Market Overview

Mid-Morning Market Update: Market Open Higher; General Motors Profit Tops Estimates


Following the market opening Tuesday, the Dow traded up 0.34 percent to 24,427.95 while the NASDAQ climbed 0.57 percent to 7,007.48. The S&P also rose, gaining 0.4 percent to 2,659.42.

Leading and Lagging Sectors

Tuesday morning, the basic materials shares climbed 1.2 percent. Meanwhile, top gainers in the sector included Cleveland-Cliffs Inc (NYSE: CLF), up 7 percent, and Cavco Industries, Inc. (NASDAQ: CVCO), up 5 percent.

In trading on Tuesday, utilities shares tumbled 0.5 percent. Meanwhile, top losers in the sector included CenterPoint Energy, Inc. (NYSE: CNP), down 2 percent, and PG&E Corporation (NYSE: PCG) down 2 percent.

Top Headline

General Motors Company (NYSE: GM) reported better-than-expected earnings for its fourth quarter.

The company said it earned $1.65 per share on revenue of $37.7 billion in the fourth quarter. However, Wall Street analysts were expecting the company to earn $1.37 per share on revenue of $36.6 billion.


Equities Trading UP

Cyanotech Corporation (NASDAQ: CYAN) shares shot up 28 percent to $4.92. Cyanotech reported Q3 earnings of $0.19 per share on revenue of $9.15 million.

Shares of Fabrinet (NYSE: FN) got a boost, shooting up 25 percent to $30.01 after the company posted upbeat Q2 results.

Quotient Limited (NASDAQ: QTNT) shares were also up, gaining 31 percent to $3.9300 following a strong Q3 earnings beat.

Equities Trading DOWN

EMCORE Corporation (NASDAQ: EMKR) shares dropped 15 percent to $5.36 after the company reported downbeat Q1 earnings.

Shares of 8Point3 Energy Partners LP (NASDAQ: CAFD) were down 12 percent to $12.10. 8point3 Energy reported Q4 sales of $15.8 million and net income of $8.8 million. The company reported a deal to be purchased by Capital Dynamics at $12.35 per share in cash.

Colfax Corp (NYSE: CFX) was down, falling around 8 percent to $34.50. Colfax posted upbeat quarterly profit, but sales missed estimates.


In commodity news, oil traded down 0.06 percent to $64.11 while gold traded down 0.15 percent to $1,334.50.

Silver traded down 0.19 percent Tuesday to $16.64, while copper fell 0.65 percent to $3.20.


European shares were lower today. The eurozone’s STOXX 600 declined 1.28 percent, the Spanish Ibex Index fell 1.35 percent, while Italy’s FTSE MIB Index dipped 0.92 percent. Meanwhile the German DAX dropped 1.66 percent, and the French CAC 40 fell 1.35 percent while U.K. shares fell 1.09 percent.


The U.S. trade deficit increased 5.3 percent to $53.1 billion in December. However, economists were expecting a $52.2 billion deficit.

U.S. job openings slipped to 5.81 million for December, versus a prior reading of 5.88 million.

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

The Treasury will auction 3-year notes at 1:00 p.m. ET.


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