Mid-Morning Market Update: Markets Mostly Flat; Tiffany Lifts Profit Forecast

Following the market opening Tuesday, the Dow traded up 0.04 percent to 16,078.45 while the NASDAQ declined 0.06 percent to 3,992.13. The S&P also fell, dropping 0.02 percent to 1,802.06.

Tiffany & Co

reported a

in its third-quarter profit and lifted its outlook. Tiffany's quarterly profit gained to $94.6 million, or $0.73 per share, versus a year-ago profit of $63.2 million, or $0.49 per share. Its revenue climbed to $911.5 million from $852.7 million, while same-store sales rose 7%. However, analysts were estimating earnings of $0.58 per share on revenue of $888 million. Tiffany lifted its full-year earnings forecast to $3.65 to $3.75 per share, versus its earlier outlook of $3.50 to $3.60 per share.

Jos. A Bank Clothiers

shot up 11.82 percent to $56.58 after Men's Wearhouse

Jos. A. Bank for $55 per share in cash. Shares of Workday

got a boost, shooting up 11.61 percent to $81.81 after the company posted a narrower-than-expected third-quarter loss and issued upbeat fourth-quarter revenue forecast. Palo Alto Networks

was also up, gaining 6.34 percent to $49.03 after the company reported

fiscal first-quarter results.

Shares of Nuance Communications

were down 11.51 percent to $14.15 after the company

outlook. Wedbush downgraded the stock from Outperform to Neutral. DSW

shares tumbled 6.54 percent to $44.13 after the company reported weak Q3 revenue. 21Vianet Group

was down, falling 7.72 percent to $16.98 after the company reported its unaudited Q3 financial results. Pacific Crest downgraded the stock from Outperform to Sector Perform.

In commodity news,

to $93.90, while gold traded up 0.19 percent to $1,243.90. Silver traded up 0.17 percent Tuesday to $19.96, while copper fell 0.36 percent to $3.22.

European shares

today. The Spanish Ibex Index rose 0.38 percent, while Italy's FTSE MIB Index gained 0.20 percent. Meanwhile, the German DAX surged 0.04 percent and the French CAC 40 declined 0.31 percent while U.K. shares fell 0.45 percent.

The ICSC-Goldman Sachs store sales index rose 2.6% in the week ended Saturday versus the earlier week. The Johnson Redbook Retail Sales Index declined 0.5% in the first three weeks of November from October. US house prices rose 0.3% in September, and gained 8.5% y/y, according to the Federal Housing Finance Agency. The S&P/Case-Shiller home price index climbed 0.7% in September and rose 13.3% y/y. US building permits rose 6.2% to an annual rate of 1.03 million in October, versus a revised 974,000 in September. The Richmond Fed manufacturing index rose to 13.00 in November, from a prior reading of 1.00. However, economists were expecting a reading of 4.00. The Conference Board's consumer confidence index fell to 70.40 in November, versus a prior reading of 71.20. However, economists were expecting reading of 72.60. The Treasury is set to auction 4-week bills and 5-year notes.