Mid-Afternoon Market Update: Tumi Holdings Rises Amid Market Decline
Midway through trading Tuesday, the Dow traded down 0.51 percent to 15,221.74 while the NASDAQ declined 0.27 percent to 3,804.58. The S&P also fell, dropping 0.40 percent to 1,703.86.
Citigroup (NYSE: C) reported a downbeat third-quarter profit. Citigroup's quarterly profit surged to $3.2 billion, or $1 per share, from $468 million, or $0.15 per share, in the year-ago quarter. Its adjusted earnings came in at $1.02 per share. Its total net revenue surged 30% to $17.9 billion from $13.7 billion. However, analysts were projecting earnings of $1.05 per share on revenue of $18.58 billion. Citigroup's net credit losses declined 38% to $2.4 billion.
Shares of Tumi Holdings (NYSE: TUMI) was also up, gaining 6.94 percent to $20.72 after the company signed a licensing agreement with David Peyser Sportswear.
Insmed (NASDAQ: INSM) was also up, gaining 8.09 percent to $14.10 after the company closed enrollment of Phase 2 clinical trial of ARIKACE.
Equities Trading DOWN
Shares of Molycorp (NYSE: MCP) were down 23.94 percent to $5.40 after the company announced its plans to sell $200 million in shares.
FLIR Systems (NASDAQ: FLIR) was also down, falling 12.96 percent to $28.87 after the company released some poor guidance.
In commodity news, oil traded down 1.38 percent to $101.00, while gold traded up 0.41 percent to $1,281.30. Silver traded up 1.04 percent Tuesday to $21.48, while copper rose 0.12 percent to $3.30.
European shares were higher today.The Spanish Ibex Index rose 1.06 percent, while Italy's FTSE MIB Index gained 0.51 percent. Meanwhile, the German DAX rose 0.95 percent and the French CAC 40 climbed 0.78 percent while U.K. shares gained 0.62 percent.
The ICSC-Goldman Sachs store sales index dropped 0.7% for the week ended Saturday versus the earlier week. The Empire state manufacturing index fell to 1.52 in October, from a prior reading of 6.29.
However, economists were expecting a reading of 7.00. The Johnson Redbook Retail Sales Index declined 1.4% for the first week of October versus September. FOMC member Fisher is expected to speak at 7:15 p.m. ET.
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