Market Overview

Mid-Afternoon Market Update: Red Robin Drops On Earnings Miss; Myomo Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded down 0.16 percent to 23,511.00 while the NASDAQ declined 0.35 percent to 6,762.92. The S&P also fell, dropping 0.13 percent to 2,587.74.

Leading and Lagging Sectors

Tuesday afternoon, the non-cyclical consumer goods & services shares climbed by 0.71 percent. Meanwhile, top gainers in the sector included Weight Watchers International, Inc. (NYSE: WTW), up 17 percent, and Dean Foods Co (NYSE: DF), up 6 percent.

In trading on Tuesday, basic materials shares fell 0.63 percent. Meanwhile, top losers in the sector included Myers Industries, Inc. (NYSE: MYE), down 7 percent, and CF Industries Holdings, Inc. (NYSE: CF) down 6 percent.

Top Headline

Dean Foods Co (NYSE: DF) reported weaker-than-expected earnings for its third quarter and lowered its FY 2017 earnings guidance.

Dean Foods posted quarterly EPS of $0.20 per share on revenue of $1.94 billion. However, analysts were expecting earnings of $0.22 per share on revenue of $1.98 billion.

Dean Foods now expects FY 2017 adjusted earnings of $0.80 to $0.90 per share, versus earlier forecast of $0.80 to $0.95 per share.

Equities Trading UP

Kindred Healthcare, Inc. (NYSE: KND) shares shot up 31 percent to $7.85. Kindred Healthcare reported Q3 adjusted loss of $0.33 per share on revenue of $1.477 billion.

Shares of Cyren Ltd (NASDAQ: CYRN) got a boost, shooting up 41 percent to $2.33 after the company reported a strategic investment from Warburg Pincus Funds.

Myomo Inc (NYSE: MYO) shares were also up, gaining 149 percent to $10.55 after the company reported upbeat third-quarter results.

Equities Trading DOWN

Teligent Inc (NASDAQ: TLGT) shares dropped 41 percent to $3.11. Teligent reported a Q3 loss of $0.12 per share on sales of $13.65 million.

Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) were down 31 percent to $46.45 as the company reported weaker-than-expected earnings for its third quarter. Comps were down 0.1 percent in the quarter.

Selecta Biosciences Inc (NASDAQ: SELB) was down, falling around 47 percent to $11.86. Selecta Biosciences reported a Q3 loss of $0.66 per share on sales of $27,000.

Commodities

In commodity news, oil traded down 0.51 percent to $57.06 while gold traded down 0.56 percent to $1,274.40.

Silver traded down 1.60 percent Tuesday to $16.96, while copper fell 2.33 percent to $3.084.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 declined 0.38 percent, the Spanish Ibex Index fell 0.84 percent, while Italy’s FTSE MIB Index slipped 0.07 percent. Meanwhile the German DAX slipped 0.53 percent, and the French CAC 40 dropped 0.41 percent while U.K. shares fell 0.65 percent.

Economics

The Johnson Redbook Retail Sales Index dropped 1 percent during the first week of November versus October.

U.S. job openings increased to 6.09 million in September, versus prior reading of 6.08 million, according to the Labor Department's JOLTS report.

Federal Reserve Chair Janet Yellen is set to speak in Washington at 3:00 p.m. ET.

Data on consumer credit for September week will be released at 3:00 p.m. ET.

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

 

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