Market Overview

Mid-Morning Market Update: Markets Open Higher; Archer Daniels Midland Earnings Miss Views

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Following the market opening Tuesday, the Dow traded up 0.46 percent to 25,355.30 while the NASDAQ climbed 0.5 percent to 7,384.46. The S&P also rose, gaining 0.24 percent to 2,731.46.

Leading and Lagging Sectors

Tuesday morning, the consumer discretionary shares climbed 0.9 percent. Meanwhile, top gainers in the sector included Ralph Lauren Corp (NYSE: RL) up 11 percent, and M/I Homes Inc (NYSE: MHO) up 14 percent.

In trading on Tuesday, real estate shares fell 0.3 percent.

Top Headline

Archer Daniels Midland Co (NYSE: ADM) reported weaker-than-expected earnings for its fourth quarter.

Archer Daniels delivered earnings of $0.88 per share, missing estimates of $0.93 per share. The company’s revenue came in at $15.95 billion, versus estimates of $16.81 billion. Archer Daniels Midland raised its quarterly dividend from $0.335 to $0.35 per share.

 

Equities Trading UP

Amyris, Inc. (NASDAQ: AMRS) shares got a boost, shooting up 37 percent to $4.34 after the company announced a $255 million cannabinoid development, licensing, and commercialization agreement.

Shares of Mueller Industries, Inc. (NYSE: MLI) shot up 10 percent to $29.49 after the company posted upbeat Q4 results.

The Estée Lauder Companies Inc. (NYSE: EL) shares were also up, gaining 12 percent to $152.62 after the company reported upbeat Q2 earnings and raised its full-year guidance.

Equities Trading DOWN

OPKO Health, Inc. (NASDAQ: OPK) shares dropped 18 percent to $2.88 after the company announced a proposed offering of $200 million in convertible senior notes.

Shares of BioLineRx Ltd. (NASDAQ: BLRX) were down 39 percent to $0.4449 after reporting a proposed underwritten public offering of its American Depositary Shares and warrants.

Control4 Corporation (NASDAQ: CTRL) was down, falling around 18 percent to $17.51 after the company reported Q4 sales of $72.487M versus the $73.16M estimate. The company also reported it sees Q1 EPS of $0.08 to $0.11 versus the $0.22 estimate.

Commodities

In commodity news, oil traded down 1.1 percent to $53.96 while gold traded down 0.02 percent to $1,319.10.

Silver traded up 0.03 percent Tuesday to $15.89, while copper rose 0.63 percent to $2.812.

 

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.8 percent, the Spanish Ibex Index climbed 0.5 percent, while Italy’s FTSE MIB Index jumped 0.8 percent. Meanwhile the German DAX gained 1.1 percent, and the French CAC 40 gained 1 percent while U.K. shares rose 1.5 percent.

Economics

U.S. Markit composite PMI slipped to 54.40 for January, versus prior reading of 54.50. Economists expected a reading of 54.50. The Markit final services PMI was unchanged at 54.2 in January.

The ISM non-manufacturing composite index dropped to 56.70 in January, versus previous reading of 58.00. However, economists were projecting a reading of 57.20.

The Treasury is set to auction 3-year notes 1:00 p.m. ET.

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

 

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