Mid-Day Market Update: SUPERVALU Drops After Q3 Results; AMERI Holdings Shares Climb

Midway through trading Wednesday, the Dow traded down 0.09 percent to 25,362.53 while the NASDAQ declined 0.36 percent to 7,137.71. The S&P also fell, dropping 0.17 percent to 2,746.67.

Leading and Lagging Sectors

On Wednesday, the financial sector proved to be a source of strength for the market. Leading the sector was strength from AmTrust Financial Services Inc AFSI and Maiden Holdings, Ltd. MHLD.

In trading on Wednesday, utilities shares fell 1.03 percent. Meanwhile, top losers in the sector included Chesapeake Utilities Corporation CPK, down 3 percent, and Northwest Natural Gas Co NWN down 3 percent.

Top Headline

Lennar Corporation LEN reported weaker-than-expected results for its fourth quarter on Wednesday.

Lennar reported quarterly earnings of $1.29 per share on revenue of $3.786 billion. However, analysts were expecting earnings of $1.48 per share on sales of $3.57 billion.

Equities Trading UP

AMERI HOLDINGS INC AMRH shares shot up 96 percent to $6.71 after the company said it will create an in-house blockchain practice and seek strategic partnerships with blockchain technology companies. The company hopes to offer blockchain solutions to bring trust, transparency and efficiency to customer supply chains.

Shares of Eastman Kodak Company KODK got a boost, shooting up 61 percent to $10.93. Eastman Kodak shares gained 119.35 percent Tuesday after the company announced plans with WENN Digital to launch a photo-centric cryptocurrency.

Biomerica, Inc. BMRA shares were also up, gaining 34 percent to $5.90 after the company disclosed that the China Food and Drug Administration (CFDA) has approved its colorectal screening test.

Equities Trading DOWN

Klondex Mines Ltd KLDX shares dropped 11 percent to $2.10 after the company reported a reduction in underground mining operations and workforce at its True North mine in Manitoba, Canada. The company also disclosed that John Seaberg, former Senior Vice President, Strategic Relations, has left the company.

Shares of Ampliphi Biosciences Corp APHB were down 28 percent to $1.08. AmpliPhi Biosciences priced its 4 million share common stock offering at $1 per share.

SUPERVALU INC. SVU was down, falling around 13 percent to $17.02. SUPERVALU reported better-than-expected earnings for its third quarter, while sales missed estimates.

Commodities

In commodity news, oil traded up 0.65 percent to $63.37 while gold traded up 0.37 percent to $1,318.60.

Silver traded up 0.03 percent Wednesday to $17.015, while copper rose 0.81 percent to $3.242.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 tumbled 0.47 percent, the Spanish Ibex Index rose 0.02 percent, while Italy’s FTSE MIB Index rose 0.66 percent. Meanwhile the German DAX declined 0.78 percent, and the French CAC 40 fell 0.35 percent while U.K. shares rose 0.23 percent.

Economics

U.S. import prices increased 0.1 percent in December.

Domestic crude supplies dropped 4.95 million barrels for the week ended January 5, the U.S. Energy Information Administration reported. Analysts expected a decline of 3.89 million barrels. Gasoline stockpiles climbed 4.13 million barrels, while distillate stockpiles rose 4.29 million barrels for the week.

The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

St. Louis Federal Reserve Bank President James Bullard will speak in St. Louis at 1:30 p.m. ET.