Market Overview

Mid-Morning Market Update: Markets Edge Higher; Mastercard Tops Q3 Estimates


Following the market opening Tuesday, the Dow traded up 0.05 percent to 23,360.82 while the NASDAQ climbed 0.21 percent to 6,712.96. The S&P also rose, gaining 0.06 percent to 2,574.42.

Leading and Lagging Sectors

Tuesday morning, the non-cyclical consumer goods & services shares climbed by 1.04 percent.

In trading on Tuesday, financial shares fell 0.08 percent. Meanwhile, top losers in the sector included Omega Healthcare Investors Inc (NYSE: OHI), down 9 percent, and First South Bancorp, Inc. (NASDAQ: FSBK) down 5 percent.

Top Headline

Mastercard Inc (NYSE: MA) reported stronger-than-expected results for its third quarter on Tuesday.

Mastercard reported Q3 earnings of $1.34 per share on revenue of $3.4 billion. However, analysts expected earnings of $1.23 per share on sales of $3.28 billion.

Equities Trading UP

Trex Company Inc (NYSE: TREX) shares shot up 25 percent to $108.82 after the company reported upbeat results for its third quarter.

Shares of MarineMax Inc (NYSE: HZO) got a boost, shooting up 22 percent to $18.50 as the company posted better-than-expected Q4 results.

Harmonic Inc (NASDAQ: HLIT) shares were also up, gaining 22 percent to $3.60 after the company reported upbeat Q3 results. Avid and Harmonic also signed a global patent licensing agreement, settling patent infringement litigation.

Equities Trading DOWN

Lombard Medical Inc (NASDAQ: EVAR) shares dropped 24 percent to $0.287. Lombard Medical reported first 6 months sales of $2.7 million. The company expects Q4 sales of $1.9 million to $2.1 million and FY18 sales of $10 million to $12 million.

Shares of Nautilus, Inc. (NYSE: NLS) were down 19 percent to $13.20 as the company posted downbeat quarterly revenue. SunTrust Robinson Humphrey downgraded Nautilus from Buy to Hold.

Under Armour Inc (NYSE: UAA) was down, falling around 16 percent to $13.84 as the company reported weaker-than-expected revenue for its third quarter lowered its 2017 forecast.


In commodity news, oil traded down 0.11 percent to $54.09 while gold traded down 0.31 percent to $1,273.70.

Silver traded down 0.13 percent Tuesday to $16.825, while copper fell 0.16 percent to $3.107.


European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.21 percent, the Spanish Ibex Index rose 0.86 percent, while Italy’s FTSE MIB Index slipped 0.18 percent. Meanwhile the German DAX climbed 0.09 percent, and the French CAC 40 gained 0.11 percent while U.K. shares rose 0.09 percent.


The Federal Open Market Committee will begin its two-day policy meeting today.

The employment cost index gained 0.7 percent for the third quarter, matching economists’ expectations for a 0.7 percent growth

The Johnson Redbook Retail Sales Index slipped 1.3 percent during the first four weeks of October versus September.

The Chicago PMI climbed to 66.2 in October, compared to 65.2 in the previous month. However, economists were expecting a reading of 61.

The Conference Board Consumer Confidence Index increased to 125.9 in October, versus a revised reading of 120.6 in September. Economists projected a reading of 121.

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

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


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