Market Overview

Mid-Morning Market Update: Markets Down; D.R. Horton Profit Beats Estimates

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Mid-Morning Market Update: Markets Down; D.R. Horton Profit Beats Estimates

Following the market opening Monday, the Dow traded down 0.20 percent to 17,637.63 while the NASDAQ slipped 0.16 percent to 4,750.38. The S&P also fell, dropping 0.18 percent to 2,048.19.

Leading and Lagging Sectors

In trading on Monday, energy shares were relative leaders, up on the day by about 0.23 percent. Meanwhile, top gainers in the sector included SemGroup Corporation (NASDAQ: SEMG), up 6.2 percent, and Eagle Rock Energy Partners, L.P. (NASDAQ: EROC), up 7.1 percent.

Utilities shares dropped 0.75 percent in the US market on Monday. Top losers in the sector included Energy Transfer Partners, L.P. (NYSE: ETP), down 4.4 percent, RGC Resources, Inc. (NASDAQ: RGCO), off 3.6 percent.

Top Headline

D.R. Horton Inc. (NYSE: DHI) reported stronger-than-expected earnings for its fiscal first quarter.

The Fort Worth, Texas-based company posted quarterly earnings of $142.5 million, or $0.39 per share, compared to $123.2 million, or $0.36 per share, in the year-ago period.

Its revenue surged to $2.25 billion from $1.64 billion, while home sales jumped to $2.24 billion versus $1.63 billion. However, analysts were expecting earnings of $0.34 per share on revenue of $2.1 billion. Analysts expected home sales of $2.06 billion.

Equities Trading UP

Universal Display Corp. (NASDAQ: OLED) shares shot up 19.73 percent to $33.76 following the announcement of patent license and supplemental material purchase agreements with LG.

Shares of Ocwen Financial Corp. (NYSE: OCN) got a boost, shooting up 15.85 percent to $7.36 following the announcement of a $2.5 billion California settlement.

MeadWestvaco Corporation (NYSE: MWV) shares were also up, gaining 17.74 percent to $53.03. Rock-Tenn Company (NYSE: RKT) and MeadWestvaco agreed to a $16 billion merger. MeadWestvaco also reported upbeat earnings for the fourth quarter.

Equities Trading DOWN

Seagate Technology Public Limited Company (NASDAQ: STX) shares tumbled 9.49 percent to $57.91. Seagate reported in-line earnings for the fourth quarter. However, the company’s revenue missed analysts’ estimates.

Shares of Brookdale Senior Living Inc. (NYSE: BKD) were down 10.60 percent to $32.82 after the company reported preliminary fourth quarter results.

Mattel, Inc. (NASDAQ: MAT) was down, falling 5.06 percent to $26.62 after the company announced the resignation of its CEO Bryan Stockton. The company also reported weak preliminary results for the fourth quarter.

Commodities

In commodity news, oil traded down 0.46 percent to $45.38, while gold traded down 0.80 percent to $1,282.30.

Silver traded down 0.85 percent Monday to $18.15, while copper rose 0.72 percent to $2.52.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.02 percent, the Spanish Ibex Index rose 0.79 percent, while Italy’s FTSE MIB Index gained 0.27 percent. Meanwhile, the German DAX surged 0.55 percent, and the French CAC 40 climbed 0.10 percent while UK shares slipped 0.44 percent.

Economics

The Treasury is set to auction 3-and 6-month bills.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Legal Global

 

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