Skip to main content

Market Overview

Mid-Morning Market Update: Markets Open Higher; Commercial Metals Posts Upbeat Earnings

Mid-Morning Market Update: Markets Open Higher; Commercial Metals Posts Upbeat Earnings

Following the market opening Tuesday, the Dow traded up 0.34 percent to 17,560.89 while the NASDAQ gained 0.10 percent to 4,657.23. The S&P also rose, surging 0.38 percent to 2,028.18.

Leading and Lagging Sectors

Tuesday morning, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from Harmony Gold Mining Company Limited (NYSE: HMY) and Gerdau S.A. (NYSE: GGB).

In trading on Tuesday, financial shares were relative laggards, down on the day by about 0.42 percent. Top decliners in the sector included RAIT Financial Trust (NYSE: RAS), down 6.5 percent, and Ocwen Financial Corp. (NYSE: OCN), off 6.8 percent.

Top Headline

Commercial Metals Company (NYSE: CMC) reported better-than-expected earnings for the fiscal first quarter.

The Irving, Texas-based company posted quarterly earnings of $36.3 million, or $0.30 per share, compared to $45.9 million, or $0.39 per share, in the year-ago period. Earnings from continuing operations rose to $38.3 million, or $0.32 per share, from $33.7 million, or $0.29 per share.

Its revenue rose to $1.7 billion from $1.6 billion in the period. However, analysts were estimating earnings of $0.27 per share on revenue of $1.77 billion.

Equities Trading UP

Minerva Neurosciences, Inc. (NASDAQ: NERV) shares shot up 44 percent to $8.64 following positive study results.

Shares of CytRx Corporation (NASDAQ: CYTR) got a boost, shooting up 21.44 percent to $3.46 on positive brain cancer study results.

Frontline Ltd. (NYSE: FRO) shares were also up, gaining 21.48 percent to $3.11 following positive comments from Karen Finerman on CNBC.

Equities Trading DOWN

Michael Kors Holdings Limited (NYSE: KORS) shares tumbled 6.25 percent to $68.44. Analysts at Credit Suisse downgraded Michael Kors from Outperform to Neutral and lowered the price target from $103 to $79.

Shares of Cerus Corporation (NASDAQ: CERS) were down 5.62 percent to $6.20 after the company announced a public offering of common stock.

Cyberonics Inc. (NASDAQ: CYBX) was down, falling 4.97 percent to $54.92 after the company provided an update on Departmental Appeals Board decision regarding coverage of its VNS Therapy System.


In commodity news, oil traded down 1.88 percent to $49.10, while gold traded up 0.59 percent to $1,211.10.

Silver traded up 0.17 percent Tuesday to $16.24, while copper fell 0.02 percent to $2.77.


European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.16 percent, the Spanish Ibex Index gained 0.28 percent, while Italy’s FTSE MIB Index climbed 1.25 percent. Meanwhile, the German DAX gained 0.93 percent, and the French CAC 40 rose 0.31 percent while UK shares slipped 0.27 percent.


The ICSC-Goldman Store Sales Index declined 3.8% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index declined 0.6% in December versus November.

The final reading of Markit services PMI fell to 53.30 in December, versus a prior reading of 53.60. However, economists were expecting a reading of 53.70.

The ISM non-manufacturing PMI fell to 56.20 in December, versus a prior reading of 59.20. However, economists were expecting a reading of 58.20.

USA factory orders slipped 0.70% in November, versus economists’ expectations for a 0.50% drop.

The Treasury is set to auction 4-and 52-week bills.


Related Articles (BZSUM)

View Comments and Join the Discussion!

Posted-In: Earnings News Guidance Futures Commodities Offerings FDA Markets

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at