Mid-Afternoon Market Update: Markets Topping Out as Berry Plastics Gets Crushed on Poor Guidance
Toward the end of trading Tuesday, the Dow traded up 0.22 percent to 15,528.80 while the NASDAQ surged 0.76 percent to 3,746.25. The S&P also rose, gaining 0.40 percent to 1,704.93.
FactSet Research Systems (NYSE: FDS) reported a 5% rise in its fiscal fourth-quarter earnings. FactSet Research's quarterly profit surged to $51 million, or $1.16 per share, from $48.5 million, or $1.08 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $1.20 per share, versus analysts' estimates of $1.21 per share. Its revenue rose 5.6% to $219.3 million.
FactSet Research had expected earnings of $1.18 to $1.21 per share on revenue of $218 million to $221 million. For the current quarter, FactSet Research expects earnings of $1.21 to $1.24 per share on revenue of $222 million to $225 million. However, analysts were projecting a profit of $1.23 per share on revenue of $224 million.
Equities Trading UP
Repros Therapeutics (NASDAQ: RPRX) shot up almost 50 percent at the open, but sold off every since, settling to a gain of 7.15 percent to $22.79. The news sending it up early in trading were some topline results from both the second pivotal efficacy study as well as the 6 month safety study of Androxal®.
Shares of Kythera Biopharmaceuticals (NASDAQ: KYTH) got a boost, shooting up 24.78 percent to $41.84 after the company reported positive ATX-101 top line phase III trial results for the reduction of submental fat.
Equities Trading DOWN
Shares of Outerwall (NASDAQ: OUTR) were down 11.61 percent to $49.44 after the company lowered its forecast for the third quarter and full year.
Werner Enterprises (NASDAQ: WERN) shares tumbled 4.88 percent to $23.22 after the company issued a weak third-quarter profit forecast. Bank of America downgraded the stock from Buy to Neutral.
Berry Plastics (NYSE: BERY) was also down, falling 12.57 percent to $21.85 after the company lower its guidance for the fourth quarter this afternoon.
In commodity news, oil traded down 1.08 percent to $105.44, while gold traded down 0.58 percent to $1,310.20. Silver traded down 0.30 percent Tuesday to $21.77, while copper rose 0.17 percent to $3.22.
European shares were mostly lower today. The Spanish Ibex Index dropped 0.08 percent, while Italy's FTSE MIB Index rose 0.11 percent. Meanwhile, the German DAX dropped 0.19 percent and the French CAC 40 fell 0.16 percent while U.K. shares dipped 0.80 percent.
The ICSC-Goldman Sachs store sales index dropped 1.6% in the week ended Saturday from the previous week.
U.S. consumer prices increased 0.1% in August, while the core CPI also rose 0.1%. However, economists were expecting a 0.2% rise in both prices.
The Johnson Redbook Retail Sales Index fell 0.3% in the first two weeks of September versus August.
The NAHB housing market index remained at 58 in September. However, economists were expecting a reading of 58 in the month. August's reading was also revised to 58 versus an earlier estimate of 59.
The Federal Open Market Committee begins its two-day policy meeting today.
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