Market Overview

Mid-Morning Market Update: Markets Open Higher; FactSet Research Profit Beats Views

Share:

Following the market opening Tuesday, the Dow traded up 0.25 percent to 22,352.63 while the NASDAQ climbed 0.42 percent to 6,397.30. The S&P also fell, gaining 0.23 percent to 2,502.45.

Leading and Lagging Sectors

Tuesday morning, the technology shares surged 0.58 percent. Meanwhile, top gainers in the sector included SYNNEX Corporation (NYSE: SNX), up 5 percent, and Red Hat Inc (NYSE: RHT), up 5 percent.

In trading on Tuesday, utilities shares fell 0.24 percent. Meanwhile, top losers in the sector included Middlesex Water Company (NASDAQ: MSEX), down 2 percent, and Genie Energy Ltd (NYSE: GNE) down 2 percent.

Top Headline

FactSet Research Systems Inc. (NYSE: FDS) reported better-than-expected earnings for its fourth quarter.

FactSet posted quarterly adjusted earnings of $1.90 per share on revenue of $326.6 million. Analysts expected earnings of $1.89 per share on sales of $325.3 million.

FactSet expects Q1 adjusted earnings of $1.93 to $1.99 per share, on revenue of $327 million to $333 million.

Equities Trading UP

Izea Inc (NASDAQ: IZEA) shares shot up 32 percent to $6.38 after jumping 51.56 percent on Monday. IZEA disclosed that it has been awarded several contracts.

Shares of Moleculin Biotech Inc (NASDAQ: MBRX) got a boost, shooting up 25 percent to $3.00 after the company disclosed that it has received the FDA approval for its Annamycin IND.

Actua Corp (NASDAQ: ACTA) shares were also up, gaining 23 percent to $15.05 after the company agreed to sell 3 businesses for $549 million.

Equities Trading DOWN

Axovant Sciences Ltd (NASDAQ: AXON) shares dropped 72 percent to $6.88 after the company disclosed that Phase 3 MINDSET clinical trial did not meet its co-primary efficacy endpoints.

Shares of Genocea Biosciences Inc (NASDAQ: GNCA) were down 65 percent to $1.85 after the company reported strategic shift to immuno-oncology and development of neoantigen cancer vaccines. The company also announced plans to explore strategic alternatives for GEN-003 and lower staff by 40 percent.

Kadmon Holdings Inc (NASDAQ: KDMN) was down, falling around 22 percent to $2.97 as the company reported mixed shelf offering.

Commodities

In commodity news, oil traded down 0.63 percent to $51.89 while gold traded down 0.54 percent to $1,304.40.

Silver traded down 0.65 percent Tuesday to $17.035, while copper rose 0.01 percent to $2.9375.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.05 percent, the Spanish Ibex Index fell 0.30 percent, while Italy’s FTSE MIB Index rose 0.08 percent. Meanwhile the German DAX gained 0.10 percent, and the French CAC 40 slipped 0.06 percent while U.K. shares rose 0.04 percent.

Economics

The Johnson Redbook Retail Sales Index rose 4.1 percent year-over-year during the first four weeks of September.

The S&P Corelogic Case-Shiller home price index gained 5.8 percent year-over-year for July.

New-home sales declined 3.4 percent to an adjusted annual pace of 560,000 in September. Economists projected a rate of 588,000 for September.

The Conference Board consumer confidence index slipped to 119.80 in September, versus revised reading of 120.40. However, economists projected a reading of 120.60.

The Richmond Fed's manufacturing index gained to 19.00 for September, versus prior reading of 14.00. Economists were expecting a reading of 13.00.

Federal Reserve Governor Lael Brainard is set to speak in Washington at 10:30 a.m. ET.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in Atlanta at 12:30 p.m. ET.

Federal Reserve Chair Janet Yellen is set to speak in Cleveland at 12:45 p.m. ET.

The Treasury is set to auction 4-week bills at 11:30 a.m. ET.

The Treasury will auction 2-year notes at 1:00 p.m. ET.

Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

Related Articles (ACTA + AXON)

View Comments and Join the Discussion!

Markets Hug Flat Line In Early Going; Yellen Speech, Reports Might Nudge Them

Chinese OEMs Will Use Nvidia's HGX Reference Architecture For Data Centers