Market Overview

Mid-Morning Market Update: Markets Mostly Flat; General Motors Earnings Top Expectations

Share:
Related PNM
Earnings Scheduled For November 6, 2018
Benzinga's Top Upgrades, Downgrades For April 12, 2018
Related AEP
Earnings Scheduled For January 24, 2019
Jim Cramer Gives His Opinion On Cleveland-Cliffs, SINA, Take-Two And More
What Are The Highest Quality Dividend Growth Stocks? (Seeking Alpha)

Following the market opening Wednesday, the Dow traded up 0.13 percent to 17,239.49 while the NASDAQ slipped 0.12 percent to 4,875.15. The S&P also rose, gaining 0.03 percent to 2,031.45.

Leading and Lagging Sectors

In trading on Wednesday, utilities shares jumped by 0.30 percent. Top gainers in the sector included PNM Resources Inc (NYSE: PNM), up 2 percent, and American Electric Power Company Inc (NYSE: AEP), up 1.4 percent.

In trading on Wednesday, healthcare shares dipped by 0.58 percent. Meanwhile, top losers in the sector included Cepheid (NASDAQ: CPHD), down 7 percent, and St. Jude Medical, Inc. (NYSE: STJ), off 8 percent.

Top Headline

General Motors Company (NYSE: GM) reported stronger-than-expected results for the third quarter on Wednesday.

The Detroit, Michigan-based company posted quarterly earnings of $1.4 billion, or $0.84 per share, versus $1.4 billion, or $0.81 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings surged 55 percent to $1.50 per share.

Its revenue slipped to $38.8 billion from $39.3 billion. However, analysts were expecting earnings of $1.19 per share on revenue of $38.55 billion.

Equities Trading UP

KLA-Tencor Corp (NASDAQ: KLAC) shares shot up 24 percent to $66.68. Lam Research Corporation (NASDAQ: LRCX) announced its plans to buy KLA-Tencor in a $10.6 billion deal. KLA-Tencor also reported upbeat quarterly earnings.

Shares of NeoGenomics, Inc. (NASDAQ: NEO) got a boost, shooting up 23 percent to $6.96 after the company announced plans to acquire Clarient Inc.

Tupperware Brands Corporation (NYSE: TUP) shares were also up, gaining 10 percent to $60.62 after the company reported upbeat quarterly results.

Equities Trading DOWN

VMware, Inc. (NYSE: VMW) shares tumbled 16 percent to $57.50 after the company issued a weak revenue forecast. EMC and VMware reported a new cloud services unit. Sterne Agee CRT downgraded VMware from Buy to Neutral and lowered the price target from $88.00 to $75.00.

Shares of Celestica Inc (NYSE: CLS) were down 12 percent to $11.48 on downbeat quarterly results.

Angie's List Inc (NASDAQ: ANGI) was down, falling 15 percent to $5.28 after the company reported downbeat Q3 sales and lowered its FY15 sales outlook.

Commodities

In commodity news, oil traded down 0.11 percent to $45.84, while gold traded down 0.22 percent to $1,174.90.

Silver traded down 1.17 percent Wednesday to $15.73, while copper fell 0.97 percent to $2.34.

Eurozone

European shares were higher today. The eurozone's STOXX 600 rose 0.21 percent, the Spanish Ibex Index rose 0.45 percent, while Italy's FTSE MIB Index jumped 0.17 percent. Meanwhile, the German DAX climbed 0.99 percent, and the French CAC 40 jumped 0.59 percent, while U.K. shares rose 0.29 percent.

Economics

The MBA reported that its index of mortgage application activity climbed 11.80 percent in the week ended October 16, 2015.

Posted-In: Earnings News Guidance Eurozone Commodities M&A Global Intraday Update

 

Related Articles (AEP + ANGI)

View Comments and Join the Discussion!

Morgan Stanley Sees Bad News Priced Into Coach, Upgrades Stock

Goldman: Memorial Resource Development Has 28% Upside