Market Overview

Mid-Morning Market Update: Markets Rise; Nordstrom Posts Upbeat Profit

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Following the market opening Friday, the Dow traded up 0.20 percent to 15,908.46 while the NASDAQ gained 0.02 percent to 3,973.64. The S&P also rose, surging 0.08 percent to 1,792.06.

Top Headline
Nordstrom (NYSE: JWN) reported upbeat third-quarter net income.

Nordstrom's quarterly net income declined to $137 million, or $0.69 per share, from $146 million, or $0.71 per share, in the year-earlier period.

Its revenue climbed 3 percent to $2.88 billion from $2.81 billion, while revenue from stores open at least a year gained 0.1 percent. However, analysts were projecting earnings of $0.67 per share on revenue of $2.87 billion.

Equities Trading UP
Voxeljet AG (NYSE: VJET) shot up 12.84 percent to $59.13 after the company reported its unaudited financial results for the third quarter and nine months ending September 30, 2013.

Shares of Youku Tudou (NYSE: YOKU) got a boost, shooting up 6.94 percent to $28.19 after the company reported a Q3 gross profit of RMB82.3 million (US$13.4 million).

Agilent Technologies (NYSE: A) was also up, gaining 7.11 percent to $54.13 after the company reported an upbeat Q4 profit.

Equities Trading DOWN
Shares of Tile Shop Holdings (NASDAQ: TTS) were down 10.48 percent to $11.59. Citigroup downgraded Tile Shop from Buy to Neutral.

Gogo (NASDAQ: GOGO) shares tumbled 2.22 percent to $28.16 after Morgan Stanley downgraded the stock from Equal-weight to Underweight.

The Western Union Company (NYSE: WU) was down, falling 2.92 percent to $16.94 after the company announced that Scott T. Scheirman , Executive Vice President and Chief Financial Officer, will be leaving the company.

Commodities
In commodity news, oil traded up 0.61 percent to $94.33, while gold traded up 0.05 percent to $1,287.00.

Silver traded down 0.06 percent Friday to $20.71, while copper fell 0.13 percent to $3.17.

Eurozone
European shares were mostly higher today. The Spanish Ibex Index fell 0.08 percent, while Italy's FTSE MIB Index fell 0.58 percent. Meanwhile, the German DAX gained 0.22 percent and the French CAC 40 climbed 0.21 percent while U.K. shares rose 0.29 percent.

Economics
US import prices declined 0.7 percent in October, versus economists' expectations for a 0.5 percent fall. Export prices fell 0.5 percent in October.

The Empire State's general business conditions index declined to negative 2.2, versus positive 1.5 in October. However, economists were estimating a positive reading of 5.0.

Industrial production dropped 0.1 percent in October. However, economists were projecting no change in production.

US wholesale inventories rose 0.40 percent for September, versus economists' expectations for a 0.40 percent gain.

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

 

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