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Mid-Morning Market Update: Markets Gain; FactSet Posts Rise In Revenue

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Following the market opening Tuesday, the Dow traded up 0.16 percent to 16,808.33 while the NASDAQ surged 0.45 percent to 4,340.34. The S&P also rose, gaining 0.18 percent to 1,941.22.

Leading and Lagging Sectors

In trading on Tuesday, technology shares were relative leaders, up on the day by about 0.20 percent. Top gainers in the sector included E-Commerce China Dangdang (NYSE: DANG), up 6.2 percent, Points International (NASDAQ: PCOM), up 4.7 percent.

Energy services shares dropped around 0.46 percent in the US market on Tuesday. Top decliners in the sector included Transportadora de Gas Del Sur S.A. (NYSE: TGS), down 2.4 percent, and Petróleo Brasileiro Petrobras S.A. (NYSE: PBR), off 2.7 percent.

Top Headline

FactSet Research Systems (NYSE: FDS) reported a rise in its fiscal third-quarter revenue.

FactSet’s quarterly profit fell to $51.5 million, or $1.21 per share, versus a year-ago profit of $53.4 million, or $1.20 per share. Its adjusted earnings gained 11% to $1.25 per share, from $1.13 per share. Its operating income climbed to $73.0 million from $71.6 million.

Its revenue climbed 8% to $231.8 million. However, analysts were expecting earnings of $1.25 per share on revenue of $230.7 million.

Equities Trading UP

Amira Nature Foods (NYSE: ANFI) shares shot up 17.76 percent to $15.32 after the company reported better-than-expected fourth-quarter earnings.

Shares of Global Eagle Entertainment (NASDAQ: ENT) got a boost, shooting up 11.11 percent to $12.20 after the company and Boeing (NYSE: BA) announced a satellite connectivity partnership.

GW Pharmaceuticals plc (NASDAQ: GWPH) shares were also up, gaining 13.59 percent to $87.75 following the release of positive report on Epidiolex.

Equities Trading DOWN

Shares of Korn/Ferry International (NYSE: KFY) were 5.03 percent to $28.95. Korn/Ferry reported its Q4 earnings of $0.32 per share on revenue of $251.70 million.

West Corp (NASDAQ: WSTC) shares tumbled 4.88 percent to $26.32 after the company announced an offering of $1 billion senior notes. Analysts at Morgan Stanley downgraded West Corp from Overweight to Equal-Weight.

Acorda Therapeutics (NASDAQ: ACOR) was down, falling 4.82 percent to $33.58 after the company announced a public offering of $300 million principal amount of convertible senior notes due 2021.

Commodities

In commodity news, oil traded down 0.42 percent to $106.45, while gold traded down 0.94 percent to $1,263.30.

Silver traded down 0.81 percent Tuesday to $19.56, while copper fell 0.16 percent to $3.04.

Eurozone

European shares were mostly lower today.

The eurozone’s STOXX 600 tumbled 0.08 percent, the Spanish Ibex Index gained 0.19 percent, while Italy’s FTSE MIB Index fell 0.17 percent.

Meanwhile, the German DAX gained 0.02 percent and the French CAC 40 rose 0.02 percent while UK shares dropped 0.13 percent.

Economics

The Federal Open Market Committee will begin its two-day meeting today.

The ICSC-Goldman Store Sales Index gained 0.4% in the week ended Saturday versus the earlier week.

The consumer price index rose 0.4% in May, while the core CPI climbed 0.3%. However, economists were projecting both the overall and core index to rise 0.2% in May.

Construction on new homes declined 6.5% to an annual rate of 1 million units in May, while permits for new construction dropped 6.4% to an annual pace of 991,000. However, economists were estimating starts to fall to a rate of 1.03 million.

The Johnson Redbook Retail Sales Index declined 1.6% in the first two weeks of June versus May.

The Treasury is set to auction 4-week bills.

Posted-In: News Eurozone Futures Commodities Economics Intraday Update Markets Movers

 

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