Mid-Afternoon Market Update: Badger Meter Falls On Downbeat Q3 Results; Diffusion Pharmaceuticals Shares Climb

Toward the end of trading Tuesday, the Dow traded up 0.09 percent to 22,978.28 while the NASDAQ declined 0.11 percent to 6,616.77. The S&P also fell, dropping 0.07 percent to 2,555.92.

Leading and Lagging Sectors

Tuesday afternoon, the healthcare shares surged 0.95 percent. Meanwhile, top gainers in the sector included UnitedHealth Group Inc UNH, up 6 percent, and Community Health Systems CYH, up 5 percent.

In trading on Tuesday, basic materials shares fell 0.63 percent. Meanwhile, top losers in the sector included IAMGOLD Corp (USA) IAG, down 7 percent, and Fibria Celulose SA (ADR) FBR down 4 percent.

Top Headline

Goldman Sachs Group Inc GS posted better-than-expected earnings for its third quarter.

Goldman Sachs posted quarterly adjusted earnings of $5.02 per share on revenue of $8.33 billion. However, analysts expected earnings of $4.17 per share on revenue of $7.54 billion.

Equities Trading UP

Transenterix Inc TRXC shares shot up 46 percent to $4.20 after climbing 92.47 percent on Monday.

Shares of Syntel, Inc. SYNT got a boost, shooting up 21 percent to $23.13 after the company reported stronger-than-expected quarterly results.

Diffusion Pharmaceuticals Inc DFFN shares were also up, gaining 25 percent to $2.01 after the company disclosed that it has received FDA protocol guidance for Phase 3 clinical trial with TSC in patients newly diagnosed with inoperable glioblastoma multiforme.

Equities Trading DOWN

Immune Design Corp IMDZ shares dropped 15 percent to $8.60 as the company reported FDA feedback on Phase 3 clinical trial design for CMB305 in synovial sarcoma patients.

Shares of Badger Meter, Inc. BMI were down 12 percent to $44.65 as the company reported downbeat Q3 results.

ModusLink Global Solutions, Inc. MLNK was down, falling around 11 percent to $1.98. ModusLink reported a Q4 loss of $0.17 per share on revenue of $99.8 million.

Commodities

In commodity news, oil traded down 0.35 percent to $51.69 while gold traded down 1.23 percent to $1,287.00.

Silver traded down 1.87 percent Tuesday to $17.045, while copper fell 1.30 percent to $3.197.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 slipped 0.25 percent, the Spanish Ibex Index rose 0.35 percent, while Italy’s FTSE MIB Index declined 0.40 percent. Meanwhile the German DAX fell 0.07 percent, and the French CAC 40 slipped 0.03 percent while U.K. shares fell 0.14 percent.

Economics

U.S. import prices rose 0.7 percent for September, versus economists’ expectations for a 0.5 percent gain. Export prices gained 0.8 percent for September, compared to estimates for a 0.4 percent growth

The Johnson Redbook Retail Sales Index slipped 1.4 percent during the first two weeks of October versus September.

U.S. industrial production rose 0.3 percent for September, versus economists’ expectations for a 0.3 percent gain

The NAHB housing market index climbed to 68.00 in October, versus prior reading of 64.00. Economists projected a reading of 64.00.