Mid-Afternoon Market Update: Quotient Gains After Strong Q3 Results; Clearwater Paper Shares Plunge

Toward the end of trading Tuesday, the Dow traded up 0.18 percent to 24,390.17 while the NASDAQ climbed 0.31 percent to 6,988.76. However, the S&P fell 0.09 percent to 2,646.67.

Leading and Lagging Sectors

Tuesday afternoon, the basic materials shares climbed 0.30 percent. Meanwhile, top gainers in the sector included Gerdau SA (ADR) (NYSE: GGB), up 4 percent, and Resolute Forest Products Inc (NYSE: RFP), up 4 percent.

In trading on Tuesday, utilities shares tumbled 1.92 percent. Meanwhile, top losers in the sector included SCANA Corporation (NYSE: SCG), down 4 percent, and Public Service Enterprise Group Inc. (NYSE: PEG) down 4 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 35 percent to $5.21. Cyanotech reported Q3 earnings of $0.19 per share on revenue of $9.15 million.

Shares of Asta Funding, Inc. (NASDAQ: ASFI) got a boost, shooting up 49 percent to $10.65. Asta Funding reported a $5.30 per share special dividend.

Quotient Limited (NASDAQ: QTNT) shares were also up, gaining 42 percent to $4.24 following a strong Q3 earnings beat.

Equities Trading DOWN

Clearwater Paper Corp (NYSE: CLW) shares dropped 21 percent to $34.80 after the company posted downbeat Q4 earnings and issued a weak Q1 earnings forecast.

Shares of 8Point3 Energy Partners LP (NASDAQ: CAFD) were down 12 percent to $12.20. 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.

Vishay Intertechnology (NYSE: VSH) was down, falling around 11 percent to $18.75 following weak quarterly earnings.

Commodities

In commodity news, oil traded down 0.42 percent to $63.88 while gold traded down 0.21 percent to $1,333.70.

Silver traded down 0.28 percent Tuesday to $16.625, while copper fell 0.96 percent to $3.19.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 2.35 percent, the Spanish Ibex Index fell 2.42 percent, while Italy’s FTSE MIB Index dipped 1.88 percent. Meanwhile the German DAX dropped 2.45 percent, and the French CAC 40 fell 2.30 percent while U.K. shares fell 2.64 percent.

Economics

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.