Market Overview

Mid-Afternoon Market Update: Markets Mixed as iRobot Surges

Mid-Afternoon Market Update: Markets Mixed as iRobot Surges
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Toward the end of trading Tuesday, the Dow traded up 0.06 percent to 15,894.40 while the NASDAQ rose 0.01 percent to 4,029.33. The S&P also fell, dropping 0.17 percent to 1,783.07.

Top Headline
FactSet Research Systems (NYSE: FDS) reported a 4.8% rise in its fiscal first-quarter profit and issued a weak earnings guidance for the current quarter.

FactSet Research expects current-quarter earnings of $1.20 to $1.23 per share, versus analysts' estimates of $1.25 per share. It expects revenue of $225 million to $228 million, versus analysts' estimates of $227 million.

FactSet Research's quarterly profit surged to $52.2 million, or $1.19 per share, from $49.8 million, or $1.11 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $1.22 per share. Its revenue climbed 5.6% to $223 million. The company had earlier expected earnings of $1.21 to $1.24 per share on revenue of $222 million to $225 million.

Equities Trading UP
KKR Financial Holdings LLC (NYSE: KFN) shot up 28.47 percent to $12.14 after the company agreed to be acquired by KKR & Co (NYSE: KKR) for $2.6 billion.

Shares of Frontier Communications (NASDAQ: FTR) got a boost, shooting up 9.09 percent to $4.80 after AT&T (NYSE: T) announced its plans to sell its Wireline Residential and Business Services and associated assets in Connecticut to Frontier for $2 billion in cash.

iRobot Corporation (NASDAQ: IRBT) was also up, gaining 17.06 percent to $36.64 after the company got upgraded by Raymond James to a Strong Buy and a $39 price target.

Equities Trading DOWN
Shares of FactSet Research Systems (NYSE: FDS) were down 5.92 percent to $110.18 after the company issued a weak earnings guidance for the current quarter.

Spectrum Pharmaceuticals (NASDAQ: SPPI) shares tumbled 9.77 percent to $8.18 after the company announced an offering of $100 million of convertible notes.

Rockwell Medical (NASDAQ: RMTI) was also down, falling 19.90 percent to $10.80 after Brean Capital initiated the company at a Sell rating and a $4 price target.

In commodity news, oil traded down 0.31 percent to $97.18, while gold traded down 1.12 percent to $1,230.50.

Silver traded down 1.07 percent Tuesday to $19.89, while copper fell 0.18 percent to $3.32.

European shares were lower today. The Spanish Ibex Index dropped 0.91 percent, while Italy's FTSE MIB Index declined 1.63 percent. Meanwhile, the German DAX fell 0.86 percent and the French CAC 40 dipped 1.24 percent while U.K. shares tumbled 0.55 percent.

U.S. consumer prices came in flat in November, while the core CPI rose 0.2%. However, economists were projecting both the main CPI and core CPI to gain by 0.1%.

The U.S. current account deficit shrank to $94.8 billion in the third quarter, versus a downwardly revised $96.6 billion in the second quarter.

The ICSC-Goldman Sachs store sales index rose 4.8% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index dropped 1.4% in the first two weeks of December versus November.

The NAHB housing market index rose to 58.00 in December, versus a prior reading of 54.00. However, economists were expecting a reading of 55.00.

The Federal Open Market Committee begins its 2-day meeting today.

The Treasury is set to auction 2-year notes.

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


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