Market Overview

Mid-Afternoon Market Update: Ctrip.com Drops On Downbeat Q4 Outlook; Analog Devices Shares Spike Higher; TiVo Tumbles ~7%

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Mid-Afternoon Market Update: Ctrip.com Drops On Downbeat Q4 Outlook; Analog Devices Shares Spike Higher; TiVo Tumbles ~7%

Toward the end of trading Wednesday, the Dow traded down 0.01 percent to 17,813.13 while the NASDAQ gained 0.47 percent to 4,780.57. The S&P also rose, gaining 0.17 percent to 2,070.49.

Leading and Lagging Sectors

In trading on Wednesday, technology shares were relative leaders, up on the day by about 0.64 percent. Top gainers in the sector included Bitauto Holdings (NYSE: BITA), up 6.8 percent, and Analog Devices (NASDAQ: ADI), up 5.5 percent.

Energy sector was the top decliner in the US market on Wednesday. Top losers in the sector included SeaDrill (NYSE: SDRL), Diamond Offshore Drilling (NYSE: DO), and Goodrich Petroleum (NYSE: GDP).

Top Headline

Deere & Co (NYSE: DE) reported better-than-expected fiscal fourth-quarter results. However, the company expected a drop in equipment sales.

The Moline, Illinois-based company reported quarterly earnings of $649.2 million, or $1.83 per share, compared to $806.8 million, or $2.11 per share, in the year-ago quarter.

Its revenue declined 5 percent to $8.97 billion, while equipment sales slipped 7 percent. However, analysts were expecting earnings of $1.57 per share on revenue of $7.68 billion.

Equities Trading UP

Infoblox (NYSE: BLOX) shares shot up 5.98 percent to $17.90 after the company reported upbeat financial results for its first fiscal quarter.

Shares of Veeva Systems (NYSE: VEEV) got a boost, shooting up 11.51 percent to $32.16 after the company reported better-than-expected Q3 results and issued a strong Q4 forecast.

Analog Devices (NASDAQ: ADI) shares were also up, gaining 5.40 percent to $54.50 after the company announced better-than-expected financial results for its fourth quarter.

Equities Trading DOWN

Shares of SeaDrill (NYSE: SDRL) were down 21.39 percent to $16.28 on weak earnings and suspension of dividend.

Ctrip.com International (NASDAQ: CTRP) shares tumbled 10.08 percent to $52.57 after the company reported upbeat Q3 earnings, but issued a weak Q4 revenue forecast. Brean Capital lowered the price target on the stock from $74.00 to $64.00.

TiVo (NASDAQ: TIVO) was down, falling 4.53 percent to $12.32 after the company reported downbeat third-quarter earnings.

Commodities

In commodity news, oil traded down 0.50 percent to $73.72, while gold traded up 0.02 percent to $1,198.00.

Silver traded down 0.10 percent Wednesday to $16.60, while copper fell 0.69 percent to $2.96.

Eurozone

European shares closed mostly lower today. The Spanish Ibex Index dropped 0.49 percent, while Italy’s FTSE MIB Index slipped 0.36 percent. Meanwhile, the German DAX rose 0.55 percent and the French CAC 40 fell 0.20 percent while UK shares fell 0.03 percent.

Economics

The MBA reported that its index of mortgage application activity fell 4.30 percent in the week ended November 21, 2014.

US consumer spending rose 0.20% in October, versus economists’ expectations for a 0.40 percent growth.

Initial jobless claims rose 21,000 to 313,000 in the week ended November 22. However, economists were projecting claims to reach 287,000 in the week.

US durable goods orders gained 0.40 percent in October, versus economists’ expectations for a 0.60 percent decline.

The Chicago PMI fell to 60.80 in November, versus a prior reading of 66.20. However, economists were expecting a reading of 63.10.

The final reading of Reuter's/University of Michigan's consumer sentiment index slipped to 88.80 in November, versus a prior reading of 89.40. However, economists were expecting a reading of 90.00.

Sales of new homes rose 0.7 percent to an annual rate of 458,000 in October. However, economists were estimating a rate of 471,000.

The pending home sales index declined 1.1% to 104.1 in October, from 105.3 in September.

US crude inventories increased by 1.9 million barrels last week, according to the Energy Information Administration. However, analysts were expecting stocks to decline by 100,000 in the week.

Posted-In: Earnings News Guidance Econ #s Intraday Update

 

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