Market Overview

Mid-Morning Market Update: Markets Open Lower; AutoZone Posts Upbeat Results

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Following the market opening Tuesday, the Dow traded down 0.92 percent to 17,687.62 while the NASDAQ dipped 1.08 percent to 4,689.66. The S&P also fell, dropping 0.90 percent to 2,041.80.

Leading And Lagging Sectors

Energy shares slipped just 0.02 percent in Tuesday’s trading. Meanwhile, top gainers in the sector included TETRA Technologies (NYSE: TTI), up 21.1 percent, and PDC Energy(NASDAQ: PDCE), up 15.6 percent.

Telecommunications services shares were relative laggards, down on the day by about 1.61 percent. Meanwhile, top losers in the sector included Consolidated Communications Holdings (NASDAQ: CNSL), down 3.7 percent, and Verizon Communications (NYSE: VZ), off 3.7 percent.

Top Headline

AutoZone (NYSE: AZO) reported stronger-than-expected results for the fiscal first quarter.

The Memphis, Tennessee-based company posted quarterly earnings of $238.3 million, or $7.27 per share, compared to $218.1 million, or $6.29 per share, in the year-ago period. Its revenue climbed 8 percent to $2.3 billion.

However, analysts were expecting earnings of $7.16 per share on revenue of $2.21 billion.

Equities Trading Up

Bluebird Bio (NASDAQ: BLUE) shares shot up 55.51 percent to $76.03 following an announcement of positive data for its LentiGlobin BB305 drug. Wedbush raised the price target on the stock from $61.00 to $94.00.

Shares of PDC Energy (NASDAQ: PDCE) got a boost, shooting up 18.13 percent to $33.49 after the company announced a 2015 capital budget of $557 million and production guidance of 13.8 to 14.5 million Boe.

Talisman Energy (NYSE: TLM) shares were also up, gaining 12.03 percent to $4.19. Talisman acknowledged that it has been approached by a number of parties, including Repsol, with regards to various transactions.

Equities Trading Down

Conns (NASDAQ: CONN) shares tumbled 37.29 percent to $22.00 after the company reported a loss in the third quarter and withdrew its forecast for 2015. The company also announced the departure of Brian Taylor, the company's Chief Financial Officer.

Shares of UTi Worldwide (NASDAQ: UTIW) were down 15.08 percent to $11.04 after the company reported a Q3 loss of $0.08 per share and announced the resignation of its chief executive.

Manchester United plc (NYSE: MANU) was down, falling 8.58 percent to $15.02 after the company announced the offering of 3 million shares of its Class A Ordinary Shares by a selling shareholder.


In commodity news, oil traded up 0.75 percent to $63.52, while gold traded up 1.80 percent to $1,216.40.

Silver traded up 2.73 percent Tuesday to $16.72, while copper rose 0.35 percent to $2.90.


European shares were lower on Tuesday. The Eurozone’s STOXX 600 fell 1.61 percent, the Spanish Ibex Index slipped 2.24 percent, while Italy’s FTSE MIB Index declined 1.99 percent. Meanwhile, the German DAX dropped 1.52 percent and the French CAC 40 tumbled 1.72 percent, while UK shares slipped 1.60 percent.


The NFIB Small Business Optimism Index climbed 2 points to 98.1 in November.
The ICSC-Goldman Store Sales Index declined 1.5 percent in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index dropped 1.3 percent in the first week of December versus November.

US wholesale inventories rose 0.40 percent in October, versus economists’ expectations for a 0.20 percent gain.

US job openings rose to 4.83 million in October, versus 4.69 million in September.

The Treasury is set to auction 4-and 52-week bills. The Treasury will also auction 3-year notes.

Posted-In: Earnings News Guidance Eurozone Rumors Futures Commodities Offerings


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