Mid-Morning Market Update: Markets Surge; Time Warner Posts Higher Q3 Profit
Following the market opening Wednesday, the Dow traded up 0.71 percent to 15,728.93 while the NASDAQ surged 0.28 percent to 3,950.86. The S&P also rose, gaining 0.54 percent to 1,772.49.
Time Warner's quarterly profit surged to $1.18 billion, or $1.26 per share, versus a year-ago profit of $822 million, or $0.84 per share. Its adjusted earnings from continuing operations climbed to $1.01 per share from $0.84 per share.
Its total revenue came in at $6.86 billion versus $6.84 billion. However, analysts were estimating earnings of $0.89 per share on sales of $6.94 billion.
Equities Trading UP
Blucora (NASDAQ: BCOR) shot up 16.34 percent to $28.20 after the company reported upbeat Q3 revenue.
Equities Trading DOWN
Shares of Tesla Motors (NASDAQ: TSLA) were down 9.51 percent to $160.00 after the company reported a better-than-expected Q3 profit, but issued a weak outlook for the fourth quarter.
Halcon Resources (NYSE: HK) shares tumbled 7.14 percent to $4.75 after Global Hunter downgraded the stock from Neutral to Sell and lowered the price target from $6.00 to $3.50.
Abercrombie & Fitch Co (NYSE: ANF) was down, falling 5.74 percent to $36.11 after the company reported a 14 percent drop in its third-quarter comparable sales and cut its adjusted profit view for the full year.
In commodity news, oil traded up 0.60 percent to $93.93, while gold traded up 0.54 percent to $1,315.20.
Silver traded up 0.97 percent Wednesday to $21.85, while copper rose 0.15 percent to $3.26.
European shares were higher today. The Spanish Ibex Index rose 0.38 percent, while Italy's FTSE MIB Index climbed 0.53 percent. Meanwhile, the German DAX gained 0.46 percent and the French CAC 40 surged 0.88 percent while U.K. shares rose 0.04 percent.
The Mortgage Bankers Association reported that its index of mortgage application activity declined 7 percent for the week ending November 1.
Planned layoffs rose 13.5 percent to 45,730 in October versus September, but fell 4.2 percent versus the year-ago period, according to Challenger, Gray & Christmas.
The Conference Board's leading economic index rose 0.7 percent in September, versus economists' expectations for a 0.6 percent growth.
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