Following the market opening Wednesday, the Dow traded down 0.55 percent to 23,281.72 while the NASDAQ declined 0.61 percent to 6,696.44. The S&P also fell, dropping 0.58 percent to 2,564.03.
Leading and Lagging Sectors;
Wednesday morning, the telecommunications services sector proved to be a source of strength for the market. Leading the sector was strength from Consolidated Communications Holdings Inc CNSL 4.27% and KT Corp (ADR) KT 1.43%.
In trading on Wednesday, basic materials shares were relative laggards, down on the day by about 1.23 percent. Meanwhile, top losers in the sector included Intrepid Potash, Inc. IPI 4.86%, down 5 percent, and United States Steel Corporation X 4.03% down 4 percent.
Target Corporation TGT 8.61% reported better-than-expected earnings for its third quarter.
Target posted quarterly adjusted earnings of $0.91 per share on revenue of $16.667 billion. However, analysts were expecting earnings of $0.86 per share on revenue of $16.6 billion. Comparable store sales rose 0.9 percent in the quarter.
Target raised its FY17 adjusted earnings outlook from $4.34-$4.54 per share to $4.40-$4.60 per share. It expects Q4 adjusted earnings of $1.05 to $1.25 per share, versus analysts’ estimates of $1.24 per share.
Equities Trading UP;
Sorl Auto Parts, Inc. SORL 21.7% shares shot up 25 percent to $7.51 after the company reported strong results for its third quarter and raised its FY17 outlook. The company reported Q3 EPS of 44 cents, up from 17 cents in the same quarter of last year. The company reported sales of $101.33 million, up from $63.7 million in the same quarter of last year.
Shares of Synacor Inc SYNC 10.87% got a boost, shooting up 10 percent to $2.53. Synacor reported Q3 earnings of $0.01 per share on revenue of $36.3 million.
American Renal Associates Holdings Inc ARA 19.86% shares were also up, gaining 19 percent to $11.85 after reporting upbeat third-quarter earnings.
Equities Trading DOWN;
Acorda Therapeutics Inc ACOR 38.83% shares dropped 38 percent to $17.62 after the company issued an update on Toazdenant development program.
Shares of Digital Ally, Inc. DGLY 13.57% were down 12 percent to $1.90. Digital Ally reported a Q3 loss of $0.56 per share on revenue of $2.984 million.
SandRidge Energy, Inc. SD 19.64% was down, falling around 19 percent to $15.01. SandRidge Energy confirmed that it will buy Bonanza Creek Energy for $36 per share in cash and stock.
In commodity news, oil traded down 0.93 percent to $55.18 while gold traded up 0.21 percent to $1,285.60.
Silver traded up 0.28 percent Wednesday to $17.12, while copper fell 0.64 percent to $3.0455.
European shares were lower today. The eurozone’s STOXX 600 declined 0.93 percent, the Spanish Ibex Index fell 0.60 percent, while Italy’s FTSE MIB Index dropped 1.43 percent. Meanwhile the German DAX declined 1.20 percent, and the French CAC 40 dropped 0.58 percent while U.K. shares fell 0.51 percent.
The Consumer Price Index gained 0.10 percent for October, versus economists’ expectations for a 0.10 percent growth.
U.S. retail sales rose 0.20 percent for October, versus economists’ expectations for a 0.10 percent gain.
The Empire State manufacturing index declined to 19.40 for November, versus prior reading of 30.20. Economists expected a reading of 26.00.
U.S. business inventories were unchanged for September, versus economists’ expectations for a 0.10 percent gain.
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 Treasury International Capital data for September will be released at 4:00 p.m. ET.
Boston Federal Reserve Bank President Eric Rosengren is set to speak in Boston at 4:00 p.m. ET.