Market Overview

Mid-Morning Market Update: Markets Surge; Hertz Global Lowers Full-Year Outlook

Mid-Morning Market Update: Markets Surge; Hertz Global Lowers Full-Year Outlook
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Following the market opening Thursday, the Dow traded up 0.72 percent to 15,383.85 while the NASDAQ surged 0.90 percent to 3,794.88. The S&P also rose, gaining 0.64 percent to 1,703.67.

Top Headline
Hertz Global Holdings (NYSE: HTZ) lowered its full-year earnings forecast.

Hertz now expects adjusted earnings of $1.68 to $1.78 per share, versus its earlier forecast of $1.78 to $1.88 per share.

Equities Trading UP
HB Fuller Co (NYSE: FUL) shot up 7.30 percent to $43.37 after the company reported Q3 results.

Shares of Bed Bath & Beyond (NASDAQ: BBBY) got a boost, shooting up 4.94 percent to $77.89 after the company reported upbeat fiscal second-quarter earnings.

Progress Software (NASDAQ: PRGS) was also up, gaining 3.43 percent to $26.27 on Q3 results.

Equities Trading DOWN
Shares of Hertz Global Holdings (NYSE: HTZ) were down 12.26 percent to $22.62 after the company lowered its full-year outlook.

Westport Innovations (NASDAQ: WPRT) shares tumbled 8.13 percent to $25.08 after the company announced a 6 million common stock offering.

Jabil Circuit (NYSE: JBL) was down, falling 5.33 percent to $22.72 after the company issued a weak outlook for the current quarter.

In commodity news, oil traded up 0.34 percent to $103.01, while gold traded down 0.28 percent to $1,332.40.

Silver traded down 0.28 percent Thursday to $21.83, while copper rose 1.34 percent to $3.32.

European shares were mixed today. The Spanish Ibex Index surged 0.34 percent, while Italy's FTSE MIB Index fell 1.02 percent. Meanwhile, the German DAX gained 0.06 percent and the French CAC 40 rose 0.02 percent while U.K. shares climbed 0.15 percent.

US jobless claims declined 5,000 to 305,000 in the week ended September 21. However, economists were estimating claims to rise to 327,000.

The US economy expanded at an annualized rate of 2.5% in the second quarter.

The Bloomberg Consumer Confidence Index rose to -28.10 for the week ended September 22, versus a prior reading of -29.40.

The pending home sales index declined 1.6% in August from July, versus economists' expectations for a 1% fall.

The Kansas City Fed manufacturing index for September will be released at 11:00 a.m. ET.

The Treasury is set to auction 3-and 6-month bills.

Data on money supply will be released at 4:30 p.m. ET.

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


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