Following the market opening Wednesday, the Dow traded down 0.10% to 27854.85 while the NASDAQ rose 0.24% to 8,636.75. The S&P also rose, gaining 0.16% to 3,137.64.
Leading and Lagging Sectors
In trading on Wednesday, real estate shares fell 0.2%.
Childrens Place Inc (NASDAQ: PLCE) reported upbeat earnings for its third quarter, while sales missed estimates. The company also issued Q4 guidance below analyst estimates.
Children's Place reported quarterly earnings of $3.03 per share, which beat the analyst consensus estimate of $3.02. The company reported quarterly sales of $524.796 million, which missed the analyst consensus estimate of $534.09 million.
The Children's Place sees fourth-quarter adjusted EPS $1.48-$1.68 versus the $2.06 analyst estimate and sales of $504-$509 million versus $555.13 million estimate.
Equities Trading UP
Photronics, Inc. (NASDAQ: PLAB) shares shot up 20% to $15.04 after the company reported better-than-expected Q4 sales results. The company also issued Q1 EPS and sales guidance above analyst estimates.
Shares of Ollie's Bargain Outlet Holdings Inc (NASDAQ: OLLI) got a boost, shooting up 16% to $70.21 after the company reported better-than-expected Q3 EPS and sales results.
Ranpak Holdings Corp (NYSE: PACK) shares were also up, gaining 13% to $6.69. Ranpak priced its 15.4 million share common stock offering at $6.50 per share.
Equities Trading DOWN
Iterum Therapeutics PLC (NASDAQ: ITRM) shares tumbled 35% to $3.16. Iterum Therapeutics said its SURE 3 clinical trial that evaluated its sulopenem compared to ertapenem in complicated intra-abdominal infections did not meet the primary end point of clinical response on Day 28 in the micro-NITT population. SVB Leerink downgraded the stock from Outperform to Market Perform and it lowered the price target from $14 to $4 per share.
Shares of United Natural Foods Inc (NYSE: UNFI) were down 24% to $7.49 after the company reported worse-than-expected Q1 EPS results. The company also issued FY20 EPS guidance below analyst estimates.
Childrens Place Inc (NASDAQ: PLCE) was down, falling 22% to $55.08 after the company reported worse-than-expected Q3 sales results. The company also issued Q4 EPS and sales guidance below analyst estimates.
In commodity news, oil traded down 0.5% to $58.95, while gold traded up 0.1% to $1,470.10.
Silver traded down 0.1% Wednesday to $16.695, while copper rose 0.5% to $2.7795.
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index rose 0.6%, while Italy’s FTSE MIB Index rose 0.1%. Meanwhile, the German DAX gained 0.4%, and the French CAC 40 rose 0.1% while UK shares fell 0.1%.
The Consumer Price Index increased 0.3% for November, versus economists’ expectations for a 0.2% rise.
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 U.S. Treasury budget report for November will be released at 2:00 p.m. ET.
The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.