Market Overview

Mid-Morning Market Update: Markets Mixed; Wendy's Adjusted Profit Beats Estimates

Mid-Morning Market Update: Markets Mixed; Wendy's Adjusted Profit Beats Estimates
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Following the market opening Thursday, the Dow traded up 0.16 percent to 15,771.96 while the NASDAQ declined 0.25 percent to 3,922.25. The S&P also rose, gaining 0.01 percent to 1,770.60.

Top Headline
The Wendy's Co (NASDAQ: WEN) reported better-than-expected third-quarter adjusted earnings.

Wendy's posted a quarterly loss of $1.9 million, or $0.00 per share, versus a year-ago loss of $26.2 million, or $0.07 per share. Its adjusted earnings per share climbed to $0.08 from $0.02.

Its revenue climbed to $640.8 million from $636.3 million. However, analysts were projecting earnings of $0.06 per share on revenue of $640 million. Wendy's lifted its full-year earnings view to $0.25 per share.

Equities Trading UP
HomeAway (NASDAQ: AWAY) shot up 18.62 percent to $34.51 after the company reported a 63 percent rise in its Q3 profit. Raymond James upgraded the stock from Outperform to Strong Buy.

Shares of American Eagle Outfitters (NYSE: AEO) got a boost, shooting up 8.33 percent to $15.87 after the company updated its Q3 earnings forecast. Brean Capital upgraded the stock from Hold to Buy.

RDA Microelectronics (NASDAQ: RDA) was also up, gaining 11.12 percent to $17.28 after the company announced the receipt of $18.00/ADS acquisition proposal from Tsinghua Unigroup.

Equities Trading DOWN
Shares of Nationstar Mortgage Holdings (NYSE: NSM) were down 17.33 percent to $40.69 after the company reported Q3 results. Stonegate Mortgage announced its plans to acquire Nationstar's wholesale lending channel.

Whole Foods Market (NASDAQ: WFM) shares tumbled 9.76 percent to $58.18 after the company reported downbeat fiscal fourth-quarter revenue and lowered its FY14 forecast.

The Wendy's Company (NASDAQ: WEN) was down, falling 9.57 percent to $8.22 on Q3 results.

Commodities
In commodity news, oil traded down 0.57 percent to $94.26, while gold traded down 0.76 percent to $1,307.80.

Silver traded down 0.79 percent Thursday to $21.60, while copper rose 0.08 percent to $3.24.

Eurozone
European shares were higher today. The Spanish Ibex Index rose 0.77 percent, while Italy's FTSE MIB Index climbed 0.21 percent. Meanwhile, the German DAX gained 1.24 percent and the French CAC 40 surged 0.99 percent while U.K. shares rose 0.14 percent.

Economics
US jobless claims declined by 9,000 to 336,000 in the week ending November 2. However, economists were projecting claims to drop to 335,000.

The US economy expanded by 2.8 percent in the third quarter. However, economists were expecting a 2.3 percent growth.

The Bloomberg Consumer Comfort Index fell to minus 37.9 in the week ending November 3, versus minus 37.6.

The Treasury is set to auction 3-and 6-month bills.

Data on consumer credit for September will be released at 3:00 p.m. ET, while money supply data will be released at 4:30 p.m. ET.

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

 

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