Mid-Morning Market Update: Verizon Misses Big on Earnings, Research in Motion Skyrockets
Following the market opening Tuesday, the Dow traded down 0.13 percent to 13,632.00 while the NASDAQ fell 0.30 percent to 3,125.21. The S&P rose however, increasing 0.11 percent to 1,482.50.
Verizon Communications (NYSE: VZ) posted earnings this morning, largely missing analyst EPS estimates while slightly missing on revenue. Following the report, shares traded sharply down in the pre-market but have since recovered after the market opening.
Equities Trading UP
Research in Motion (NASDAQ: RIMM) shot up 11.30 percent to $17.63 in early trading on Tuesday after the company reported its considering selling the Blackberry hardware business and move into a software licensing model.
Shares of OM Group (NYSE: OMG) rose quickly as well, gaining 11.30 percent to $25.80 after the company announced that it will exit its advanced materials business.
The Travelers (NYSE: TRV) saw a 2.96 percent gain to $78.57 at the open Tuesday, hitting 52 week highs as the company beat analyst EPS estimates.
Equities Trading DOWN
Arena Pharmaceuticals (NASDAQ: ARNA) fell 7.99 percent to $8.99 after the company received a ‘day 180' list of issues with its obesity drug from European regulators.
Brinker International (NYSE: EAT) was also down, falling 4.87 percent to $31.75 after the company matched analyst EPS estimates, and missed slightly on revenue.
Shares of Office Depot (NYSE: ODP) traded down 4.19 percent to $4.46, seemingly on technical movements.
In commodity news, oil traded up 0.28 percent to $96.31, while gold traded up 0.18 percent to $1,690.10.
Silver traded up 0.05 percent Tuesday to $31.98.
European markets were largely down this morning, but had recovered much of their losses from earlier in the session. The German DAX lead the market losers, falling 0.7 percent as it was pushed down by the financial sector, while the Italian MIB index managed to post a 0.17 percent gain in the face of red markets.
In economic news Tuesday morning, the Chicago fed national activity was reported at 0.02, falling below the previous report of 0.270, while the Richmond fed manufacturing index came in at -12.0, a wide miss from the expected 5.0.
Existing home sales were reported as well, coming in at 4.94 million, missing the expected 5.1 million, but beating the previous figure of 4.99 million.
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