Mid-Morning Market Update: Markets Open Higher; Lockheed Martin Posts Upbeat Profit
Following the market opening Tuesday, the Dow traded up 0.62 percent to 15,487.15 while the NASDAQ surged 0.57 percent to 3,942.35. The S&P also rose, gaining 0.68 percent to 1,756.50.
Lockheed Martin (NYSE: LMT) reported a rise in its third-quarter profit. Lockheed Martin's quarterly profit surged to $873 million, or $2.66 per share, up from $727 million, or $2.21 per share, in the year-ago period. Its earnings from continuing operations came in at $2.57 per share, up from $2.21 per share.
Its revenue declined to $11.3 billion from $11.9 billion. However, analysts were estimating earnings of $2.27 per share on revenue of $11.15 billion. Lockheed Martin lifted its 2013 earnings outlook to a range of $9.40 to $9.70 per share.
Equities Trading UP
Nu Skin Enterprises (NYSE: NUS) shot up 15.40 percent to $118.52 after the company reported upbeat third-quarter earnings and issued a strong Q4 outlook.
Shares of Netflix (NASDAQ: NFLX) got a boost, shooting up 8.16 percent to $383.95 after the company reported a strong rise in its third-quarter profit and issued an upbeat earnings forecast for the current quarter. Analysts at Evercore Partners upgraded the stock from Underweight to Equal-Weight.
VMware (NYSE: VMW) was also up, gaining 8.48 percent to $89.66 on upbeat third-quarter profit.
Equities Trading DOWN
Shares of Coach (NYSE: COH) were down 6.66 percent to $50.57 after the company reported a drop in its Q1 profit.
E-Commerce China Dangdang (NYSE: DANG) shares tumbled 10.33 percent to $10.41 after the company issued weak Q3 revenue forecast.
Zions Bancorp (NASDAQ: ZION) was down, falling 6.53 percent to $27.91 on Q3 results. Citigroup downgraded the stock from Buy to Neutral.
In commodity news, oil traded down 0.05 percent to $99.17, while gold traded up 0.93 percent to $1,328.00. Silver traded up 0.55 percent Tuesday to $22.40, while copper rose 0.83 percent to $3.33.
European shares were mostly higher today. The Spanish Ibex Index fell 0.38 percent, while Italy's FTSE MIB Index gained 0.58 percent. Meanwhile, the German DAX rose 0.65 percent and the French CAC 40 climbed 0.32 percent while U.K. shares climbed 0.42 percent.
The US economy added 148,000 jobs in September, while the country's unemployment rate fell to 7.2 percent from 7.3 percent. However, economists were expecting a gain of 180,000 jobs.
The Richmond Fed manufacturing index rose to 1.00 in October, versus a prior reading of 0.00. However, economists were expecting a reading of 0.00.
US construction spending increased 0.6 percent in August, versus economists' expectations for a 0.4 percent rise. The Treasury is set to auction 4-week bills.
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