Mid-Day Market Update: BroadSoft Drops On Q3 Results; Endo Health Shares Spike Higher
Midway through trading Tuesday, the Dow traded down 0.12 percent to 15,620.85 while the NASDAQ declined 0.03 percent to 3,935.56. The S&P also fell, dropping 0.18 percent to 1,764.76.
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 percent to $32 billion, versus analysts' estimates of $31.53 billion.
Equities Trading UP
Endo Health Solutions (NASDAQ: ENDP) shot up 27.93 percent to $55.83 after the company announced its plans to acquire Paladin Labs for $1.6 billion in stock and cash.
Shares of GT Advanced Technologies (NASDAQ: GTAT) got a boost, shooting up 21.37 percent to $10.17 following Monday's announcement of deal with Apple for sapphire materials.
Michael Kors Holdings (NYSE: KORS) was also up, gaining 6.69 percent to $79.78 after the company reported a 40 percent rise in its quarterly revenue.
Equities Trading DOWN
Shares of BroadSoft (NASDAQ: BSFT) were down 23.02 percent to $25.51 after the company reported weaker-than-expected third-quarter results and issued a downbeat outlook for the fourth quarter.
In commodity news, oil traded down 1.16 percent to $93.52, while gold traded down 0.24 percent to $1,311.50.
Silver traded down 0.16 percent Tuesday to $21.67, while copper rose 0.23 percent to $3.26.
European shares were lower today. The Spanish Ibex Index fell 0.72 percent, while Italy's FTSE MIB Index dropped 1.13 percent. Meanwhile, the German DAX declined 0.38 percent and the French CAC 40 tumbled 0.82 percent while U.K. shares fell 0.37 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 Johnson Redbook Retail Sales Index dropped 1.2 percent in the first four weeks of October versus September.
The ICSC-Goldman Sachs store sales index declined 0.6 percent in the week ended Saturday versus the earlier week.
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