Market Overview

Mid-Morning Market Update: Markets Mostly Higher; Pfizer Profit Tops Estimates

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Following the market opening Tuesday, the Dow traded up 0.26 percent to 15,608.97 while the NASDAQ gained 0.02 percent to 3,941.03. The S&P also rose, surging 0.22 percent to 1,765.93.

Top Headline
Pfizer (NYSE: PFE) reported an upbeat third-quarter profit.

Pfizer's quarterly profit declined to $2.59 billion, or $0.39 per share, versus a year-ago profit of $3.21 billion, or $0.43 per share, in the year-earlier period. Its adjusted earnings climbed 16 percent to $0.58 per share.

Its revenue fell 2 percent to $12.64 billion from $12.95 billion. However, analysts were projecting earnings of $0.56 per share on revenue of $12.7 billion. Pfizer lowered its 2013 earnings view to $3.05 to $3.15 per share, versus its earlier forecast of $3.07 to $3.22 per share.

Equities Trading UP
Nokia (NYSE: NOK) shot up 9.03 percent to $7.36 after the company issued an upbeat outlook for its Nokia Solutions and Networks unit. Nokia posted a Q3 net loss of 91 million euros ($125 million), versus a year-ago net loss of 969 million euros.

Shares of Pitney Bowes (NYSE: PBI) got a boost, shooting up 10.08 percent to $21.18 after the company reported an upbeat Q3 profit.

Xylem (NYSE: XYL) was also up, gaining 15.14 percent to $33.31 after the company reported better-than-expected Q3 results and lifted its FY13 view.

Equities Trading DOWN
Shares of Volcano (NASDAQ: VOLC) were down 19.31 percent to $19.66 after the company reported Q3 revenue. JP Morgan downgraded the stock from Overweight to Neutral and lowered the price target from $29.00 to $24.00.

UBS AG (NYSE: UBS) shares tumbled 7.06 percent to $19.86 on Q3 results. Cummins (NYSE: CMI) was down, falling 7.48 percent to $124.82 after the company reported downbeat Q3 results and lowered its FY13 revenue outlook.

Commodities
In commodity news, oil traded down 0.70 percent to $97.99, while gold traded down 0.35 percent to $1,347.40. Silver traded down 0.04 percent Tuesday to $22.53, while copper rose 0.54 percent to $3.29.

Euro zone
European shares were higher today. The Spanish Ibex Index rose 1.13 percent, while Italy's FTSE MIB Index surged 1.80 percent. Meanwhile, the German DAX rose 0.24 percent and the French CAC 40 surged 0.58 percent while U.K. shares gained 0.57 percent.

Economics
US retail sales fell 0.1 percent in September. However, economists were expecting sales to be unchanged in the month.

The U.S. producer price index declined 0.1 percent in September, while core wholesale prices climbed 0.1 percent. However, economists were expecting a 0.3 percent gain in the overall PPI and a 0.1 percent increase in the core PPI.

The ICSC-Goldman Sachs store sales index dropped 0.4 percent in the week ended Saturday versus the earlier week.

The S&P/Case-Shiller home price index rose 12.82 percent y/y in August, versus a 12.40 percent growth in July. However, economists were expecting a 12.50 percent rise.

The Johnson Redbook Sales Index declined 1.3 percent in the first three weeks of October versus September.

The Conference Board's consumer confidence index fell to 71.20 in October, from a prior reading of 79.70. However, economists were expecting a reading of 75.00.

U.S. business inventories rose 0.30 percent in August, versus a 0.40 percent growth in July. However, economists were expecting a 0.30 percent gain. The Treasury is set to auction 4-week bills and 5-year notes.

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

 

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