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Mid-Morning Market Update: Markets Edge Lower; Mastercard Earnings Beat Estimates

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Following the market opening Thursday, the Dow traded down 0.17 percent to 17,749.59 while the NASDAQ slipped 0.34 percent to 5,078.50. The S&P also fell, dropping 0.09 percent to 2,088.37.

Leading and Lagging Sectors

In trading on Thursday, energy shares jumped by 0.78 percent. Top gainers in the sector included World Fuel Services Corp (NYSE: INT), up 22 percent, and SunPower Corporation (NASDAQ: SPWR), up 12 percent.

In trading on Thursday, utilities shares dipped by 1.04 percent. Meanwhile, top losers in the sector included California Water Service Group (NYSE: CWT), down 4 percent, and SJW Corp. (NYSE: SJW), off 4 percent.

Top Headline

Mastercard Inc (NYSE: MA) reported better-than-expected earnings for the third quarter on Thursday.

The Purchase, New York-based company reported quarterly net income of $977 million, or $0.86 per share, compared to $1.02 billion, or $0.87 per share, in the year-ago quarter. Excluding special items, the company's earnings came in at$0.91 per share.

Its revenue surged to $2.53 billion from $2.49 billion. However, analysts were expecting earnings of $0.88 per share on revenue of $2.54 billion.

Equities Trading UP

Lifelock Inc (NYSE: LOCK) shares shot up 41 percent to $13.70 after the company reported upbeat results for the third quarter and reached a deal with the FTC staff related to outstanding litigation.

Shares of Revance Therapeutics Inc (NASDAQ: RVNC) got a boost, shooting up 23 percent to $32.88 after the company announced positive 6-month duration in BELMONT study.

Rayonier Advanced Materials Inc (NYSE: RYAM) shares were also up, gaining 25 percent to $10.00 after the company reported upbeat Q3 results.

Equities Trading DOWN

FTI Consulting, Inc. (NYSE: FCN) shares tumbled 17 percent to $36.40. FTI Consulting reported Q3 earnings of $0.53 per share on revenue of $455.5 million. The company lowered its FY15 forecast.

Shares of Build-A-Bear Workshop, Inc (NYSE: BBW) were down 25 percent to $13.88 after the company reported downbeat Q3 results.

ABIOMED, Inc. (NASDAQ: ABMD) was down, falling 23 percent to $76.39. Abiomed reported Q2 earnings of $0.17 per share on revenue of $76.4 million.


In commodity news, oil traded up 0.85 percent to $46.33, while gold traded down 1.95 percent to $1,153.20.

Silver traded down 3.52 percent Thursday to $15.72, while copper fell 1.08 percent to $2.34.


European shares were lower today. The eurozone's STOXX 600 fell 0.04 percent, the Spanish Ibex Index fell 0.45 percent, while Italy's FTSE MIB Index dipped 0.92 percent. Meanwhile, the German DAX slipped 0.19 percent, and the French CAC 40 dropped 0.37 percent, while U.K. shares fell 0.64 percent.


Initial jobless claims rose by 1,000 to 260,000 in the week ended October 24. Economists were expecting claims to total 263,000 in the week.

US gross domestic product increased at an annual pace of 1.5 percent in the third quarter, versus economists' expectations for a 1.6 percent growth.

Pending home sales slipped 2.3 percent in September, according to the National Association of Realtors.

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


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