1. U.S. Stock Market:
“U.S. stocks wavered on Wednesday as investors digested a batch of weak corporate earnings and President Donald Trump’s dismissal of his FBI chief. At 1:59 p.m. (1759 GMT), the Dow Jones Industrial Average .DJI was down 0.16 percent to 20,942.13 points while the S&P 500 .SPX had gained or 0.06 percent to 2,398.44. The Nasdaq Composite .IXIC added 0.12 percent, to 6,127.98.”
“U.S. stocks struggled for direction Wednesday after the stunning firing of Federal Bureau of Investigation Director James Comey stoked questions about President Donald Trump’s ability to build enough consensus in Washington to implement market-friendly polices. The Dow Jones Industrial Average DJIA, -0.24% fell 54 points, or 0.3%, to 20,922, as Disney shares contributed about 20 points of that decline. Losses on the average widened after Boeing Co. BA, -1.81% shares contributed about another 24 points of decline following reports it was halting flights of its 737 MAX jets to inspect engine problems. The S&P 500 SPX, +0.08% was up 1 point, or less than 0.1%, to 2,398, with six out of 11 sectors trading higher led by the energy sector. The Nasdaq Composite Index COMP, +0.12% rose 6 points, or 0.1%, to 6,127.”
“Equities pulled back slightly on Wednesday as investors digested President Donald Trump‘s firing of FBI Director James Comey. The S&P 500 and Nasdaq composite slipped from record levels reached Tuesday as they fell 0.1 percent and 0.2 percent, respectively. The Dow Jones industrial average also traded lower, falling about 45 points with Disney contributing the most losses. The media giant’s stock was on track for its biggest one-day decline since June after reporting weaker-than-expected quarterly sales.”
2. U.S. Bond Market:
“U.S. Treasury yields reduced their earlier fall on Wednesday as data showed import and export prices in April rose more than analysts’ forecasts, supporting the view domestic inflation is approaching the Federal Reserve’s 2-percent goal. Benchmark 10-year government note yields were down over 2 basis points at 2.383 percent, which was below the five-week high of 2.416 percent set on Tuesday, according to Reuters’ data.”
“The U.S. Treasuries jumped Wednesday as investors look forward to the 10-year note auction, due to be held late in the day. Also, the country’s consumer price inflation for the month of April, scheduled to be released on May 12 will provide further direction to the debt market. The yield on the benchmark 10-year Treasury slumped 3 basis points to 2.37 percent, the super-long 30-year bond yields also plunged 3 basis points to 3.01 percent and the yield on short-term 2-year note also traded 1-1/2 basis points lower at 1.34 percent by 12:00GMT.”
“US. equity futures traded down and Treasury market headed higher after the news broke late Tuesday. The yield on the 10-year Treasury was down 3 basis points 2.37% as of 7 a.m. ET on Wednesday.”
3. FX Markets:
“The U.S. dollar traded lower against some rivals on Wednesday, which some analysts attributed in part to President Donald Trump’s abrupt firing of James Comey as director of the Federal Bureau of Investigation. The dollar recovered some ground against the Japanese yen USDJPY, -0.09% after dropping to ¥113.63 in earlier trading. The pair last traded at ¥113.91, against ¥113.87 late Tuesday. The bulk of the dollar’s weakness was concentrated in the British pound and euro crosses. The pound GBPUSD, +0.0618% moved higher to $1.2953 from $1.2935 late Tuesday, while the euro EURUSD, +0.0368% rose to $1.0882 from $1.0872.”
“The dollar fell 0.1 percent against a basket of major currencies after slipping on the view that political uncertainty could derail Trump’s tax reform plans. The yen, often sought in times of market uncertainty, was last 0.2 percent higher at 113.79 to the dollar. The euro was flat at $1.0868. The safe-haven Swiss franc also rose against the euro and dollar.”
“The dollar slid on Wednesday while the perceived safe-haven yen gained after US President Donald Trump abruptly fired FBI Director James Comey in a move that shocked Washington and piqued investors’ aversion to risk. The dollar dipped 0.2 percent against its Japanese counterpart to 113.74 yen, below its overnight high of 114.325, which was its highest since March 15, 2017. The euro slipped 0.1 percent against the yen to 123.60, moving away from Monday’s one-year high of 124.58.”
