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Mid-Day Market Update: Genworth Declines On Downbeat Earnings; Sierra Wireless Shares Spike Higher

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Mid-Day Market Update: Genworth Declines On Downbeat Earnings; Sierra Wireless Shares Spike Higher

Midway through trading Thursday, the Dow traded up 0.17 percent to 17,514.94 while the NASDAQ declined 0.08 percent to 4,617.14. The S&P also rose, gaining 0.03 percent to 2,024.24.

Leading and Lagging Sectors

In trading on Thursday, industrials shares were relative leaders, up on the day by about 0.66 percent. Top gainers in the sector included Alamo Group (NYSE: ALG), up 27.5 percent, and PMFG (NASDAQ: PMFG), up 7.8 percent.

Utilities shares fell by 0.86 percent on Thursday. Top losers in the sector included The AES (NYSE: AES), down 5.7 percent, and Exterran Partners, L.P. (NASDAQ: EXLP), off 2.6 percent.

Top Headline

DirecTV (NASDAQ: DTV) reported upbeat profit for the third quarter.

The El Segundo, California-based company reported a quarterly profit of $611 million, or $1.21 per share, versus a year-ago profit of $699 million, or $1.28 per share. Excluding non-recurring items, DirecTV’s adjusted earnings came in at $1.33 per share.

Its revenue climbed 6% to $8.37 billion. However, analysts were expecting earnings of $1.30 per share on revenue of $8.3 billion.

Equities Trading UP

Sierra Wireless (NASDAQ: SWIR) shares shot up 23.06 percent to $32.66 after the company reported upbeat Q3 results and issued a strong Q4 forecast.

Shares of Polypore International (NYSE: PPO) got a boost, shooting up 21.98 percent to $52.38 after the company reported upbeat Q3 earnings. Polypore and Panasonic signed a letter of intent for Lithium-Ion battery separator development.

Whole Foods Market (NASDAQ: WFM) shares were also up, gaining 10.40 percent to $44.15 after the company beat fourth-quarter expectations and lifted its quarterly dividend by a penny.

Equities Trading DOWN

Shares of Genworth Financial (NYSE: GNW) were down 35.89 percent to $9.02 following Wednesday's earnings miss.

Web.com Group (NASDAQ: WWWW) shares tumbled 21.63 percent to $15.87 after the company reported Q3 earnings of $0.63 per share on revenue of $143.80 million and announced a $100 million stock repurchase authorization. JP Morgan downgraded Web.com Group from Overweight to Neutral and lowered the price target from $35.00 to $20.00.

Tangoe (NASDAQ: TNGO) was down, falling 16.46 percent to $12.23 after the company reported weaker-than-expected quarterly results and issued a downbeat outlook. Analysts at Raymond James downgraded Tangoe from Strong Buy to Market Perform and removed the price target of $19.

Commodities

In commodity news, oil traded down 1.19 percent to $77.74, while gold traded down 0.12 percent to $1,144.30.

Silver traded down 0.19 percent Thursday to $15.41, while copper rose 0.42 percent to $3.02.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.21 percent, the Spanish Ibex Index dropped 0.15 percent, while Italy’s FTSE MIB Index declined 0.73 percent. Meanwhile, the German DAX rose 0.66 percent and the French CAC 40 jumped 0.46 percent while UK shares climbed 0.18 percent.

Economics

US initial jobless claims dropped 10,000 to 278,000 in the week ended November 1. However, economists were expecting claims to reach 285,000 in the week.

US productivity rose at an annual pace of 2% in the third quarter, versus economists’ expectations for a 1.5% rise. Unit-labor costs rose 0.3% in the quarter.

Data on money supply will be released at 4:30 p.m. ET.

Posted-In: Earnings M&A News Guidance Eurozone Futures Commodities Econ #s

 

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