Mid-Morning Market Update: Markets Rise; Sanderson Farms Profit Beats Estimates

Following the market opening Thursday, the Dow traded up 0.56 percent to 19,903.66 while the NASDAQ rose 0.56 percent to 5,467.05. The S&P also rose, gaining 0.64 percent to 2,267.79.

Leading and Lagging Sectors

Financial shares gained around 0.30 percent in trading on Thursday. Meanwhile, top gainers in the sector included Southwest Bancorp, Inc. OKSB, and LNB Bancorp Inc LNBB.

In trading on Thursday, basic materials shares were relative laggards, down on the day by about 1.04 percent. Meanwhile, top losers in the sector included Coeur Mining Inc CDE, down 6 percent, and Yamana Gold Inc. (USA) AUY, down 6 percent.

Top Headline

Sanderson Farms, Inc. SAFM reported stronger-than-expected earnings for its fourth quarter on Thursday.

Sanderson Farms posted Q4 earnings of $3.36 per share on revenue of $790.8 million. Analysts were expecting earnings of $2.66 per share on revenue of $791.1 million.

Equities Trading UP

Pier 1 Imports Inc PIR shares shot up 27 percent to $8.20 after the company reported stronger-than-expected results for its third quarter and named Terry London as interim president and CEO.

Shares of athenahealth, Inc ATHN got a boost, shooting up 24 percent to $117.05 after the company reaffirmed its FY16 guidance. athenahealth projects FY17 non-GAAP adjusted operating income of $170 million to $190 million and revenue of $1.29 billion to $1.33 billion.

BOS Better OnLine Sol (USA) BOSC shares were also up, gaining 26 percent to $2.51 after the company reported a $1.6 million order from India.

Equities Trading DOWN

Ocean Rig UDW Inc. ORIG shares dropped 24 percent to $1.72 as the company reported weaker-than-expected earnings for its third quarter on Wednesday.

Shares of Stone Energy Corporation SGY were down 21 percent to $4.83 after the company disclosed that it has filed for court approval of restructuring plan. The company has filed for Chapter 11 Bankruptcy.

Pacific Biosciences of California PACB was down, falling around 37 percent to $4.37 after the company reported the termination of agreement with Roche Diagnostics around the company company's Single Molecule, Real-Time technology.

Commodities

In commodity news, oil traded down 1.67 percent to $51.22 while gold traded down 2.60 percent to $1,133.40.

Silver traded down 6.19 percent Thursday to $16.16, while copper fell 0.94 percent to $2.58.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.42 percent, the Spanish Ibex Index rose 0.66 percent, while Italy’s FTSE MIB Index surged 0.80 percent. Meanwhile the German DAX climbed 0.43 percent, and the French CAC 40 gained 0.61 percent while U.K. shares rose 0.08 percent.

Economics

The Consumer Price Index rose 0.2 percent for November, versus economists’ expectations for a 0.2 percent growth.

Initial jobless claims slipped 4,000 to 254,000 in the latest week. Economists were expecting claims to reach 250,000 in the week.

The Philadelphia Fed manufacturing index rose to 21.5 in December, versus a reading of 7.6 in November.

The NYSE: Empire State manufacturing index increased to a reading of 9 in December, versus 1.5 in November. Economists were expecting a reading of 4.

The U.S. current-account deficit narrowed 4.5 percent to $113 billion in the third quarter, versus $118.3 billion.

The Markit flash manufacturing PMI rose to 54.2 in December, compared to a reading of 54.1 in November.

The NAHB housing market index increased to a reading of 70 in December, versus a prior reading of 63. Economists were expecting a reading of 63.

The Energy Information Administration’s weekly report on natural gas stocks is schedule for release at 10:30 a.m. ET.

The Treasury International Capital data for October will be released at 4:00 p.m. ET.

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