Market Overview

Mid-Afternoon Market Update: Marvell Rises on KKR Stake While Orbitz Gives Up Last Week's Gains

Mid-Afternoon Market Update: Marvell Rises on KKR Stake While Orbitz Gives Up Last Week's Gains

Toward the end of trading Tuesday, the Dow traded up 0.01 percent to 15,639.85 while the NASDAQ rose 0.22 percent to 3,945.56. The S&P also fell, dropping 0.10 percent to 1,766.76.

Top Headline
CVS Caremark (NYSE: 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 (NASDAQ: ENDP) shot up 29.63 percent to $55.58 after the company announced its plans to acquire Paladin Labs for $1.6 billion in stock and cash.

Shares of GT Advanced Technologies (NASDAQ: GTAT) got a boost, shooting up 20.29 percent to $10.07 following Monday's announcement of deal with Apple for sapphire materials.

Marvell Technology (NASDAQ: MRVL) was also up, gaining 9.74 percent to $13.18 after KKR (NYSE: KKR) announced it had acquired a stake in the company.

Equities Trading DOWN
Shares of Orbitz Worldwide (NYSE: OWW) fell 19.00 percent Tuesday to $7.76 after the company reported an earnings miss and lowered its third quarter revenue guidance before the open, crushing its momentum from last week.

ImmunoGen (NASDAQ: IMGN) shares tumbled 19.76 percent to $13.28 after the company announced the discontinuation of IMGN901 study in small-cell lung cancer.

Polypore International (NYSE: PPO) was down, falling 14.80 percent to $37.40 on Q3 results.

In commodity news, oil traded down 1.38 percent to $93.31, while gold traded down 0.31 percent to $1,310.50.

Silver traded up 0.16 percent Tuesday to $21.69, while copper rose 0.29 percent to $3.26.

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.

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 ending Saturday versus the earlier week.

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


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