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Mid-Afternoon Market Update: Markets Post Large Rally as Textron Falls on Citron Report

Mid-Afternoon Market Update: Markets Post Large Rally as Textron Falls on Citron Report

Toward the end of trading Tuesday, the Dow traded up 0.70 percent to 16,540.52 while the NASDAQ surged 0.95 percent to 4,152.56. The S&P also rose, gaining 0.62 percent to 1,838.47.

Top Headline
IHS (NYSE: IHS) reported an upbeat fourth-quarter profit. IHS projects FY14 subscription revenue to rise 6% to 7%. The company projects total revenue of $2.17 to $2.23 billion and an adjusted profit of $5.50 to $5.85 per share.

However, analysts projected a profit of $5.58 per share on revenue of $2.2 billion. IHS posted its quarterly net income at $40.8 million, or $0.60 per share, versus a year-ago profit of $46.4 million, or $0.69 per share.

Excluding items, it earned $1.46 per share, versus analysts' estimates of $1.27 per share. Its revenue climbed 35% to $559.7 million, while subscription revenue jumped 38%. However, analysts were projecting revenue of $534.8 million.

Equities Trading UP
Shares of Neurocrine Biosciences (NASDAQ: NBIX) got a boost, shooting up 85.91 percent to $18.15 after the company reported positive results of VMAT2 inhibitor NBI-98854 in Kinect 2 study.

Affymetrix (NASDAQ: AFFX) was also up, gaining 11.52 percent to $8.81 after the company affirmed its fourth quarter revenue guidance which came in above the street's consensus.

Convergys (NYSE: CVG) was also up, gaining 7.77 percent to $22.48 after the company announced its plans to acquire Stream Global Services for $820 million in cash. Convergys also reaffirmed its outlook for 2013. 

Equities Trading DOWN
Shares of Textura (NYSE: TXTR) took a hit on Tuesday's session, falling 11.19 percent to $28.40 after Citron research released a scathing report on the company.

PBF Energy (NYSE: PBF) tumbled 4.98 percent to $28.42 after the company priced secondary offering of 15 million shares at $28 per share.

Gulfport Energy (NASDAQ: GPOR) was down, falling 6.08 percent to $55.62 after the company reported 2013 exit rate of 27,780 barrels of oil equivalent per day. RBC Capital downgraded Gulfport Energy from Outperform to Sector Perform and cut the price target from $64.00 to $61.00. 

In commodity news, oil traded up 0.32 percent to $93.73, while gold traded down 0.65 percent to $1,230.00. Silver traded down 1.94 percent Tuesday to $19.79, while copper rose 0.01 percent to $3.36.

European shares were higher today. The Spanish Ibex Index rose 2.93 percent, while Italy's FTSE MIB Index surged 1.22 percent. Meanwhile, the German DAX climbed 0.83 percent and the French CAC 40 rose 0.83 percent while U.K. shares climbed 0.37 percent.

The ICSC-Goldman Sachs store sales index dropped 5.4% in the week ended Saturday versus the earlier week. The Johnson Redbook Retail Sales Index fell 0.6% in December versus November. US trade deficit declined around 13% to $34.3 billion in November, versus a revised $39.3 billion in the earlier month. However, economists were expecting a deficit of $40.0 billion. The Treasury is set to auction 3-year notes.


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