Mid-Morning Market Update: Markets Open Lower; CVS Caremark Lifts Outlook

Following the market opening Tuesday, the Dow traded down 0.56 percent to 15,552.13 while the NASDAQ declined 0.43 percent to 3,919.83. The S&P also fell, dropping 0.54 percent to 1,758.42.

CVS Caremark

reported a

in its third-quarter earnings and lifted its earnings forecast for the year. CVS Caremark now expects full-year earnings of $3.94 to $3.97 per share, versus its earlier forecast of $3.90 to $3.96 per share. CVS Caremark's quarterly profit surged to $1.25 billion, or $1.02 per share, versus a year-ago profit of $1.01 billion, or $0.79 per share. Excluding one-time items, its adjusted earnings came in at $1.05 per share. The company had earlier expected earnings of $1 to $1.03 per share. Its revenue rose 5.8% to $32 billion, versus analysts' estimates of $31.53 billion.

Endo Health Solutions

shot up 31.69 percent to $57.47 after the company announced its plans to acquire Paladin Labs for $1.6 billion in stock and cash. Shares of GT Advanced Technologies

got a boost, shooting up 24.94 percent to $10.47 following Monday's announcement of deal with Apple for sapphire materials. Michael Kors Holdings

was also up, gaining 4.41 percent to $78.08 after the company reported a 40% rise in its quarterly revenue.

Shares of BroadSoft

were down 23.42 percent to $25.38 after the company reported weaker-than-expected third-quarter results and issued a downbeat outlook for the fourth quarter. ImmunoGen

shares tumbled 15.23 percent to $14.03 after the company

of IMGN901 study in small-cell lung cancer. Polypore International

was down, falling 14.99 percent to $37.32

results.

In commodity news,

to $94.17, while gold traded down 0.02 percent to $1,314.40. Silver traded up 0.02 percent Tuesday to $21.71, while copper rose 0.03 percent to $3.25.

European shares

today. The Spanish Ibex Index fell 1.31 percent, while Italy's FTSE MIB Index dropped 1.32 percent. Meanwhile, the German DAX declined 0.60 percent and the French CAC 40 tumbled 1.10 percent while U.K. shares fell 0.57 percent.

The ISM non-manufacturing index rose to 55.40 in October, from a prior reading of 54.40. However, economists were expecting a reading of 54.00. The Treasury is set to auction 4-week bills.