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Market Overview

Mid-Day Market Update: Dow Rises Over 200 Points; Electro Scientific Industries Shares Spike Higher


Midway through trading Tuesday, the Dow traded up 0.85 percent to 24,651.60 while the NASDAQ climbed 1.01 percent to 7,121.36. The S&P also rose, gaining 0.84 percent to 2,663.33.

Leading and Lagging Sectors

On Tuesday, the real estate shares rose 2 percent. Meanwhile, top gainers in the sector included Taubman Centers, Inc. (NYSE: TCO) up 6 percent, and NexPoint Residential Trust Inc (NYSE: NXRT) up 6 percent.

In trading on Tuesday, utilities shares fell 0.8 percent.

Top Headline

General Electric Company (NYSE: GE) reported weaker-than-expected results for its third quarter.

General Electric will pay shareholders 1 cent per share per quarter in dividends after announcing a major reduction in conjunction with its third-quarter earnings report.

GE said it earned 14 cents per share in the third quarter on revenue of $29.573 billion, which fell short of the 22 cents per share and $28.85 billion Wall Street analysts expected. The company also announced a $22 billion non-cash goodwill impairment charge of $22 billion related to GE Power and will split the power unit in two divisions.


Equities Trading UP

Electro Scientific Industries, Inc. (NASDAQ: ESIO) shares shot up 90 percent to $28.3932 after MKS Instruments announced plans to buy the company at $30 per share.

Shares of Heidrick & Struggles International, Inc. (NASDAQ: HSII) got a boost, shooting up 33 percent to $39.16 after reporting upbeat Q3 results.

Veracyte, Inc. (NASDAQ: VCYT) shares were also up, gaining 33 percent to $12.53 after the company posted upbeat quarterly earnings.


Equities Trading DOWN

LM Funding America, Inc. (NASDAQ: LMFA) shares dropped 42 percent to $1.99 after the company priced a 2.5 million unit offering at $2.40 per unit.

Shares of Avinger, Inc. (NASDAQ: AVGR) were down 41 percent to $0.35 after the company priced a 3.535 million unit offering at $0.40 per share.

Novume Solutions, Inc. (NASDAQ: NVMM) was down, falling around 39 percent to $0.79 after the company priced a 4.125 million share common offering at $0.80 per share.


In commodity news, oil traded down 1.09 percent to $66.31 while gold traded down 0.21 percent to $1,225.00.

Silver traded up 0.16 percent Tuesday to $14.465, while copper fell 2.43 to $2.674.


European shares were mixed today. The eurozone’s STOXX 600 climbed 0.14 percent, the Spanish Ibex Index rose 0.09 percent, while Italy’s FTSE MIB Index dropped 0.03 percent. Meanwhile the German DAX dropped 0.30 percent, and the French CAC 40 slipped 0.14 percent while U.K. shares rose 0.14 percent.


The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index increased 5.5 percent year-over-year for August.

The Conference Board consumer confidence index climbed to 137.9 in October, versus a revised reading of 135.3 in September.

Data on farm prices for September will be released at 3:00 p.m. ET.


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