Mid-Morning Market Update: Markets Open Higher, FactSet Research Q3 Profit Up 11%
Following the market opening Tuesday, the Dow traded up 0.32 percent to 15,228.62 while the NASDAQ surged 0.27 percent to 3,461.48. The S&P also rose, gaining 0.18 percent to 1,641.91.
FactSet Research Systems (NYSE: FDS) reported an 11% rise in its fiscal third-quarter earnings.
FactSet's quarterly profit surged to $53.4 million, or $1.20 per share, versus $48 million, or $1.05 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $1.15 per share in the recent period.
Its revenue rose 6.1% to $214.6 million. FactSet in March had expected earnings of $1.14 to $1.16 per share on revenue of $213 million to $216 million. FactSet's operating margin narrowed to 33.4% from 33.9%.
For the current quarter, FactSet expects earnings of $1.18 and $1.21 per share on revenue of $218 million to $221 million. However, analysts were projecting earnings of $1.18 per share on revenue of $220 million.
Equities Trading UP
Walter Energy (NYSE: WLT) shot up 6.07 percent to $12.41 after Morgan Stanley defended the stock.
Shares of FLIR Systems (NASDAQ: FLIR) got a boost, shooting up 5.77 percent to $26.39 after Raymond James upgraded the stock from “market perform” to “strong buy.”
La-Z-Boy (NYSE: LZB) was also up, gaining 2.05 percent to $19.45. La-Z-Boy is expected to post its Q4 earnings today.
Equities Trading DOWN
Ship Finance International (NYSE: SFL) was down, falling 5.52 percent to $16.36 after the company priced its public offering.
Shares of FactSet Research Systems (NYSE: FDS) were down 5.08 percent to $98.49 on Q3 results.
John Wiley & Sons (NYSE: JWA) shares tumbled 8.54 percent to $37.91 after the company reported an 84% drop in its fiscal fourth-quarter earnings.
In commodity news, oil traded up 0.57 percent to $98.33, while gold traded down 0.65 percent to $1,374.10.
Silver traded down 0.01 percent Tuesday to $21.76, while copper fell 0.67 percent to $3.18.
European shares were mixed overnight ahead of the Fed following mixed regional economic data. The German ZEW Economic Sentiment Index rose to 38.5, beating expectations of a reading of 38.1 and better than the prior 36.4. European car sales fell to a 20-year low in May as new car registrations fell to 1.08 million from 1.15 million a year ago.
The Spanish Ibex Index rose 0.63 percent and the Italian FTSE MIB Index gained 0.42 percent. Meanwhile, the German DAX fell 0.01 percent and the French CAC 40 declined 0.19 percent while U.K. shares rose 0.82 percent.
US housing starts rose 6.8% to an annual rate of 914,000 in May, versus a previous estimate of 853,000 in April. However, economists were expecting starts to rise to 953,000 in May.
US consumer prices increased 0.1% in May, while the core CPI gained 0.2%. However, economists were projecting a 0.2% rise in the CPI and a 0.1% gain in the core CPI.
The ICSC/Goldman Retail Chain Store Sales Index increased 0.3% in the recent week ended Saturday versus the prior week.
The Johnson Redbook Retail Sales Index declined 0.4% for the first two weeks of June versus May.
The Federal Open Market Committee will begin its 2-day meeting today.
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