Market Overview

Mid-Morning Market Update: Markets Open Lower; Goldman Sachs Revenue Drops 20%

Mid-Morning Market Update: Markets Open Lower; Goldman Sachs Revenue Drops 20%
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Following the market opening Thursday, the Dow traded down 0.63 percent to 15,277.03 while the NASDAQ declined 0.24 percent to 3,830.08. The S&P also fell, dropping 0.19 percent to 1,718.26.

Top Headline
Goldman Sachs Group (NYSE: GS) reported upbeat third-quarter net income and lifted its quarterly dividend to $0.55 per share.

Goldman's quarterly net income rose to $1.52 billion, from $1.51 billion, in the year-ago period. Its earnings per share gained to $2.88 from $2.85.

Its net revenue declined 20 percent to $6.72 billion. However, analysts were estimating earnings of $2.43 per share on revenue of $7.36 billion.

Equities Trading UP
Pactera Technology International (NASDAQ: PACT) shot up 8.26 percent to $7.08 after the company agreed to be acquired by a consortium led by Blackstone.

Shares of SanDisk (NASDAQ: SNDK) got a boost, shooting up 3.12 percent to $64.90 after the company reported upbeat third-quarter results.

Winnebago Industries (NYSE: WGO) was also up, gaining 6.97 percent to $29.18 after the company reported a better-than-expected fourth-quarter profit.

Equities Trading DOWN
Shares of Amarin Corporation plc (NASDAQ: AMRN) were down 61.22 percent to $2.01 after the company announced negative FDA Advisory Committee outcome for the use of Vascepa in the treatment of high triglycerides with mixed dyslipidemia.

Select Comfort (NASDAQ: SCSS) shares tumbled 25.08 percent to $18.13 after the company reported a fall in its Q3 profit and cut its full-year forecast.

International Business Machines (NYSE: IBM) was down, falling 6.58 percent to $174.44 after the company reported downbeat third-quarter revenue.

Commodities
In commodity news, oil traded down 1.38 percent to $100.88, while gold traded up 2.60 percent to $1,315.70.

Silver traded up 1.78 percent Thursday to $21.75, while copper fell 0.91 percent to $3.28.

Eurozone
European shares were lower today. The Spanish Ibex Index fell 0.52 percent, while Italy's FTSE MIB Index declined 0.65 percent. Meanwhile, the German DAX fell 0.73 percent and the French CAC 40 declined 0.46 percent while U.K. shares dropped 0.35 percent.

Economics
US jobless claims fell by 15,000 to 358,000 in the week ended October 12, versus a revised 373,000 in the earlier week. However, economists were projecting claims to decline to 335,000.

The Bloomberg Consumer Comfort Index declined to -34.10 for the week ended October 13, versus a prior reading of -29.70.

The Philadelphia Fed manufacturing index declined to 19.80 in October, from a prior reading of 22.30. However, economists were expecting a reading of 15.00.

The Treasury is set to auction 3-and 6-month bills.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s

 

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