Market Overview

Mid-Morning Market Update: Markets Mostly Lower; Boeing Earnings Top Expectations

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Following the market opening Wednesday, the Dow traded up 0.04 percent to 25,201.37 while the NASDAQ declined 0.41 percent to 7,407.34. The S&P also fell, dropping 0.26 percent to 2,733.56.

Leading and Lagging Sectors

Wednesday morning, the consumer staples shares gained 0.60 percent. Meanwhile, top gainers in the sector included Pingtan Marine Enterprise Ltd (NASDAQ: PME) up 6 percent, and Vector Group Ltd (NYSE: VGR) up 2 percent.

In trading on Wednesday, communication services shares tumbled 1.33 percent.

Top Headline

Boeing Co (NYSE: BA) reported upbeat earnings for its third quarter and raised its FY18 guidance.

Boeing said it earned $3.58 per share in the quarter on revenue of $25.146 billion, which was better than the $3.52 per share and $24.6 billion analysts were expecting.

Boeing now expects FY18 core earnings of $14.90 to $15.10 per share on sales of $98 billion to $100 billion.

Equities Trading UP

Clementia Pharmaceuticals Inc. (NASDAQ: CMTA) shares shot up 64 percent to $16.95 after the company announced it plans to resubmit an NDA for palovarotene based on Phase 2 clinical results.

Shares of Zix Corporation (NASDAQ: ZIXI) got a boost, shooting up 18 percent to $5.99 after the company reported better-than-expected Q3 results.

Tupperware Brands Corporation (NYSE: TUP) shares were also up, gaining 16 percent to $37.69 after reporting better than expected Q3 EPS and revenue results.

 

Equities Trading DOWN

Travelzoo (NASDAQ: TZOO) shares dropped 30 percent to $8.17 after the company missed Q3 earnings estimates.

Shares of Noodles & Company (NASDAQ: NDLS) were down 20 percent to $10.11. Noodles reported in-line earnings for its third quarter. Comps were up 5.5 percent in the quarter. The company announced a secondary offering of 8.75 million shares of common stock.

The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) was down, falling around 17 percent to $42.40 after the company reported downbeat Q3 earnings.

Commodities

In commodity news, oil traded up 0.62 percent to $66.84 while gold traded down 0.43 percent to $1,231.50.

Silver traded down 0.46 percent Wednesday to $14.725, while copper fell 0.05 to $2.7565.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 1.14 percent, the Spanish Ibex Index rose 0.77 percent, while Italy’s FTSE MIB Index gained 0.15 percent. Meanwhile the German DAX climbed 0.85 percent, and the French CAC 40 gained 1.38 percent while U.K. shares rose 1.17 percent.

Economics

The flash IHS Markit’s manufacturing PMI climbed to 55.9 for October, versus prior reading of 55.6. The flash services PMI gained to 54.7 versus a reading of 53.5 for September.

New home sales fell 5.5 percent for September at an annual rate of 553,000.

The Treasury is set to auction 5-year notes at 1:00 p.m. ET.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

St. Louis Federal Reserve Bank President James Bullard will speak in Edinburgh at 11:30 a.m. ET.

Cleveland Federal Reserve Bank President Loretta Mester is set to speak in New York at 12:30 p.m. ET.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in Baton Rouge at 2:00 p.m. ET.

The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

US Federal Reserve Bank Governor Lael Brainard is set to speak in New York at 7:00 p.m. ET.

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

 

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