Market Overview

Mid-Afternoon Market Update: NASDAQ Drops 0.4%; Nucor Shares Slide After Weak Profit Forecast

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Mid-Afternoon Market Update: NASDAQ Drops 0.4%; Nucor Shares Slide After Weak Profit Forecast
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Toward the end of trading Tuesday, the Dow traded up 0.18 percent to 17,212.47 while the NASDAQ slipped 0.41 percent to 4,586.50. The S&P also rose, gaining 0.05 percent to 1,990.55.

Leading and Lagging Sectors

In trading on Tuesday, energy shares were relative leaders, up on the day by about 2.30 percent. Meanwhile, top gainers in the sector included Talisman Energy (NYSE: TLM), up 47.4 percent, and Willbros Group (NYSE: WG), up 22.4 percent.

Cyclical consumer goods & services sector was the top loser in the US market on Tuesday. Meanwhile, top decliners in the sector included Kandi Technolgies Group (NASDAQ: KNDI), down 8.6 percent, and Conns (NASDAQ: CONN), off 7.9 percent.

Top Headline

FactSet Research Systems (NYSE: FDS) reported in-line earnings for the first quarter.

The Norwalk, Connecticut-based company posted quarterly net income of $55.9 million, up from $52.2 million, in the year-earlier period. Diluted earnings per share climbed to $1.32 from $1.19. Adjusted diluted EPS jumped 11.9% y/y.

Its revenue surged 8.8% to $242.7 million. However, analysts were expecting earnings of $1.32 per share on revenue of $241.44 million.

Equities Trading UP

Talisman Energy (NYSE: TLM) shares shot up 47.36 percent to $7.55 following the announcement of Repsol deal.

Shares of Linn Energy LLC (NASDAQ: LINE) got a boost, shooting up 22.28 percent to $12.02 despite a downgrade from Baird. LINN Energy and LinnCo (NASDAQ: LNCO) announced the closing of sale of Granite Wash and Cleveland Properties.

Orange (NYSE: ORAN) shares were also up, gaining 6.52 percent to $16.99 as BT Group PLC (NYSE: BT) is in talks to acquire mobile operator EE.

Equities Trading DOWN

Navistar International (NYSE: NAV) shares tumbled 12.55 percent to $30.65 after the company posted a loss in the fourth quarter.

Shares of Nucor (NYSE: NUE) were down 3.32 percent to $49.45 after the company issued a weak Q4 earnings forecast. The company announced Q4 EPS guidance of $0.50 to $0.55 versus the $0.65 estimate.

Exact Sciences (NASDAQ: EXAS) was down, falling 4.57 percent to $25.71 after the company priced 4 million shares at $25.75 per share.

Commodities

In commodity news, oil traded down 0.13 percent to $55.84, while gold traded down 0.99 percent to $1,195.70.

Silver traded down 4.70 percent Tuesday to $15.79, while copper fell 0.63 percent to $2.86.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 climbed 1.73 percent, the Spanish Ibex Index rose 1.80 percent, while Italy’s FTSE MIB Index jumped 3.27 percent. Meanwhile, the German DAX climbed 2.46 percent and the French CAC 40 surged 2.19 percent while UK shares gained 2.41 percent.

Economics

The Federal Open Market Committee is scheduled to begin its 2-day policy meeting today.

The ICSC-Goldman Store Sales Index rose 3% in the week ended Saturday versus the earlier week.

US housing starts slipped 1.6% to an annual rate of 1.03 million in November. However, economists were estimating a starts rate of 1.04 million.

The Johnson Redbook Retail Sales Index declined 1.2% during the second week of December versus November.

The preliminary reading of US Markit manufacturing PMI slipped to 53.70 in December, versus a prior reading of 54.80. However, economists were expecting a reading of 55.40.

Posted-In: Earnings News Guidance Downgrades Eurozone Futures Commodities M&A

 

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