Market Overview

Mid-Day Market Update: US Stocks Edge Higher; Facebook Shares Surge On Citi Upgrade

Mid-Day Market Update: US Stocks Edge Higher; Facebook Shares Surge On Citi Upgrade

Midway through trading Tuesday, the Dow traded up 0.12 percent to 15,420.10 while the NASDAQ surged 0.40 percent to 3,780.30. The S&P also rose, gaining 0.16 percent to 1,704.55.

Top Headline
Lennar (NYSE: LEN) reported a 39% rise in its third-quarter net profit.

Lennar's quarterly net profit surged to $120.7 million, or $0.54 per share, from $87.1 million, or $0.40 per share, in the year-ago period.

Its revenue rose 46% to $1.6 billion from $1.1 billion, while new orders climbed 14%. However, analysts were estimating earnings of $0.45 per share on revenue of $1.55 billion.

Equities Trading UP
Greenway Medical Technologies (NYSE: GWAY) shot up 18.21 percent to $20.25 after the company agreed to be acquired by Vista Equity Partners for $20.35 per share.

Shares of Applied Materials (NASDAQ: AMAT) got a boost, shooting up 7.31 percent to $17.16 after the company announced its plans to acquire Tokyo Electron in an all-share deal.

Facebook (NASDAQ: FB) was also up, gaining 3.86 percent to $49.01 after Citigroup upgraded the stock from Neutral to Buy.

Equities Trading DOWN
Shares of Cypress Semiconductor (NASDAQ: CY) were down 13.48 percent to $9.90 after the company lowered its Q3 forecast.

Red Hat (NYSE: RHT) shares tumbled 10.47 percent to $47.39 after the company reported Q2 results. Piper Jaffray downgraded the stock from Overweight to Neutral.

Carnival (NYSE: CCL) was down, falling 6.43 percent to $35.00 on Q3 results.

In commodity news, oil traded down 0.70 percent to $102.86, while gold traded down 0.72 percent to $1,317.40.

Silver traded down 1.08 percent Tuesday to $21.62, while copper fell 1.38 percent to $3.25.

European shares were higher today. The Spanish Ibex Index surged 0.64 percent, while Italy's FTSE MIB Index rose 0.85 percent. Meanwhile, the German DAX gained 0.34 percent and the French CAC 40 rose 0.56 percent while U.K. shares climbed 0.21 percent.

The ICSC-Goldman Sachs store sales index dropped 1% in the week ended Saturday versus the earlier week.

The S&P/Case-Shiller home price index rose 1.8% in July from June, while the index climbed 12.4% y/y in the month.

The FHFA house price index climbed 1% in July from June, while the index surged 8.8% y/y.

The Johnson Redbook Retail Sales Index fell 0.4% in the first three weeks of September from August.

The Richmond manufacturing index declined to 0.00 in September, versus a prior reading of 14.00. However, economists were expecting a reading of 12.00.

The Conference Board's consumer confidence index fell to 79.70 in September from a revised reading of 81.80 in August. Economists were expecting a reading of 79.90.

The Treasury is set to auction 2-year notes.


Related Articles (BZSUM)

View Comments and Join the Discussion!

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s Best of Benzinga