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Markets Reverse Early Morning Gains Following Canadian Shooting

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Markets Reverse Early Morning Gains Following Canadian Shooting
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U.S. stocks reversed early morning gains following a fatal shooting of a Canadian soldier in the nation's capital and a subsequent gunfight inside Canada's Parliament.

Declining oil prices was also cited as a factor for the poor performance in equities on Wednesday following the release of U.S. crude inventories, which rose sharply.

The CBOE Volatility Index rose nearly 15 percent to 18.42 as investors as investors and traders weighed how the shooting in Canada and plunging oil prices along with other geopolitical issues and Ebola will affect the equities market.

On deck for the rest of the week includes weekly jobless claims on Thursday along with FHFA home prices and leading indicators. On Friday, new home sales data will be released.

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  • The Dow lost 0.92 percent, closing at 16,461.32.
  • The S&P 500 lost 0.73 percent, closing at 1,927.11.
  • The Nasdaq lost 0.83 percent, closing at 4,382.85.
  • Gold lost 0.84 percent, trading at $1,241.20 an ounce.
  • Oil lost 2.42 percent, trading at $80.49 a barrel.
  • Silver lost 2.42 percent, trading at $17.12 an ounce.

News Of Note

MBA Mortgage Composite Index rose 11.6 percent after rising 5.6 percent last week.

September Consumer Price Index rose 0.1 percent (versus consensus estimate of 0.2 percent) after declining 0.2 percent in August. Core CPI rose 0.1 percent (versus expectations of 0.2 percent) after remaining flat in August.

EIA Crude Inventories rose 7.1 million barrels after rising 8.9 million barrels last week.

The Bank of England voted seven to two in favor of maintaining its benchmark rates at 0.5 percent.

Analyst Upgrades And Downgrades Of Note

Analysts at Credit Suisse maintained a Buy rating on Canadian Pacific Railway (NYSE: CP) with a price target lowered to $262 from a previous $265. Shares lost 1.66 percent, closing at $196.69.

Analysts at Societe General downgraded Coca-Cola (NYSE: KO) to Sell from Hold with a price target lowered to $37.50 from a previous $42. Shares lost 0.15 percent, closing at $40.62.

Analysts at Canaccord Genuity downgraded Cree (NASDAQ: CREE) to Hold from Buy. Analysts at Bank of America maintained an Underperform rating with a price target lowered to $28 from a previous $30. Shares hit new 52-week lows of $27.25 before closing the day at $27.25, down 17.71 percent.

Analysts at Brean Capital initiated coverage of Groupon (NASDAQ: GRPN) with a Buy rating and $8 price target. Shares lost 1.29 percent, closing at $6.14.

Analysts at Barclays initiated coverage of Hess (NYSE: HES) with an Equal-Weight rating and $104 price target. Shares lost 1.65 percent, closing at $80.00.

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Analysts at Barclays maintained an Overweight rating on McDonald's (NYSE: MCD) with a price target lowered to $96 from a previous $101. Shares lost 0.08 percent, closing at $90.94.

Analysts at Bank of America downgraded Ocwen Financial (NYSE: OCN) with a price target lowered to $23 from a previous $35. Shares lost 11.36 percent, closing at $19.04.

Analysts at FBR Capital upgraded Yahoo! (NASDAQ: YHOO) to Outperform from Market Perform with a price target raised to $50 from a previous $40. Analysts at Bank of America maintained a Neutral rating with a price target raised to $48 from a previous $45. Shares gained 4.53 percent, closing at $42.00

Equities-Specific News Of Note

Johnson & Johnson (NYSE: JNJ) plans on testing an Ebola vaccine on humans in January and may have 250,000 doses available for a clinical trial in May of next year. Shares gained 0.86 percent, closing at $101.22.

FedEx (NYSE: FDX) said that it expects an 8.8-percent increase in shipment volume this holiday season. Shares lost 0.88 percent, closing at $158.47.

Total (NYSE: TOT) announced that Patrick Pouyanne will assume top ranks at the company following the death of the company's CEO, Christophe de Margerie, on Monday. Shares lost 1.88 percent, closing at $55.92.

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Caterpillar (NYSE: CAT) disclosed a 10-percent decline in worldwide machinery sales for the three-month period ending September 30. Shares lost 1.38 percent, closing at $94.57.

Target (NYSE: TGT) announced it will offer free shipping on all orders placed between October 22 and December 20. Shares lost 0.50 percent, closing at $61.33.

Winners Of Note

Tekmira (NASDAQ: TKMR) disclosed that it has commenced manufacturing in limited quantities a therapeutic part of its TKM-Ebola program, which will be available in early December. Shares gained 7.17 percent, closing at $19.27.

