Market Overview

Mid-Day Market Update: Integrated Device Technology Jumps On Upbeat Earnings; Twitter Shares Decline

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Mid-Day Market Update: Integrated Device Technology Jumps On Upbeat Earnings; Twitter Shares Decline
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Midway through trading Tuesday, the Dow traded up 0.25 percent to 16,859.62 while the NASDAQ jumped 1.02 percent to 4,531.89. The S&P also rose, gaining 0.49 percent to 1,971.22.

Leading and Lagging Sectors

Telecommunications services shares rose by 1.42 percent in today’s trading. Top gainers in the sector included China Telecom Corp. Ltd. (NYSE: CHA), up 5.7 percent, and ARC Group Worldwide (NASDAQ: ARCW), up 3.4 percent.

In trading on Tuesday, healthcare shares were relative laggards, down on the day by about 0.27 percent. Top losers in the sector includedLuminex (NASDAQ: LMNX), down 11.4 percent, and Sanofi (NYSE: SNY), off 10 percent.

Top Headline

Pfizer (NYSE: PFE) reportedbetter-than-expectedearnings for the third quarter and narrowed its earnings forecast for the year.

The New York-based company reported a quarterly profit of $2.67 billion, or $0.42 per share, versus a year-ago profit of $2.59 billion, or $0.39 per share. Excluding certain items, the company’s earnings declined to $0.57 per share from $0.58 per share.

Its revenue fell 2.2% to $12.36 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $12.24 billion.

Equities Trading UP

Receptos (NASDAQ: RCPT) shares shot up 46.35 percent to $99.14 after the company announced positive Phase 2 results for TOUCHSTONE Trial of RPC1063 in Ulcerative Colitis.

Shares of VASCO Data Security International (NASDAQ: VDSI)got a boost,shooting up 25.26 percent to $22.91 after the company posted a profit in the third quarter.

Integrated Device Technology (NASDAQ: IDTI) shares were also up, gaining 18.80 percent to $16.68 after the company reported better-than-expected quarterly earnings.

Equities Trading DOWN

Shares of Amkor Technology (NASDAQ: AMKR)were down 16.25 percent to $6.27 after the company reported weaker-than-expected Q3 results and issued a downbeat Q4 forecast.

Twitter (NYSE: TWTR)shares tumbled 12.52 percent to $42.48.Twitter met Wall Street's earnings expectations. The company issued a weak revenue forecast for the fourth quarter. In the latest period, Twitter's user base grew 23% to 284 million.Analysts at Nomura downgraded Twitter from Buy to Neutral and lowered the price target from $55.00 to $45.00.

Kohl's (NYSE: KSS) was down, falling 7.47 percent to $54.17 after the company issued a weak guidance on Monday. The company projected comparable sales to drop by 1.4% in the third quarter. It also expected 2014 diluted earnings on an EPS basis to be at the low end of previous forecast.

Commodities

In commodity news, oil traded up 0.21 percent to $81.17, while gold traded up 0.07 percent to $1,230.10.

Silver traded up 0.46 percent Tuesday to $17.24, while copper rose 0.75 percent to $3.09.

Eurozone

European shareswere highertoday.The eurozone’s STOXX 600 rose 0.92 percent, the Spanish Ibex Index climbed 1.84 percent, while Italy’s FTSE MIB Index jumped 1.58 percent. Meanwhile, the German DAX climbed 1.77 percent and the French CAC 40 surged 0.49 percent while UK shares gained 0.55 percent.

Economics

U.S. durable goods orders dropped 1.3% in September, versus economists’ expectations for a 0.2% gain.

U.S. home prices rose 0.2% in August, versus a 0.6% gain in July, according to S&P/Case-Shiller's index.

The Conference Board's consumer confidence index climbed to a reading of 94.5 in October, versus 89 in September. However, economists were projecting a reading of 87.3.

The Richmond Fed manufacturing index rose to 20.00 in October, versus a prior reading of 14. However, economists were expecting a reading of 11.00.

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

Posted-In: Earnings News Eurozone Futures Commodities Legal Econ #s Intraday Update

 

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