Mid-Morning Market Update: Markets Edge Lower; Toll Brothers Profit Tops Estimates
Following the market opening Tuesday, the Dow traded down 0.07 percent to 16,014.61 while the NASDAQ declined 0.04 percent to 4,067.24. The S&P also fell, dropping 0.05 percent to 1,807.44.
Toll Brothers (NYSE: TOL) reported a better-than-expected fourth-quarter profit. Toll Brothers' quarterly profit declined to $94.9 million, or $0.54 per share, versus a year-ago profit of $411.4 million, or $2.35 per share.
Its income before taxes climbed to $150.2 million from $60.7 million. Its revenue rose 65% to $1.04 billion. However, analysts were projecting earnings of $0.43 per share on revenue of $1.03 billion.
Equities Trading UP
ARIAD Pharmaceuticals (NASDAQ: ARIA) shot up 9.56 percent to $4.70 after Stifel Nicolaus upgraded the stock from Hold to Buy.
Shares of Geron (NASDAQ: GERN) got a boost, shooting up 5.80 percent to $5.84 following the company's Monday presentation at ASH. Needham upgraded the stock from Hold to Buy.
Icahn Enterprises LP (NASDAQ: IEP) shares tumbled 8.37 percent to $136.10 after the company announced the sale of 2 million depositary units.
Analogic (NASDAQ: ALOG) was down, falling 7 percent to $86.16 after the company reported Q1 results and declared a quarterly dividend.
In commodity news, oil traded up 1.25 percent to $98.56, while gold traded up 2.15 percent to $1,260.70. Silver traded up 3.19 percent Tuesday to $20.33, while copper rose 0.57 percent to $3.28.
European shares were lower today. The Spanish Ibex Index declined 0.53 percent, while Italy's FTSE MIB Index dropped 0.47 percent. Meanwhile, the German DAX tumbled 0.87 percent and the French CAC 40 declined 0.79 percent while U.K. shares fell 0.55 percent.
The ICSC-Goldman Sachs store sales index declined 1.6% in the week ended Saturday versus the earlier week. The NFIB small-business optimism index climbed 0.9 points to 92.5 in November.
The Johnson Redbook Retail Sales Index dropped 1.5% in the first week of December versus November.
US wholesale inventories rose 1.40% in October, versus economists' expectations for a 0.30% gain. US job openings rose 3.92 million in October, from 3.88 million in September, according to the JOLTS report. The Treasury is set to auction 4-and 52-week bills.
The Treasury will also auction 3-year notes.
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