Mid-Morning Market Update: Markets Open Lower; Constellation Brands Profit Beats Estimates
Following the market opening Thursday, the Dow traded down 0.71 percent to 15,025.45 while the NASDAQ declined 0.57 percent to 3,793.19. The S&P also fell, dropping 0.71 percent to 1,681.78.
Constellation's quarterly profit surged to $1.522 billion, or $7.74 per share, from $124.6 million, or $0.71 per share, in the year-ago period. Its adjusted earnings came in at $0.96 per share in the quarter.
Its net sales rose to $1.46 billion from $698.5 million. However, analysts were projecting earnings of $0.88 per share on sales of $1.53 billion. Constellation now projects FY14 adjusted earnings of $2.80 to $3.10 per share.
Equities Trading UP
CalAmp (NASDAQ: CAMP) shot up 10.22 percent to $20.60 after the company reported upbeat fiscal second-quarter results.
Shares of VIVUS (NASDAQ: VVUS) got a boost, shooting up 8.15 percent to $11.02 after Cowen & Company upgraded the stock from Market Perform to Outperform.
Constellation Brands (NYSE: STZ) was also up, gaining 2.73 percent to $59.85 on upbeat fiscal second-quarter profit.
Equities Trading DOWN
Shares of Clean Energy Fuels (NASDAQ: CLNE) were down 5.65 percent to $13.01. The company reported that it will be the first company to commercially distribute a transportation fuel made from waste.
HCP (NYSE: HCP) shares tumbled 2.90 percent to $40.56. HCP named Lauralee Martin as its President and Chief Executive Officer.
Imax (NYSE: IMAX) was down, falling 3.24 percent to $27.48 after Cormark Securities downgraded the stock from Market Perform to Reduce.
In commodity news, oil traded down 0.39 percent to $103.69, while gold traded down 1.05 percent to $1,306.80.
Silver traded down 1.52 percent Thursday to $21.57, while copper fell 1.04 percent to $3.28.
European shares were mixed today. The Spanish Ibex Index fell 0.45 percent, while Italy's FTSE MIB Index gained 0.07 percent. Meanwhile, the German DAX climbed 0.10 percent and the French CAC 40 fell 0.24 percent while U.K. shares gained 0.43 percent.
US initial claims rose by 1,000 to 308,000 in the week ended September 28. However, economists were projecting claims to increase to 313,000 last week.
The Bloomberg Consumer Confidence Index declined to -29.40 for the week ended September 29, versus a prior reading of -28.10.
The ISM non-manufacturing index dropped to 54.40 in September, from a prior reading of 58.60. However, economists were expecting a reading of 57.00.
The Treasury is set to auction 3-and 6-month bills. The Treasury will also auction 3-and 10-year notes.
Data on money supply will be released at 4:30 p.m. ET.
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