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Mid-Day Market Update: ACCO Brands Jumps On Upbeat Results; American Realty Shares Slide

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Mid-Day Market Update: ACCO Brands Jumps On Upbeat Results; American Realty Shares Slide

Midway through trading Wednesday, the Dow traded up 0.08 percent to 17,019.33 while the NASDAQ tumbled 0.43 percent to 4,544.73. The S&P also rose, gaining 0.02 percent to 1,985.52.

Leading and Lagging Sectors

Energy shares gained by 0.96 percent in today’s trading. Top gainers in the sector included Newfield Exploration Co (NYSE: NFX), up 14.7 percent, and Energy XXI (Bermuda) (NASDAQ: EXXI), up 9.5 percent.

In trading on Wednesday, basic materials shares were relative laggards, down on the day by about 0.70 percent. Top losers in the sector included Myers Industries (NYSE: MYE), down 14.7 percent, and Owens-Illinois (NYSE: OI), off 7.7 percent.

Top Headline

Goodyear Tire & Rubber Company (NYSE: GT) reported upbeat third-quarter earnings.

The Akron, Ohio-based company posted quarterly net earnings of $161 million, or $0.58 per share, compared to $166 million, or $0.62 per share, in the year-ago quarter. Excluding non-recurring items, Goodyear Tire’s adjusted earnings came in at $0.87 per share.

Its net sales dropped to $4.66 billion from $5 billion. However, analysts were expecting earnings of $0.70 per share on revenue of $4.93 billion.

Equities Trading UP

Amedisys (NASDAQ: AMED) shares shot up 13.47 percent to $24.69 on upbeat quarterly earnings.

Shares of SolarWinds (NYSE: SWI) got a boost, shooting up 12.07 percent to $47.72 after the company reported upbeat Q3 results and issued a strong FY14 forecast.

ACCO Brands (NYSE: ACCO) shares were also up, gaining 16.21 percent to $8.53 after the company reported upbeat third-quarter results and raised its revenue forecast.

Equities Trading DOWN

Shares of InvenSense (NYSE: INVN) were down 24.18 percent to $16.29. InvenSense reported Q2 earnings of $0.05 per share on revenue of $90.20 million. Pacific Crest downgraded InvenSense from Outperform to Sector Perform.

American Realty Capital Properties (NASDAQ: ARCP) shares tumbled 34.25 percent to $8.14 after the company announced non-reliance on previously issued financial statements and changes in accounting personnel. The company named Michael Sodo as CFO and Gavin Brandon as Chief Accounting Officer.

Facebook (NASDAQ: FB) was down, falling 6.18 percent to $75.78. Facebook reported better-than-expected third-quarter earnings. The company also reported that its monthly active users rose to 1.35 billion from 1.19 billion in the year-ago period. Facebook’s COO Sheryl Sandberg said the Q4 will be a more difficult comparison. The company also said it projected Q4 sales growth in the range of 40% to 47%.

Commodities

In commodity news, oil traded up 1.62 percent to $82.74, while gold traded down 0.47 percent to $1,223.60.

Silver traded up 0.28 percent Wednesday to $17.28, while copper rose 0.42 percent to $3.11.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.29 percent, the Spanish Ibex Index dropped 1.13 percent, while Italy’s FTSE MIB Index slipped 0.90 percent. Meanwhile, the German DAX climbed 0.47 percent and the French CAC 40 surged 0.27 percent while UK shares gained 0.78 percent.

Economics

The MBA reported that its index of mortgage application activity dropped 6.6% in the week ended Oct. 24.

The Treasury is set to auction 5-year notes.

The Federal Open Market Committee is scheduled to announce its policy decision at 2:00 p.m. ET.

 

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