Following the market opening Wednesday, the Dow traded up 0.28 percent to 24,572.57 while the NASDAQ climbed 0.33 percent to 6,885.08. The S&P also rose, gaining 0.17 percent to 2,668.63.
Leading and Lagging Sectors;
Wednesday morning, the health care sector proved to be a source of strength for the market. Leading the sector was strength from Enanta Pharmaceuticals Inc ENTA 11.89% and CASI Pharmaceuticals Inc CASI 4.46%.
In trading on Wednesday, financial shares fell 0.19 percent.
VeriFone Systems Inc PAY 4.44% reported better-than-expected results for its fourth quarter on Tuesday. The company issued weak first quarter and FY18 guidance. The company also announced a $100 million buyback plan.
Verifone reported Q4 adjusted earnings of $0.44 per share on revenue of $477 million. Analysts projected earnings of $0.43 per share on revenue of $472.5 million.
Verifone expects Q1 adjusted earnings of $0.22 per share on revenue of $418 million to $420 million. Analysts expected earnings of $0.34 per share on revenue of $465.6 million. The company projects FY18 adjusted earnings of $1.47 to $1.50 per share, on sales of $1.775 billion to $1.8 billion. Analysts were expecting earnings of $1.57 per share on revenue of $1.92 billion.
Equities Trading UP;
Digital Power Corporation DPW 31.25% shares shot up 36 percent to $5.60. Digital Power reported a cryptocurrency mining division.
CHF Solutions Inc CHFS 5.03% shares were also up, gaining 12 percent to $4.01 after the company reported a distribution agreement with TRANSMEDIC to market CHF’s Aquadex FlexFlow in Singapore.
Equities Trading DOWN;
Helios and Matheson Analytics Inc HMNY 33.48% shares dropped 34 percent to $6.66 after the company reported a common stock offering. The size of the offering was not disclosed. The company said that proceeds from the offering and warrants will be used to increase the company’s ownership stake in MoviePass.
Shares of Nordic American Tanker Ltd NAT 26.98% were down 26 percent to $2.72 after announcing a $100 million common stock offering.
Proteostasis Therapeutics Inc PTI 9.45% was down, falling around 10 percent to $5.51 after the company announced a 7 million-share common stock offering.
In commodity news, oil traded up 0.88 percent to $57.64 while gold traded up 0.19 percent to $1,244.00.
Silver traded up 0.36 percent Wednesday to $15.725, while copper rose 0.83 percent to $3.048.
European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.11 percent, the Spanish Ibex Index rose 0.24 percent, while Italy’s FTSE MIB Index dipped 0.97 percent. Meanwhile the German DAX slipped 0.08 percent, and the French CAC 40 declined 0.28 percent while U.K. shares rose 0.09 percent.
The Consumer Price Index rose 0.4 percent for November, versus economists’ expectations for a 0.4 percent growth.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.
The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.
The Fed Chair Janet Yellen will hold a press conference at 2:30 p.m. ET.