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Mid-Day Market Update: Crude Oil Drops Over 2%; KLA-Tencor Shares Jump On Acquisition News

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Midway through trading Wednesday, the Dow traded up 0.46 percent to 17,297.01 while the NASDAQ climbed 0.08 percent to 4,885.06. The S&P also rose, gaining 0.17 percent to 2,034.20.

Leading and Lagging Sectors

In trading on Wednesday, industrials shares jumped by 0.55 percent. Top gainers in the sector included Bel Fuse, Inc. (NASDAQ: BELFA), up 18 percent, and Heritage-Crystal Clean, Inc. (NASDAQ: HCCI), up 13 percent.

In trading on Wednesday, healthcare shares dipped by 1.38 percent. Meanwhile, top losers in the sector included Valeant Pharmaceuticals Intl Inc (NYSE: VRX), down 27 percent, and Repros Therapeutics Inc (NASDAQ: RPRX), off 11 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 22 percent to $65.97. 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 $6.98 after the company announced plans to acquire Clarient Inc.

Tupperware Brands Corporation (NYSE: TUP) shares were also up, gaining 9 percent to $60.04 after the company reported upbeat quarterly results.

Equities Trading DOWN

VMware, Inc. (NYSE: VMW) shares tumbled 20 percent to $55.22 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 14 percent to $11.29 on downbeat quarterly results.

Angie's List Inc (NASDAQ: ANGI) was down, falling 8 percent to $5.72 after the company reported downbeat Q3 sales and lowered its FY15 sales outlook.

Commodities

In commodity news, oil traded down 2.16 percent to $45.29, while gold traded down 0.99 percent to $1,165.90.

Silver traded down 1.39 percent Wednesday to $15.70, while copper fell 0.76 percent to $2.35.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 fell 0.01 percent, the Spanish Ibex Index rose 0.56 percent, while Italy's FTSE MIB Index declined 0.44 percent. Meanwhile, the German DAX climbed 0.89 percent, and the French CAC 40 jumped 0.46 percent, while U.K. shares rose 0.05 percent.

Economics

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

Crude supplies gained 8 million barrels for the week ended October 16, the U.S. Energy Information Administration said. However, analysts were estimating supplies to rise 2.7 million barrels.

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

 

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