Market Overview

Mid-Morning Market Update: Markets Rise; Bank of America Posts Higher Profit

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Following the market opening Wednesday, the Dow traded up 1.04 percent to 15,326.24 while the NASDAQ surged 0.99 percent to 3,831.43. The S&P also rose, gaining 1.05 percent to 1,715.81.

Top Headline
Bank of America (NYSE: BAC) reported a rise in its third-quarter profit.

Bank of America's quarterly profit surged to $2.5 billion, from $340 million, in the year-earlier quarter. Its per share earnings came in at $0.20, beating analysts' estimates of $0.19 per share.

Its revenue declined to $22.2 billion, from $22.5 billion.

Equities Trading UP
Advance Auto Parts (NYSE: AAP) shot up 18.85 percent to $98.05 after the company announced its plans to buy General Parts for $2.04 billion.

Shares of MGIC Investment (NYSE: MTG) got a boost, shooting up 9.64 percent to $7.96 after the company reported upbeat Q3 profit.

Mattel (NASDAQ: MAT) was also up, gaining 3.32 percent to $42.93 after the company reported a 16% gain in its third-quarter net income.

Equities Trading DOWN
Shares of Stanley Black & Decker (NYSE: SWK) were down 14.45 percent to $76.58 after the company reported a 44% rise in its third-quarter earnings and cut its outlook for the year.

Molycorp (NYSE: MCP) shares tumbled 5.02 percent to $5.30 after the company priced 45 million shares of common stock at $5.00 per share.

Green Dot (NASDAQ: GDOT) was down, falling 7.27 percent to $20.04 after Janney Capital downgraded the stock from Neutral to Sell.

Commodities
In commodity news, oil traded down 0.02 percent to $101.19, while gold traded up 0.35 percent to $1,277.60.

Silver traded up 0.47 percent Wednesday to $21.29, while copper fell 0.76 percent to $3.28.

Eurozone
European shares were mixed today. The Spanish Ibex Index rose 0.36 percent, while Italy's FTSE MIB Index gained 0.74 percent. Meanwhile, the German DAX fell 0.02 percent and the French CAC 40 declined 0.67 percent while U.K. shares dropped 0.14 percent.

Economics
The MBA's index of mortgage application activity fell 0.30% for the week ended October 11, from a prior reading of 1.30%.

The NAHB housing market index declined to 55 in October, versus 57 in September. However, economists were expecting a reading of 57.00.

The Treasury is set to auction 4-and 52-week bills.

The Federal Reserve will release its Beige Book at 2:00 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Global Economics

 

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