Mid-Day Market Update: Advance Auto Parts Rises On Earnings Beat; NCS Multistage Shares Plummet

Midway through trading Tuesday, the Dow traded down 0.38 percent to 23,351.89 while the NASDAQ declined 0.27 percent to 6,739.43. The S&P also fell, dropping 0.27 percent to 2,577.79.

Leading and Lagging Sectors

On Tuesday, the non-cyclical consumer goods & services sector proved to be a source of strength for the market.

In trading on Tuesday, basic materials shares were relative laggards, down on the day by about 1.20 percent. Meanwhile, top losers in the sector included Allegheny Technologies Incorporated ATI, down 5 percent, and Intrepid Potash, Inc. IPI down 5 percent.

Top Headline

Home Depot Inc HD reported better-than-expected earnings for its third quarter and lifted its full-year guidance.

Home Depot posted quarterly adjusted earnings of $1.84 per share on revenue of $25.03 billion. However, analysts were expecting earnings of $1.82 per share on revenue of $24.53 billion. Comparable store sales rose 7.9 percent in the quarter.

Equities Trading UP

Buffalo Wild Wings BWLD shares shot up 25 percent to $146.10 on a $2.3 billion takeover bid submitted by private-equity firm Roark Capital. The firm’s bid for the restaurant chain is worth over $150 per share.

Shares of MoSys Inc. MOSY got a boost, shooting up 123 percent to $1.52 after third-quarter earnings came in well ahead of estimates. The company also beat sales estimates by nearly $1 million.

Advance Auto Parts, Inc. AAP shares were also up, gaining 20 percent to $98.83 after the company reported better-than-expected profit for its third quarter.

Equities Trading DOWN

NCS Multistage Holdings Inc NCSM shares dropped 25 percent to $15.56. NCS Multistage reported Q3 adjusted earnings of $0.09 per share on revenue of $56 million.

Shares of Energy XXI Gulf Coast Inc EXXI were down 18 percent to $6.86. Energy XXI Gulf Coast reported a Q3 loss of $0.95 per share on revenue of $117.0 million.

Netshoes (CAYMAN) Ltd NETS was down, falling around 17 percent to $7.95. Netshoes reported a Q3 loss of $0.58 per share on sales of $140.352 million.

Commodities

In commodity news, oil traded down 1.92 percent to $55.67 while gold traded down 0.01 percent to $1,278.90.

Silver traded down 0.31 percent Tuesday to $16.995, while copper fell 1.94 percent to $3.056.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.64 percent, the Spanish Ibex Index fell 0.61 percent, while Italy’s FTSE MIB Index dropped 0.67 percent. Meanwhile the German DAX declined 0.37 percent, and the French CAC 40 dropped 0.55 percent while U.K. shares fell 0.08 percent.

Economics

The NFIB small business optimism index rose to a reading of 103.80 in October, versus a prior reading of 103.00.

The Producer Price Index rose 0.4 percent for October, versus economists’ expectations for a 0.2 percent gain.