Market Overview

Mid-Afternoon Market Update: Integrated Device Technology Rises as Dana Holding Corporation Drops

Mid-Afternoon Market Update: Integrated Device Technology Rises as Dana Holding Corporation Drops
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Toward the end of trading Tuesday, the Dow traded up 0.61 percent to 15,663.07 while the NASDAQ gained 0.25 percent to 3,950.67. The S&P also rose, surging 0.45 percent to 1,770.09.

Top Headline
Pfizer (NYSE: PFE) reported an upbeat third-quarter profit.

Pfizer's quarterly profit declined to $2.59 billion, or $0.39 per share, versus a year-ago profit of $3.21 billion, or $0.43 per share, in the year-earlier period. Its adjusted earnings climbed 16 percent to $0.58 per share.

Its revenue fell 2 percent to $12.64 billion from $12.95 billion. However, analysts were projecting earnings of $0.56 per share on revenue of $12.7 billion. Pfizer lowered its 2013 earnings view to $3.05 to $3.15 per share, versus its earlier forecast of $3.07 to $3.22 per share.

Equities Trading UP
Integrated Device Technology (NASDAQ: IDTI) was up Tuesday afternoon, gaining 13.41 percent to $10.77 percent after the company beat on earnings Monday, expanded its share buyback program, and raised guidance slightly above street estimates.

Shares of Pitney Bowes (NYSE: PBI) got a boost, shooting up 9.64 percent to $21.09 after the company reported an upbeat Q3 profit.

Xylem (NYSE: XYL) was also up, gaining 12.34 percent to $32.49 after the company reported better-than-expected Q3 results and lifted its FY13 view.

Equities Trading DOWN
Shares of Volcano (NASDAQ: VOLC) were down 13.79 percent to $21.00 after the company reported Q3 revenue. JP Morgan downgraded the stock from Overweight to Neutral and lowered the price target from $29.00 to $24.00.

UBS AG (NYSE: UBS) shares tumbled 8.24 percent to $19.61 on Q3 results.

Dana Holding Corporation (NYSE: DAN) was also down, falling 15.22 percent to $19.19 after the company released some disappointing guidance in its third quarter report.

In commodity news, oil traded down 0.46 percent to $98.23, while gold traded down 0.50 percent to $1,345.10.

Silver traded up 0.05 percent Tuesday to $22.52, while copper rose 0.35 percent to $3.2805.

Euro zone
European shares were higher today. The Spanish Ibex Index rose 0.88 percent, while Italy's FTSE MIB Index surged 1.74 percent. Meanwhile, the German DAX rose 0.20 percent and the French CAC 40 surged 0.43 percent while U.K. shares gained 0.51 percent.

US retail sales fell 0.1 percent in September. However, economists were expecting sales to be unchanged in the month. The US producer price index declined 0.1 percent in September, while core wholesale prices climbed 0.1 percent. However, economists were expecting a 0.3 percent gain in the overall PPI and a 0.1 percent increase in the core PPI.

The ICSC-Goldman Sachs store sales index dropped 0.4 percent in the week ended Saturday versus the earlier week.

The S&P/Case-Shiller home price index rose 12.82 percent y/y in August, versus a 12.40 percent growth in July. However, economists were expecting a 12.50 percent rise.

The Johnson Redbook Sales Index declined 1.3 percent in the first three weeks of October versus September.

The Conference Board's consumer confidence index fell to 71.20 in October, from a prior reading of 79.70. However, economists were expecting a reading of 75.00.

US business inventories rose 0.30 percent in August, versus a 0.40 percent growth in July. However, economists were expecting a 0.30 percent gain.

The Treasury is set to auction 5-year notes.

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


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