Mid-Morning Market Update: Markets Mixed; Delta Air Lines Tops Q1 Expectations

Following the market opening Wednesday, the Dow traded down 0.13 percent to 26117.46 while the NASDAQ climbed 0.19 percent to 7,924.63. The S&P also rose, gaining 0.08 percent to 2,880.51.

Leading and Lagging Sectors

Wednesday morning, the utilities shares rose 0.8 percent. Meanwhile, top gainers in the sector included Companhia Energética de Minas Gerais CIG up 4 percent, and Korea Electric Power Corporation KEP up 3 percent.

In trading on Wednesday, industrial shares fell 0.3 percent.

Top Headline

Delta Air Lines, Inc. DAL reported stronger-than-expected results for its first quarter on Wednesday.

Delta's first-quarter adjusted earnings of 96 cents per share beat estimates by 7 cents. Sales of $10.4 billion were slightly ahead of consensus estimates.

Total revenue of $10.4 billion represents the company's largest ever March-ending quarter performance. Unit costs were actually down on a year-over-year basis during a typically seasonally weak period, which was also hampered by weather issues.

Equities Trading UP

Inpixon INPX shares got a boost, shooting up 100 percent to $1.59 following news of a deal to buy Locality Systems.

Shares of Global Brass and Copper Holdings Inc BRSS shot up 26 percent to $43.50 after the company announced a definitive merger agreement with Wieland-Werke AG at $44 per share in cash.

Avinger, Inc. AVGR shares were also up, gaining 19 percent to $1.0848 after the company received FDA clearance for its Pantheris SV device.

Equities Trading DOWN

Helius Medical Technologies Inc HSDT shares dropped 61 percent to $2.42 after the FDA declined the company's request for its De Novo classification and 510(k) clearance of the PoNS device.

Shares of Outlook Therapeutics, Inc. OTLK were down 44 percent to $1.76. Outlook Therapeutics priced its 10.34 million share offering at $2.75 per share.

PAR Technology Corporation PAR was down, falling around 16 percent to $21.08 after reporting a proposed offering of $60 million of convertible senior notes.

Commodities

In commodity news, oil traded up 0.5 percent to $64.30 while gold traded down 0.1 percent to $1,307.10.

Silver traded down 0.4 percent Wednesday to $15.155, while copper fell 0.7 percent to $2.9135.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.2 percent, the Spanish Ibex Index rose 0.4 percent, while Italy’s FTSE MIB Index climbed 0.3 percent. Meanwhile the German DAX climbed 0.5 percent, and the French CAC 40 rose 0.2 percent while U.K. shares fell 0.1 percent.

Economics

The Consumer Price Index rose 0.4 percent for March, versus economists’ expectations for a 0.3 percent increase.

The Energy Information Administration’s weekly report on petroleum inventories will be released at 10:30 a.m. ET.

Federal Reserve Board of Governors Vice Chairman for Supervision Randal Quarles will speak in Washington, DC at 11:50 a.m. ET.

The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

The U.S. Treasury budget report for March is schedule for release at 2:00 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Houston, TX at 7:00 p.m. ET.