“Gold prices are firmer in early U.S. trading Wednesday, on a corrective bounce from recent selling pressure that drove prices to a seven-week low Tuesday. The key “outside markets” are in a bullish daily posture for the precious metals markets, as the U.S. dollar index is weaker and crude oil prices are higher. June Comex gold was last up $6.10 an ounce at $1,222.30. July Comex silver was last up $0.153 at $16.22 an ounce.”
“Oil rose Wednesday as industry data showed a bigger-than-expected fall in U.S. crude stocks in the latest week. U.S. crude was up 42 cents, or 0.92%, at $46.30 at 08:00 ET. Brent crude added 42 cents, or 0.86%, to $49.15. The American Petroleum Institute Tuesday reported a fall of 5.789 million barrels in crude inventories. The Energy Information Administration inventories report is due out later Wednesday.”
“A potential border-adjusted tax in the U.S. would send the price of West Texas Intermediate crude oil skyrocketing, making it around 30% more expensive than oil elsewhere, said Goldman Sachs’ chief commodity strategist Jeff Currie. ”If they did a border-adjustment tax, it would blow out WTI,” Currie said at the Platts Crude Oil Summit in London on Wednesday. “WTI CLM7, +1.53% would trade somewhere around $15 above BrentLCON7, +1.46% which is why it would be really difficult to pass it. Because essentially, all else equal, U.S. oil prices would pop and that turns into a pop in the U.S. gasoline prices.”
5. Market Movers:
“Advanced Micro Devices, Inc. (NASDAQ:AMD) is having an incredibly strong day in the market today, and for good reason. There’s a rumor that a new product will be made available relatively soon. Of course, this is leading to excitement among investors, sending the stock upward. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:07), AMD is trading at $10.60 per share after a gain of $0.42 per share or 4.13% thus far today.”
“Commenting on Yelp Inc (NYSE:YELP)’s YELP 18.66% first-quarter results, Credit Suisse said the company struggled in the first quarter and that the stock is likely to be range bound until it proves it can execute. Analysts Paul Beiber and Vikram Kesavabhotla noted the company’s first quarter revenues of $197.3 million and EBITDA of $29.3 million compares to the consensus estimates, which called for revenues of $198.4 million and EBITDA of $27.1 million. Among the other metrics, the analysts noted that advertiser additions totaled 5,200, mobile engagement accelerated, commentary on Request a Quote, or RaQ, was positive and advertiser traction continued.”
NVIDIA Corporation (NASDAQ:NVDA) delivered for shareholders – and delivered a surprise for the tech industry. The company, in its first quarter earnings, posted 48% year-over-year revenue growth and beat EPS estimates (85 cents vs. 67 cents expected). GAAP income was $507 million, up 144%. After AMD’s (NASDAQ:AMD) lackluster report, some thought Nvidia wouldn’t be able to impress. Those observers were wrong. Nvidia’s stock skyrocketed during after-hours trading once earnings were released. Not much movement for the stock this morning. And shares are off their 52-week high.
Medical Transcription Billing Corp (NASDAQ:MTBC) shares hit a new 52-week high of $3.84 on Wednesday morning after the company released its financial results for the first quarter and restated guidance for the current fiscal year. The healthcare information technology company posted revenue of $8.2 million for the first quarter, up 61 percent from the same quarter last year. The surge in revenue was mainly driven by the acquisition of MediGain.
Opko Health, Inc. (NASDAQ:OPK) retreated its position after shares change of -10.09% on Wednesday and it traded at $6.77. The 52-week high of the share price is -44.12% and 52-week low of the share price is -4.50%. Opko Health Inc. (OPK) declared on Tuesday that a loss of $31 million in its first quarter.On a per-share basis, the Miami-based company said it had a loss of 6 cents.The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.The holding company with investments in pharmaceutical and diagnostics companies posted revenue of $296.1 million in the period, also missing Street forecasts. (Investingbizz)
Shares in Array BioPharma Inc. (NASDAQ:ARRY) were soaring in early Wednesday trading, even though the company announced a bigger loss and smaller third-quarter revenues compared with last year. That’s because the Boulder biotech announced “positive” results from a study of its drug targeting unresectable or metastatic melanoma. The study results “represents a potential important addition to the … treatment landscape for patients with BRAF-mutant melanoma,” said Ron Squarer, CEO, in a statement.
