Armstrong World Industries Shares Fall On Q3 Warning; JB Hunt Transport Spikes Higher

Toward the end of trading Tuesday, the Dow traded up 0.21 percent to 16,355.11 while the NASDAQ surged 0.49 percent to 4,234.22. The S&P also rose, gaining 0.41 percent to 1,882.46.

Leading and Lagging Sectors

In trading on Tuesday, basic materials shares were relative leaders, up on the day by about 2.08 percent. Top gainers in the sector included AuRico Gold AUQ, Cliffs Natural Resources CLF, and Cavco Industries CVCO.

Energy shares fell by 0.13 percent on Tuesday. Top losers in the sector included Panhandle Oil and Gas PHX, down 9.9 percent, and Resolute Energy REN, off 9.7 percent.

Top Headline

Citigroup C reported upbeat earnings for the third quarter.

The New York-based company reported quarterly net income of $3.44 billion, or $1.07 per share, up from $3.23 billion, or $1 per share, in the year-ago period. Excluding accounting adjustments, the bank earned $1.15 per share.

Its revenue gained 9.5% to $19.6 billion, while adjusted revenue surged to $19.98 billion. However, analysts were estimating earnings of $1.14 per share on revenue of $18.99 billion. Citi also announced its intention to exit consumer businesses in 11 markets.

Equities Trading UP

Skyworks Solutions SWKS shares shot up 9.20 percent to $49.49 after the company lifted its Q4 revenue and earnings guidance.

Shares of JB Hunt Transport Services JBHT got a boost, shooting up 3.72 percent to $73.95 after the company reported stronger-than-expected third-quarter earnings.

Domino's Pizza DPZ shares were also up, gaining 10.20 percent to $83.44 after the company posted better-than-expected third-quarter results.

Equities Trading DOWN

Shares of Wells Fargo & Company WFC were down 1.63 percent to $49.38 after the company reported in-line earnings for the third quarter.

Advanced Micro Devices AMD shares tumbled 1.46 percent to $2.70 ahead of the company’s quarterly earnings results on Thursday.

Armstrong World Industries AWI was down, falling 4.31 percent to $46.63 after the company cut its Q3 forecast citing price pressures in Europe and a market shift in North America.

Commodities

In commodity news, oil traded down 3.15 percent to $83.04, while gold traded up 0.27 percent to $1,233.30.

Silver traded up 0.37 percent Tuesday to $17.41, while copper rose 1.48 percent to $3.09.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 dropped 0.01 percent, the Spanish Ibex Index rose 0.17 percent, while Italy’s FTSE MIB Index declined 0.13 percent. Meanwhile, the German DAX rose 0.41 percent and the French CAC 40 rose 0.36 percent while UK shares fell 1.58 percent.

Economics

The NFIB Small Business Optimism Index declined 0.8 points to 95.3 in September.

The ICSC-Goldman Store Sales Index declined 0.7% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index rose 3.8% y/y in the first week of October.