Mid-Morning Market Update: Markets Mixed; Dish Posts Downbeat Earnings

Following the market opening Tuesday, the Dow traded up 0.10 percent to 17,383.45 while the NASDAQ declined 0.13 percent to 4,633.12. The S&P also fell, dropping 0.17 percent to 2,014.29.

Leading and Lagging Sectors

In trading on Tuesday, non-cyclical consumer goods & services shares were relative leaders, up on the day by about 0.44 percent. Top gainers in the sector included Archer-Daniels-Midland Company ADM, up 4.3 percent, and Pilgrim's Pride PPC, up 4.6 percent.

Energy sector was the top decliner on Tuesday. Top losers in the sector included Stone Energy SGY, down 18.2 percent, and Comstock Resources CRK, off 12.8 percent.

Top Headline

Dish Network DISH reported weaker-than-expected earnings for the third quarter.

The Englewood, Colorado-based company posted quarterly net income of $145.5 million, or $0.31 per share, compared to $314.9 million, or $0.68 per share, in the year-ago period.

Its revenue climbed to $3.68 billion from $3.51 billion. However, analysts were expecting earnings of $0.39 per share on revenue of $3.69 billion.

Equities Trading UP

Office Depot ODP shares shot up 20.32 percent to $6.10 after the company reported better-than-expected Q3 earnings.

Shares of Red Robin Gourmet Burgers RRGB got a boost, shooting up 11.97 percent to $61.46 after the company reported better-than-expected Q3 earnings.

Interactive Intelligence Group ININ shares were also up, gaining 14.99 percent to $54.85 after the company posted a narrower-than expected net loss on a 15% rise in Q3 revenue.

Equities Trading DOWN

Shares of RetailMeNot SALE were down 26.81 percent to $14.93 after the company issued a weak Q4 revenue forecast and appointed Louis Agnese as interim CFO.

Sprint S shares tumbled 18.23 percent to $5.07 after the company posted a wider-than expected second-quarter loss and warned of higher costs in the current period. The company announced its plans to cut its work force by an additional 2,000 positions.

Herbalife HLF was down, falling 13.93 percent to $48.11 after the company reported weaker-than-expected third-quarter earnings and lowered its full-year outlook.

Commodities

In commodity news, oil traded down 2.32 percent to $76.95, while gold traded down 0.27 percent to $1,166.60.

Silver traded down 1.61 percent Tuesday to $15.94, while copper fell 1.75 percent to $3.01.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 tumbled 0.33 percent, the Spanish Ibex Index declined 1.01 percent, while Italy’s FTSE MIB Index dropped 1.43 percent. Meanwhile, the German DAX fell 0.18 percent and the French CAC 40 slipped 0.70 percent while UK shares dropped 0.18 percent.

Economics

US trade deficit rose 7.6% to $43 billion in September. However, economists were expecting a deficit of $41.1 billion.

US factory orders fell 0.60% in September, versus economists’ expectations for a 0.60% decline.

The Treasury is set to auction 4-week bills.