Market Overview

Mid-Afternoon Market Update: Netflix Drops Sharply as Traders Look to Take Profits

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Toward the end of trading Tuesday, the Dow traded up 0.60 percent to 15,483.19 while the NASDAQ surged 0.31 percent to 3,932.43. The S&P also rose, gaining 0.67 percent to 1,756.48.

Top Headline
Lockheed Martin (NYSE: LMT) reported a rise in its third-quarter profit. Lockheed Martin's quarterly profit surged to $873 million, or $2.66 per share, up from $727 million, or $2.21 per share, in the year-ago period. Its earnings from continuing operations came in at $2.57 per share, up from $2.21 per share. Its revenue declined to $11.3 billion from $11.9 billion.

However, analysts were estimating earnings of $2.27 per share on revenue of $11.15 billion. Lockheed Martin lifted its 2013 earnings outlook to a range of $9.40 to $9.70 per share.

Equities Trading UP
Nu Skin Enterprises (NYSE: NUS) shot up 7.85 percent to $110.75 after the company reported upbeat third-quarter earnings and issued a strong Q4 outlook.

Shares of Whirlpool (NYSE: WHR) got a boost, shooting up 11.64 percent to $146.25 after the company reported a strong rise in its third-quarter earnings.

Transocean (NYSE: RIG) was also up, gaining 5.88 percent to $49.31 after the news that the company would be added to the S&P 500 hit the wires.

Equities Trading DOWN
Shares of Coach (NYSE: COH) were down 7.77 percent to $49.96 after the company reported a drop in its Q1 profit.

E-Commerce China Dangdang (NYSE: DANG) shares tumbled 13.01 percent to $10.10 after the company issued weak Q3 revenue forecast.

Netflix (NASDAQ: NFLX) was also down, falling 8.12 percent to $326.01 as traders suddenly questioned the strength of the company's earnings fueled rally and rushed for the exits. 

Commodities
In commodity news, oil traded down 1.23 percent to $98.45, while gold traded up 1.93 percent to $1,341.70. Silver traded up 2.30 percent Tuesday to $22.74, while copper rose 1.01 percent to $3.34.

Eurozone
European shares were mostly higher today. The Spanish Ibex Index fell 0.05 percent, while Italy's FTSE MIB Index gained 0.85 percent. Meanwhile, the German DAX rose 1.16 percent and the French CAC 40 climbed 0.36 percent while U.K. shares climbed 0.77 percent.

Economics

The US economy added 148,000 jobs in September, while the country's unemployment rate fell to 7.2% from 7.3%. However, economists were expecting a gain of 180,000 jobs. The Richmond Fed manufacturing index rose to 1.00 in October, versus a prior reading of 0.00.

However, economists were expecting a reading of 0.00. US construction spending increased 0.6% in August, versus economists' expectations for a 0.4% rise. The ICSC-Goldman Sachs store sales index gained 1.4% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index declined 1.5% in the first two weeks of October versus September.

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

 

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