Mid-Morning Market Update: Markets Edge Higher; ConAgra Posts Mixed Q2 Results

Following the market opening Tuesday, the Dow traded up 0.07 percent to 17,263.94 while the NASDAQ climbed 0.08 percent to 4,972.93. The S&P also rose, gaining 0.13 percent to 2,023.79. Leading and Lagging Sectors On Tuesday, basic materials shares surged by 0.70 percent. Top gainers in the sector included Dominion Diamond Corp DDC, ArcelorMittal SA (ADR) MT, and Joy Global Inc. JOY. In trading on Tuesday, financial shares rise by just 0.04 percent. Meanwhile, top losers in the sector included EZCORP Inc EZPW, down 3 percent, and World Acceptance Corp. WRLD, down 2 percent. Top Headline ConAgra Foods Inc CAG reported better-than-expected earnings for its fiscal second quarter, but the company's sales missed analysts' estimates. The company posted quarterly net income of $154.9 million, or $0.35 per share, compared to $10 million, or $0.02 per share, in the year-ago quarter. On an adjusted basis, the company's adjusted earnings came in at $0.71 per share. Its sales dropped 1.4 percent to $3.09 billion. Analysts were expecting earnings of $0.60 per share on revenue of $3.34 billion. Equities Trading UP pSivida Corp. PSDV shares shot up 47 percent to $5.45 after the company reported that Medidur has met primary efficacy endpoint in Phase 3 trial. Shares of Karyopharm Therapeutics, Inc. KPTI got a boost, shooting up 8 percent to $14.70. Canaccord Genuity initiated coverage on Karyopharm Therapeutics with a Buy rating. Cintas Corporation CTAS shares were also up, gaining 2 percent to $91.01 after the company reported better-than-expected earnings for its fiscal second quarter and lifted its forecast for the fiscal year. Equities Trading DOWN Steelcase Inc. SCS shares tumbled 22 percent to $14.79 after the company reported downbeat results for the third quarter and issued a weak forecast for the current quarter. Shares of NetApp Inc. NTAP were down 7 percent to $25.65. NetApp announced plans to acquire SolidFire for $870 million in cash. RBC Capital downgraded NetApp from Outperform to Sector Perform. Etsy Inc ETSY was down, falling 5 percent to $8.28. Roth Capital initiated coverage on Etsy with a Sell rating and a $5.75 price target. Commodities In commodity news, oil traded down 0.20 percent to $34.66, while gold traded down 0.47 percent to $1,075.50. Silver traded down 0.07 percent Tuesday to $14.31, while copper fell 0.93 percent to $2.12. Eurozone European shares were higher today. The eurozone's STOXX 600 gained 0.33 percent, the Spanish Ibex Index jumped 0.72 percent, while Italy's FTSE MIB Index rose 0.23 percent. Meanwhile, the German DAX climbed 0.24 percent, and the French CAC 40 gained 0.24 percent, while U.K. shares rose 0.77 percent. Economics US gross domestic product climbed at an annual pace of 2 percent in the third quarter, versus economists' expectations for a 1.9 percent growth. The FHFA House Price Index rose 0.50 percent in October, versus economists' expectations for a 0.40 percent growth. Sales of existing homes dropped 10.5 percent at an annual rate of 4.76 million in November.