The beauty products maker reported adjusted quarterly profit of 15 cents per share, two cents a share above estimates. Revenue also beat forecasts. Coty Inc (NYSE:COTY) saw improvement in its luxury products division, although professional beauty was flat and consumer beauty sales declined.
MannKind Corporation (NASDAQ:MNKD) stock is still on the rise following the announcement of its deal with One Drop. Corporation announced last Thursday that it had signed a deal with One Drop to be included in its service. One Drop is a subscription service that offers unlimited blood glucose testing supplies and around-the-clock live support from diabetes experts. The deal between MannKind Corporation and One Drop includes the former’s Afrezza in the latter’s service. Afrezza is a rapid-acting insulin that has been developed by MNKD. Rather than being administered through injection, it comes in the form of an inhaler.
It looks like Petroleo Brasileiro S.A. – Petrobras (NYSE:PBR) had an excellent day at the stock market, with its price going up by 4.70%, to 9.8. This is a change of 2.73% from open which creates a gap of 1.92%. The total volume of shares traded was 7426282 which puts the relative volume at 1.5 for the day. This is great news for the sector. The stock went public on 08/10/2000 and has an average volume of 22168.13. The weekly volatility is at 3.23% while the monthly volatility rests at 3.13%. In terms of performance, the stock has had a mixed year so far with the performance for the year at 37.04%. The performance this quarter is at -7.14% while the weekly performance is at 3.08%.
Proteon Therapeutics Inc (NASDAQ:PRTO) gained 23.26% to $1.66 in the current trading session. The company’s price range for the trading day is $1.65 to $1.95. The company’s market capitalization is $27.91 Million with the total outstanding shares of 16.77 million. The stock has dropped -85.59% from its peak and the consensus price target for the stock is $3.75 a share. Proteon Therapeutics Inc (NASDAQ:PRTO) Its share price has grown -33.33% in three months and is down -11.86% for the last five trades. The average analysts gave this company a mean recommendation of 2.90.
Pieris Pharmaceuticals Inc (NASDAQ:PIRS) might have only pushed one novel asset into the clinic, but that has not prevented it attracting a lot of big-name partners. Last week Astrazeneca (NYSE:AZN) joined Roche (OTCQX:RHHBY), Sanofi (NYSE:SNY), Daiichi Sankyo (OTCPK:DSKYF) (OTCPK:DSNKY) and Servier in signing on the dotted line, this time for a deal over novel respiratory agents. The Boston biotech is developing a novel class of recombinant lipocalins, and the $56m that Astra committed up front for a preclinical program is a substantial bet on the platform’s potential. The deal follows two other major transactions this year, and Pieris’ Chief Executive Stephen Yoder, tells EP Vantage that the company is mulling partnering another candidate, this time in immuno-oncology.
Shares of Crocs, Inc. (NASDAQ:CROX) are moving on volatility today 17.26% or $1.07 from the open. The NASDAQ listed company saw a recent bid of 7.27 and 4128760 shares have traded hands in the session. Now let’s take a look at how the fundamentals are stacking up for Living Cell Technologies Ltd (LVCLF). Fundamental analysis takes into consideration market, industry and stock conditions to help determine if the shares are correctly valued. Living Cell Technologies Ltd currently has a yearly EPS of -0.01. This number is derived from the total net income divided by shares outstanding. In other words, EPS reveals how profitable a company is on a share owner basis.
What happened: Shares of video game giant Electronic Arts Inc. (NASDAQ:EA) jumped as much as 15% in trading Wednesday after the company reported fiscal fourth-quarter earnings. As of 12:51 p.m. EDT, the stock was up 14.3%. So what: Revenue was up 16.7% in the quarter to $1.53 billion and net income fell 37% to $566 million, or $1.81 per share. The decline was largely attributable to an income tax credit in last year’s quarter.
Vitamin Shoppe Inc (NYSE:VSI) announced its earnings results on Wednesday. The specialty retailer reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by $0.20. Vitamin Shoppe had a net margin of 3.34% and a return on equity of 11.52%. The business had revenue of $316.90 million for the quarter, compared to analysts’ expectations of $325.71 million. During the same period in the prior year, the business earned $0.67 earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. Vitamin Shoppe updated its FY17 guidance to $1.50-1.75 EPS. Vitamin Shoppe (NYSE:VSI) traded down 28.026% on Wednesday, hitting $13.675. The stock had a trading volume of 1,575,539 shares.