Decliners Of Note

3D Systems (NYSE: DDD) said that it expects its third quarter revenue to be $164 million to $169 million, below the consensus estimate of $186 million. The company expects to earn $0.16 to $0.19 per share, also falling short of the consensus estimate of $0.21. In addition, the company lowered its full year 2014 guidance and now expects its revenue to be $650 million to $690 million while earning $0.70 to $0.80 per share, lower than a prior guidance of $700 million and $0.73 to $0.85 per share, respectively. Shares hit new 52-week lows of $36.17 before closing the day at $36.17, down 15.47 percent.

Boulder Brands (NASDAQ: BDBD) said that it expects its third quarter net sales to be $133.9 million with an adjusted EBITDA of $21 million. Excluding certain items, non-GAAP diluted earnings per share is expected to be $0.08, falling below the company's prior guidance of $0.10 to $0.12. Non-GAAP diluted earnings for the fourth quarter are now expected to be $0.04 to $0.06, lower than prior guidance of $0.18 to $0.20. Shares hit new 52-week lows of $8.72 before closing the day at $9.62, down 24.43 percent.

VMware (NYSE: VMW) guided its third quarter revenue to $1.67 billion to $1.71 billion with its license revenue expected to grow by 11 percent to 14 percent year over year after rising 13 percent in the third quarter and 16 percent in the second quarter. Shares lost 7.08 percent, closing at $81.95.

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Caesars Entertainment (NASDAQ: CZR) intends to acquire approval from the Philippines government to build a $1 billion casino in the region. However, the government said that the company must put up a higher investment. Shares lost 7.07 percent, closing at $11.56.

Lumber Liquidator (NYSE: LL) reported its third quarter results this morning. The company earned $0.58 per share, missing the consensus estimate of $0.68. Revenue of $266.10 million missed the consensus estimate of $273.67 million. Shares hit new 52-week lows of $49.10 before closing the day at $52.36, down 9.14 percent.

B/E Aerospace (NASDAQ: BEAV) reported its third quarter results this morning. The company earned $1.16, beating the consensus estimate of $1.14. Revenue of $1.10 billion missed the consensus estimate of $1.11 billion. Shares lost 6.90 percent, closing at $74.47.

Tupperware (NYSE: TUP) reported its third quarter results. The company earned $0.90 per share, missing the consensus estimate of $0.92. Revenue of $589.0 million missed the consensus estimate of $590.51 million. Shares hit new 52-week lows of $62.64 before closing the day at $62.77, down 12.10 percent.

Earnings Of Note

Thermo Fisher Scientific (NYSE: TMO) reported its third quarter results this morning. The company earned $1.71 per share, beating the consensus estimate of $1.69. Revenue of $4.17 billion missed the consensus estimate of $4.21 billion. Shares lost 3.71 percent, closing at $113.83.

Dow Chemical (NYSE: DOW) reported its third quarter results this morning. The company earned $0.72 per share, beating the consensus estimate of $0.67. Revenue of $14.40 billion beat the consensus estimate of $14.30 billion. Shares lost 1.20 percent, closing at $47.63.

EMC Corp (NYSE: EMC) reported its third quarter results this morning. The company earned $0.44 per share, missing the consensus estimate of $0.46. Revenue of $6.00 billion missed the consensus estimate of $6.01 billion. Shares gained 0.63 percent, closing at $27.37.

Biogen (NASDAQ: BIIB) reported its third quarter results this morning. The company earned $3.80 per share, beating the consensus estimate of $3.46. Revenue of $2.50 billion beat the consensus estimate of $2.48 billion. Shares lost 5.42 percent, closing at $309.07.

Boeing (NYSE: BA) reported its third quarter results this morning. The company earned $2.14 per share, beating the consensus estimate of $1.98. Revenue of $23.78 billion beat the consensus estimate of $23.0 billion. Shares lost 4.46 percent, closing at $121.45.

AT&T (NYSE: T) reported its third quarter results after the market closed. The company earned $0.63 per share, missing the consensus estimate of $0.64. Revenue of $32.96 billion missed the consensus estimate of $33.26 billion. Shares were trading lower by 1.65 percent at $33.93 following the earnings release.

Quote Of The Day

Following an attack on Canada's Parliament on Wednesday, President Obama reached out to Canadian Prime Minister Stephen Harper and "condemned these outrageous attacks, and reaffirmed the close friendship and alliance between our people."

Posted-In: 3D Systems B E AerospaceEarnings News Econ #s After-Hours Center Markets Movers Best of Benzinga

 

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