Mid-Morning Market Update: Markets Open Lower; Macy's Posts Upbeat Profit

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Following the market opening Wednesday, the Dow traded down 0.39 percent to 15,690.05 while the NASDAQ dropped 0.30 percent to 3,908.28. The S&P also fell, declining 0.26 percent to 1,763.14.
Top Headline
Macy's
M
reported a rise in its
third-quarter
profit. Macy's quarterly profit surged to $177 million, or $0.47 per share, versus a year-ago profit of $145 million, or $0.36 per share. Its sales climbed 3.3% to $6.28 billion. However, analysts were expecting a profit of $0.39 per share on sales of $6.18 billion. Its same-store sales increased 3.5%, beating analysts' expectations for a 2.1% rise.
Equities Trading UP
Potbelly
PBPB
shot up 18.55 percent to $32.08 after the company reported an upbeat Q3 profit. Shares of E-House (China) Holdings
EJ
got a boost, shooting up 13.27 percent to $11.35 after the company reported Q3 results. SINA
SINA
was also up, gaining 8.91 percent to $82.67 after the company reported a
strong rise
in its Q3 profit.
Equities Trading DOWN
Shares of Safe Bulkers
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SB
were down 9.45 percent to $7.38 after the company priced 6 million shares at $7.43 per share. NQ Mobile
NQ
shares tumbled 4.75 percent to $13.63 on Q3 results. Gol Linhas Aereas Inteligentes
GOL
was down, falling 4.47 percent to $4.1650 after the company
posted a loss
in the third quarter.
Commodities
In commodity news,
oil traded up 0.58 percent
to $93.58, while gold traded up 0.33 percent to $1,275.40. Silver traded down 0.30 percent Wednesday to $20.72, while copper fell 2.12 percent to $3.17.
Euro zone
European shares
were lower
today. The Spanish Ibex Index tumbled 0.76 percent, while Italy's FTSE MIB Index fell 1.50 percent. Meanwhile, the German DAX dropped 0.92 percent and the French CAC 40 declined 1.02 percent while U.K. shares fell 1.53 percent.
Economics
The MBA's index of mortgage application activity declined 1.80% in the week ended November 8. The Treasury is set to auction 4-and 52-week bills. The Treasury budget data for October will be released at 2:00 p.m. ET, while the Federal Reserve Chairman Ben Bernanke is expected to speak at 7:00 p.m. ET.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesForexGlobalEcon #sEconomicsHotIntraday UpdateMarketsMoversTechConsumer DiscretionaryDepartment Stores
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