Mid-Day Market Update: GenCorp Rises, Markets Erasing Losses
Midway through trading Tuesday, the Dow traded up 0.29 percent to 13,689.00 while the NASDAQ fell 0.04 percent to 3,133.21. The S&P was also up, increasing 0.21 percent to 1,489.50.
Verizon Communications (NYSE: VZ) posted earnings this morning, largely missing analyst EPS estimates while slightly missing on revenue. Following the report, shares traded sharply down in the pre-market but have since recovered after the market opening.
Equities Trading UP
Research in Motion (NASDAQ: RIMM) shot up 9.76 percent to $17.39 in early trading on Tuesday after the company reported its considering selling the Blackberry hardware business and move into a software licensing model.
Shares of OM Group (NYSE: OMG) rose quickly as well, gaining 11.76 percent to $25.91 after the company announced that it will exit its advanced materials business.
GenCorp (NYSE: GY) traded up 8.14 percent to $11.37 as shares continued to rise on positive trial results released Friday from its AJ26 rocket engine.
Equities Trading DOWN
Arena Pharmaceuticals (NASDAQ: ARNA) fell 9.47 percent to $8.85 after the company received a ‘day 180' list of issues with its obesity drug from European regulators.
Mellanox Technologies (NASDAQ: MLNX) was also down, dropping 4.82 percent to $47.75
Shares of Impact Laboratories (NASDAQ: IPXL) traded down 7.95 percent to $19.35 after the FDA rejected the company's parkinsons disease drug.
In commodity news, oil traded up 0.84 percent to $96.85, while gold traded up 0.41 percent to $1,693.10.
Silver traded up 0.38 percent Tuesday to $32.91.
European markets were largely down Tuesday morning, but had recovered much of their losses from earlier in the session. The German DAX lead the market losers, falling 0.7 percent as it was pushed down by the financial sector, while the Italian MIB index managed to post a 0.17 percent gain in the face of red markets.
In economic news Tuesday morning, the Chicago fed national activity was reported at 0.02, falling below the previous report of 0.270, while the Richmond fed manufacturing index came in at -12.0, a wide miss from the expected 5.0.
Existing home sales were reported as well, coming in at 4.94 million, missing the expected 5.1 million, but beating the previous figure of 4.99 million.
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