Midway through trading Wednesday, the Dow traded down 1.12 percent to 24,726.53 while the NASDAQ declined 0.45 percent to 7,476.89. The S&P also fell, dropping 0.52 percent to 2,750.96.
Leading and Lagging Sectors;
Express, Inc. EXPR 2.3% reported better-than-expected results for its fourth quarter.
Express posted adjusted earnings of $0.34 per share on revenue of $693.8 million. However, analysts were expecting earnings of $0.32 per share on revenue of $686 million.
Express expects Q1 EPS of $(0.04)-$0.00, and FY18 EPS of $0.32-$0.46.
Equities Trading UP;
Arcadia Biosciences Inc RKDA 253.81% shares shot up 269 percent to $43.07 after the company disclosed that it has achieved key resistant starch wheat technology milestones.
Shares of RF Industries, Ltd. RFIL 49.28% got a boost, shooting up 45 percent to $5.00 following first-quarter results. Earnings came in at 5 cents per share in the quarter up from a loss of 2 cents in the same quarter of last year. Revenues came in at $10.3 million, beating estimates by $3.7 million.
Daxor Corporation DXR 48.8% shares were also up, gaining 47 percent to $7.36 after report of data showing patient care individualized by Daxor’s precision blood volume analysis reduced heart failure readmissions by 56% and mortality by 80%.
Equities Trading DOWN;
Auris Medical Holding AG EARS 511.11% shares dropped 39 percent to $1.54 after the clinical-stage biopharmaceutical company that focuses on therapies for the treatment of inner ear disorders announced an update to a clinical trial and a reverse stock split. The company said preliminary data from its TACTT3 trial of its Keyzilen therapy for the treatment of acute inner ear tinnitus failed to meet its primary efficacy endpoint of a statistically significant improvement in the Tinnitus Functional Score from baseline. Also, after hosting an extraordinary general meeting of shareholders Tuesday, a reverse split of the stock of 1 new share for 10 old shares was authorized and become effective as of March 13.
Shares of Intellia Therapeutics Inc NTLA 14.33% were down 15 percent to $28.26. Intellia Therapeutics reported a Q4 loss of $0.61 per share on sales of $6.668 million.
Signet Jewelers Ltd. SIG 17.95% was down, falling around 17 percent to $39.85. Signet reported upbeat earnings for its fourth quarter, but issued weak earnings forecast for FY19.
In commodity news, oil traded down 0.82 percent to $60.21 while gold traded down 0.29 percent to $1,323.30.
Silver traded down 0.58 percent Wednesday to $16.53, while copper rose 0.53 percent to $3.1545.
European shares were lower today. The eurozone’s STOXX 600 declined 0.16 percent, the Spanish Ibex Index fell 0.05 percent, while Italy’s FTSE MIB Index dropped 1.24 percent. Meanwhile the German DAX slipped 0.04 percent, and the French CAC 40 declined 0.29 percent while U.K. shares fell 0.02 percent.
The Producer Price Index rose 0.2 percent for February, beating analysts’ expectations for a 0.1 percent gain.
U.S. retail sales fell 0.1 percent for February, versus economists’ expectations for a 0.3 percent growth.
Data on business inventories rose 0.6 percent for January, versus economists’ expectations for a 0.6 percent gain.
Crude supplies increased 5 million barrels for the week ended March 9, the U.S. Energy Information Administration said. Analysts expected a gain of 2.5 million barrels. Gasoline stockpiles slipped 6.3 million barrels, while distillate stockpiles declined 4.4 million barrels for the week.