Mid-Morning Market Update: Markets Mostly Flat; General Motors Earnings Top Expectations

Following the market opening Wednesday, the Dow traded up 0.13 percent to 17,239.49 while the NASDAQ slipped 0.12 percent to 4,875.15. The S&P also rose, gaining 0.03 percent to 2,031.45.

In trading on Wednesday, utilities shares jumped by 0.30 percent. Top gainers in the sector included

, up 2 percent, and

, up 1.4 percent. In trading on Wednesday, healthcare shares dipped by 0.58 percent. Meanwhile, top losers in the sector included

, down 7 percent, and

, off 8 percent.

reported stronger-than-expected results for the third quarter on Wednesday. The Detroit, Michigan-based company posted quarterly earnings of $1.4 billion, or $0.84 per share, versus $1.4 billion, or $0.81 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings surged 55 percent to $1.50 per share. Its revenue slipped to $38.8 billion from $39.3 billion. However, analysts were expecting earnings of $1.19 per share on revenue of $38.55 billion.

shares shot up 24 percent to $66.68.

announced its plans to buy KLA-Tencor in a $10.6 billion deal. KLA-Tencor also reported upbeat quarterly earnings. Shares of

got a boost, shooting up 23 percent to $6.96 after the company announced plans to acquire Clarient Inc.

shares were also up, gaining 10 percent to $60.62 after the company reported upbeat quarterly results.

shares tumbled 16 percent to $57.50 after the company issued a weak revenue forecast. EMC and VMware reported a new cloud services unit. Sterne Agee CRT downgraded VMware from Buy to Neutral and lowered the price target from $88.00 to $75.00. Shares of

were down 12 percent to $11.48 on downbeat quarterly results.

was down, falling 15 percent to $5.28 after the company reported downbeat Q3 sales and lowered its FY15 sales outlook.

In commodity news, oil traded down 0.11 percent to $45.84, while gold traded down 0.22 percent to $1,174.90. Silver traded down 1.17 percent Wednesday to $15.73, while copper fell 0.97 percent to $2.34.

European shares were higher today. The eurozone's STOXX 600 rose 0.21 percent, the Spanish Ibex Index rose 0.45 percent, while Italy's FTSE MIB Index jumped 0.17 percent. Meanwhile, the German DAX climbed 0.99 percent, and the French CAC 40 jumped 0.59 percent, while U.K. shares rose 0.29 percent.

The MBA reported that its index of mortgage application activity climbed 11.80 percent in the week ended October 16, 2015.