Mid-Morning Market Update: Markets Open Higher; GM Profit Tops Estimates
Following the market opening Wednesday, the Dow traded up 0.08 percent to 15,692.26 while the NASDAQ gained 0.19 percent to 3,959.78. The S&P also rose, surging 0.06 percent to 1,773.03.
GM's quarterly earnings declined to $698 million, or $0.45 per share, from $1.48 billion, or $0.89 per share, in the year-earlier period. Excluding one-time items, the company earned $0.96 per share.
Its revenue climbed 4 percent to $39 million. However, analysts were estimating earnings of $0.94 per share on revenue of $39.2 billion.
Equities Trading UP
Electronic Arts (NASDAQ: EA) shot up 11.15 percent to $26.82 after the company reported upbeat profit for the fiscal second quarter.
Shares of Ariad Pharmaceuticals (NASDAQ: ARIA) got a boost, shooting up 11.35 percent to $4.22. Sarissa Capital Management LP has taken a 6.22 percent stake in Ariad Pharmaceuticals.
DreamWorks Animation SKG (NASDAQ: DWA) was also up, gaining 13.77 percent to $31.65 on upbeat Q3 results.
Equities Trading DOWN
Shares of The Western Union Company (NYSE: WU) were down 16.89 percent to $15.99 on Q3 results. Raymond James downgraded the stock from Outperform to Market Perform.
InvenSense (NASDAQ: INVN) shares tumbled 16.54 percent to $15.54 on Q2 results. Cirrus Logic (NASDAQ: CRUS) was down, falling 12.04 percent to $21.48 after the company reported Q2 results. Barclays downgraded the stock from Equal-Weight to Underweight.
In commodity news, oil traded down 0.93 percent to $97.29, while gold traded up 0.78 percent to $1,355.60. Silver traded up 2.44 percent Wednesday to $23.04, while copper rose 1.39 percent to $3.32.
European shares were mixed today. The Spanish Ibex Index fell 0.42 percent, while Italy's FTSE MIB Index declined 0.24 percent. Meanwhile, the German DAX rose 0.04 percent and the French CAC 40 surged 0.14 percent while U.K. shares gained 0.26 percent.
Private-sector employers added 130,000 jobs in October, according to Automatic Data Processing Inc. However, economists were expecting an increase of 150,000 jobs.
US consumer prices increased 0.2 percent in September, while the core CPI climbed 0.1 percent. However, economists were expecting a 0.2 percent rise.
The Mortgage Bankers Association reported that its index of mortgage application activity rose 6.40 percent in the week ended October 25.
The FOMC is scheduled to announce its policy decision at 2:00 p.m. ET.
The Treasury is set to auction 7-year notes.
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