Midday Market Update
May 09, 2018
US Market Snapshot
US equities are gaining today, with large-cap stocks outperforming small-caps. The S&P 500 (+0.81%), Russell 2000 (+0.29%), and Nasdaq Composite (+0.69%) are all higher.
The S&P 500 is being led higher today by Energy (+2.37%), Financials (+1.05%), and Materials (+0.97%), while Telecom (-0.94%), Utilities (-0.78%), and Consumer Staples (-0.04%) are the biggest lagging sectors.
S&P 500 Sector ETFs - Intraday
Russell 1000 Factor ETFs - Intraday
Stocks Trending in the News
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Amazon’s (AMZN) Alexa voice-activated digital assistant product will soon become a standard feature in homes constructed by Lennar Corp (LEN). Alexa will control the high-tech features of these new homes including built-in Wi-Fi, smart locks, doorbells, thermostats, and lights.
Ameren Corp (AEE) reported 1Q2018 EPS that beat expectations ($0.62 vs $0.58 projected).
Cinemark Holdings (CNK) are trading 3.77% lower today after reporting mixed 1Q2018 results. Revenue for the 1Q came in at $780.0 million, compared to an estimate of $758.6 million. In contrast to the revenue beat, Cinemark’s 1Q2018 Ebitda was lower than forecasted ($193.4 vs $196.3 projected).
Comcast (CMCS.A) will reportedly make its bid for 21st Century Fox (FOXA) by mid-June.
Mylan NV (MYL) may be facing shortages of its EpiPen product due to production issues at Pfizer Inc’s Meridian Medical Technologies, which manufactures EpiPen’s for Mylan. Mylan has cited these production issues as the cause of the company’s weaker than expected 1Q2018 sales results.
Office Depot (ODP) released 1Q2018 EPS that was in-line with estimates ($0.08 vs $0.08 consensus).
Cryptocurrency Market Update