Mid-Morning Market Update: Markets Mostly Flat; Boeing Raises Earnings Forecast

Following the market opening Wednesday, the Dow traded up 0.04 percent to 16,622.06 while the NASDAQ fell 0.03 percent to 4,418.06. The S&P also rose, gaining 0.10 percent to 1,943.16.

Leading and Lagging Sectors

In trading on Wednesday, utilities shares were relative leaders, up on the day by about 0.67 percent. Meanwhile, top gainers in the sector included Companhia Paranaense de Energia ELP, up 2.9 percent, and Companhia Energética de Minas Gerais CIG, up 2.4 percent.

Basic materials shares fell by 0.29 percent on Wednesday. Top losers in the sector included The Coeur Mining CDE, down 9.6 percent, and Tupperware Brands TUP, off 6.9 percent.

Top Headline

The Boeing Company BA reported upbeat earnings for the third quarter and lifted its earnings forecast for the year.

The Chicago, Illinois-based company posted a quarterly profit of $1.36 billion, or $1.86 per share, versus a year-ago profit of $1.16 billion, or $1.51 per share. Its core operating earnings surged to $2.14 per share from $1.80 per share.

Its revenue jumped to $23.78 billion. However, analysts were estimating a profit of $1.98 per share on revenue of $23 billion.

Equities Trading UP

Regulus Therapeutics RGLS shares shot up 79.17 percent to $12.13 following the announcement of positive RG-101 study data.

Shares of iRobot IRBT got a boost, shooting up 13.89 percent to $36.00 after the company reported better-than-expected third-quarter results.

Six Flags Entertainment SIX shares were also up, gaining 10.75 percent to $38.21 on upbeat Q3 earnings.

Equities Trading DOWN

Shares of Boulder Brands BDBD were down 22.90 percent to $9.82 after the company announced preliminary Q3 results.

Lumber Liquidators Holdings LL shares tumbled 10.91 percent to $51.35 after the company reported downbeat Q3 results.

3D Systems DDD was down, falling 12.31 percent to $38.04 after the company announced weak preliminary Q3 results and lowered its full-year forecast.

Commodities

In commodity news, oil traded up 0.25 percent to $82.70, while gold traded down 0.62 percent to $1,244.00.

Silver traded down 2.25 percent Wednesday to $17.16, while copper fell 0.26 percent to $3.02.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.51 percent, the Spanish Ibex Index climbed 0.51 percent, while Italy’s FTSE MIB Index jumped 0.55 percent. Meanwhile, the German DAX climbed 0.52 percent and the French CAC 40 jumped 0.43 percent while UK shares jumped 0.27 percent.

Economics

The MBA reported that its index of mortgage application activity climbed 11.6% in the week ended October 17.

The consumer price index rose 0.1% in September, after dropping 0.2% in the earlier month. The core CPI increased 0.1% in the month.