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Market Overview

Mid-Morning Market Update: Markets Edge Lower; Harley-Davidson Profit Misses Estimates

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Following the market opening Tuesday, the Dow traded down 0.21 percent to 17,194.59 while the NASDAQ slipped 0.06 percent to 4,902.34. The S&P also fell, dropping 0.01 percent to 2,033.52.

Leading and Lagging Sectors

In trading on Tuesday, telecommunications services shares jumped by 0.46 percent. Top gainers in the sector included Nippon Telegraph & Telephone Corp (ADR) (NYSE: NTT), up 4 percent, and NTT Docomo Inc (ADR) (NYSE: DCM), up 3 percent.

In trading on Tuesday, technology shares dipped by 0.59 percent. Meanwhile, top losers in the sector included Rambus Inc. (NASDAQ: RMBS), down 22 percent, and Servicesource International Inc (NASDAQ: SREV), off 9 percent.

Top Headline

Harley-Davidson Inc (NYSE: HOG) dropped over 7 percent in pre-market trading after the company reported weaker-than-expected earnings for the third quarter and lowered its motorcycle shipment outlook for the full year.

The Milwaukee, Wisconsin-based company posted quarterly net income of $140.3 million, or $0.69 per share, compared to $150.1 million, or $0.69 per share, in the year-earlier period.

Its consolidated revenue rose to $1.32 billion from $1.30 billion. However, analysts were expecting earnings of $0.78 per share on revenue of $1.21 billion.

Equities Trading UP

Energy Recovery, Inc. (NASDAQ: ERII) shares shot up 184 percent to $6.99 after the company reported that it has signed a 15-year license with Schlumberger Limited. (NYSE: SLB) to provide exclusive rights to its vorteq hydraulic fracturing technology.

Shares of Weight Watchers International, Inc. (NYSE: WTW) got a boost, shooting up 27 percent to $17.61. Barclays upgraded Weight Watchers from Underweight to Equal-weight and raised the price target from $5.00 to $14.00.

Helix Energy Solutions Group Inc (NYSE: HLX) shares were also up, gaining 19 percent to $6.17 after the company posted upbeat Q3 earnings.

Equities Trading DOWN

Rambus Inc. (NASDAQ: RMBS) shares tumbled 22 percent to $10.89 after the company reported downbeat revenue for the third quarter and issued a weak revenue forecast. The company also announced plans to cut 8 percent of staff.

Shares of Progressive Waste Solutions Ltd (USA) (NYSE: BIN) were down 18 percent to $22.30 on weak revenue forecast for the third quarter.

Harley-Davidson Inc (NYSE: HOG) was down, falling 12 percent to $49.40 after the company reported weaker-than-expected earnings for the third quarter and lowered its motorcycle shipment outlook for the full year.

Commodities

In commodity news, oil traded up 0.39 percent to $46.07, while gold traded up 0.01 percent to $1,172.90.

Silver traded up 0.03 percent Tuesday to $15.85, while copper fell 0.15 percent to $2.36.

Eurozone

European shares were lower today. The eurozone's STOXX 600 declined 0.58 percent, the Spanish Ibex Index fell 1.20 percent, while Italy's FTSE MIB Index dipped 1 percent. Meanwhile, the German DAX slipped 0.33 percent, and the French CAC 40 dropped 0.93 percent, while U.K. shares fell 0.31 percent.

Economics

U.S. housing starts climbed 6.5 percent to an annual rate of 1.21 million in September. However, economists were expecting a starts rate of 1.14 million.

 

Related Articles (RMBS + NTT)

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Posted-In: Earnings News Guidance Eurozone Commodities Global Intraday Update Markets

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