash manufacturing PMI dropped to 52.5 in August, compared to 53.3 in July. The services PMI climbed to 56.9, versus 54.7 in July.

New-home sales dropped 9.4 percent to an annual rate of 571,000 in July. However, economists were expecting a 616,000 rate.

Domestic crude supplies dropped 3.33 million barrels for the week ended August 18, the U.S. Energy Information Administration reported. However, analysts were expecting a fall of 3.45 million barrels. Gasoline stockpiles slipped 1.22 million barrels, while distillate stockpiles rose 28,000 barrels last week.