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Mid-Morning Market Update: Markets Down; Johnson & Johnson Posts Mixed Q3 Results

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Following the market opening Tuesday, the Dow traded down 0.16 percent to 17,104.73 while the NASDAQ declined 0.27 percent to 4,825.71. The S&P also fell, dropping 0.25 percent to 2,012.38.

Leading and Lagging Sectors

In trading on Tuesday, utilities shares slipped by just 0.17 percent. Top gainers in the sector included Pampa Energia S.A. (ADR) (NYSE: PAM), up 2 percent, and Empire District Electric Co (NYSE: EDE), up 1.2 percent.

In trading on Tuesday, basic materials shares dipped by 0.82 percent. Meanwhile, top losers in the sector included Vale SA (ADR) (NYSE: VALE), down 5 percent, and Valhi, Inc. (NYSE: VHI), off 5 percent.

Top Headline

Johnson & Johnson (NYSE: JNJ) reported better-than-expected earnings for the third quarter and lifted its earnings forecast for the full year. However, the company reported a decline in its quarterly sales.

The New Brunswick, New Jersey-based company reported quarterly net earnings of $3.36 billion, or $1.20 per share, compared to $4.75 billion, or $1.66 per share, in the year-earlier quarter. Excluding items, the company's adjusted earnings came in at $1.49 per share.

Its sales dropped 7.4 percent year-over-year to $17.1 billion for the third quarter. However, analysts were expecting earnings of $1.45 per share on revenue of $17.5 billion.

Equities Trading UP

Wausau Paper Corp. (NYSE: WPP) shares shot up 38 percent to $10.08 after the company agreed to be acquired by SCA for $10.25 per share.

Shares of NewBridge Bancorp (NASDAQ: NBBC) got a boost, shooting up 21 percent to $10.70 after the company agreed to be acquired by Yadkin Financial Corp (NYSE: YDKN) for $11.40 per share.

Molson Coors Brewing Company (NYSE: TAP) shares were also up, gaining 11 percent to $87.56. SABMiller plc (ADR) (OTC: SBMRY) and Anheuser Busch Inbev SA (ADR) (NYSE: BUD) agreed to a $106 billion merger deal.

Equities Trading DOWN

HeartWare International Inc (NASDAQ: HTWR) shares tumbled 18 percent to $36.10 after the company said it may not re-initiate enrollment in MVAD clinical trial in November as previously expected.

Shares of AIXTRON SE (ADR) (NASDAQ: AIXG) were down 13 percent to $5.67 after the company lowered its FY15 guidance.

Ryder System, Inc. (NYSE: R) was down, falling 7 percent to $70.17 after the company lowered its earnings forecast for 2015.

Commodities

In commodity news, oil traded up 0.02 percent to $47.11, while gold traded down 0.31 percent to $1,160.90.

Silver traded up 0.01 percent Tuesday to $15.87, while copper fell 0.81 percent to $2.40.

Euro zone

European shares were lower today. The eurozone's STOXX 600 declined 1.46 percent, the Spanish Ibex Index fell 1.80 percent, while Italy's FTSE MIB Index dipped 0.95 percent. Meanwhile, the German DAX declined 1.69 percent, and the French CAC 40 slipped 1.70 percent, while U.K. shares fell 0.98 percent.

Economics

The NFIB Small Business Optimism Index rose 0.2 points to 96.1 in September.

The Johnson Redbook Retail Sales Index declined 0.2 percent in the first week of October versus September.

Posted-In: Earnings News Guidance Eurozone Commodities M&A Global Intraday Update

 

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