Market Overview

Mid-Morning Market Update: Markets Mostly Higher; Kellogg To Lower 7 Percent Of Workforce

Mid-Morning Market Update: Markets Mostly Higher; Kellogg To Lower 7 Percent Of Workforce
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Following the market opening Monday, the Dow traded up 0.13 percent to 15,635.10 while the NASDAQ dropped 0.01 percent to 3,921.73. The S&P also rose, surging 0.13 percent to 1,763.91.

Top Headline
Kellogg (NYSE: K) reported a 2.5 percent rise in its third-quarter profit and announced its plans to cut its workforce by 7 percent by 2017.

Kellogg's quarterly profit surged to $326 million, or $0.90 per share, versus a year-ago profit of $318 million, or $0.89 per share. Excluding one-time items, it earned $0.95 per share.

Its sales fell 0.1 percent to $3.72 billion. However, analysts were expecting earnings of $0.89 per share on revenue of $3.71 billion.

Equities Trading UP
Extreme Networks (NASDAQ: EXTR) shot up 22.59 percent to $6.59 after the company reported FQ1 results.

Shares of AK Steel Holding (NYSE: AKS) got a boost, shooting up 10.87 percent to $5.10 after Goldman Sachs upgraded the stock from Sell to Buy.

Realogy Holdings (NYSE: RLGY) was also up, gaining 6.23 percent to $43.21 after the company posted a profit in the third quarter.

Equities Trading DOWN
Shares of BlackBerry (NASDAQ: BBRY) were down 11.20 percent to $6.90 after the company abandoned its plan to sell itself. The company also announced its plans to replace its Chief Executive Thorsten Heins.

Ryanair Holdings plc (NASDAQ: RYAAY) shares tumbled 13.83 percent to $43.38 after the company cut its profit outlook for the year.

World Acceptance (NASDAQ: WRLD) was down, falling 9.56 percent to $91.61 after the company announced the resignation of its President and Chief Operating Officer Mark C. Roland.

In commodity news, oil traded down 0.13 percent to $94.49, while gold traded up 0.32 percent to $1,317.40.

Silver traded down 0.12 percent Monday to $21.81, while copper fell 1.26 percent to $3.26.

European shares were higher today. The Spanish Ibex Index rose 0.74 percent, while Italy's FTSE MIB Index gained 0.77 percent. Meanwhile, the German DAX rose 0.43 percent and the French CAC 40 gained 0.44 percent while U.K. shares rose 0.64 percent.

US factory orders rose 1.70 percent in September, while August orders declined 0.1 percent.

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

The Investor Movement Index for October will be released at 12:30 p.m. ET.

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


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