Mid-Day Market Update: BroadSoft Drops On Q3 Results; Endo Health Shares Spike Higher

Midway through trading Tuesday, the Dow traded down 0.12 percent to 15,620.85 while the NASDAQ declined 0.03 percent to 3,935.56. The S&P also fell, dropping 0.18 percent to 1,764.76.

Top Headline
CVS Caremark CVS reported a 25 percent rise in its third-quarter earnings and lifted its earnings forecast for the year.

CVS Caremark now expects full-year earnings of $3.94 to $3.97 per share, versus its earlier forecast of $3.90 to $3.96 per share.

CVS Caremark's quarterly profit surged to $1.25 billion, or $1.02 per share, versus a year-ago profit of $1.01 billion, or $0.79 per share. Excluding one-time items, its adjusted earnings came in at $1.05 per share. The company had earlier expected earnings of $1 to $1.03 per share. Its revenue rose 5.8 percent to $32 billion, versus analysts' estimates of $31.53 billion.

Equities Trading UP
Endo Health Solutions ENDP shot up 27.93 percent to $55.83 after the company announced its plans to acquire Paladin Labs for $1.6 billion in stock and cash. Shares of GT Advanced Technologies GTAT got a boost, shooting up 21.37 percent to $10.17 following Monday's announcement of deal with Apple for sapphire materials. Michael Kors Holdings KORS was also up, gaining 6.69 percent to $79.78 after the company reported a 40 percent rise in its quarterly revenue.

Equities Trading DOWN
Shares of BroadSoft BSFT were down 23.02 percent to $25.51 after the company reported weaker-than-expected third-quarter results and issued a downbeat outlook for the fourth quarter.

ImmunoGen IMGN shares tumbled 21.31 percent to $13.02 after the company announced the discontinuation of IMGN901 study in small-cell lung cancer.

Polypore International PPO was down, falling 15.67 percent to $37.02 on Q3 results.

Commodities
In commodity news, oil traded down 1.16 percent to $93.52, while gold traded down 0.24 percent to $1,311.50.

Silver traded down 0.16 percent Tuesday to $21.67, while copper rose 0.23 percent to $3.26.

Eurozone
European shares were lower today. The Spanish Ibex Index fell 0.72 percent, while Italy's FTSE MIB Index dropped 1.13 percent. Meanwhile, the German DAX declined 0.38 percent and the French CAC 40 tumbled 0.82 percent while U.K. shares fell 0.37 percent.

Economics
The ISM non-manufacturing index rose to 55.40 in October, from a prior reading of 54.40. However, economists were expecting a reading of 54.00.

The Johnson Redbook Retail Sales Index dropped 1.2 percent in the first four weeks of October versus September.

The ICSC-Goldman Sachs store sales index declined 0.6 percent in the week ended Saturday versus the earlier week.