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Market Overview

Mid-Day Market Update: MaxLinear Surges On Earnings Beat; Groupon Shares Dip


Midway through trading Wednesday, the Dow traded down 0.22 percent to 17,878.80 while the NASDAQ declined 0.21 percent to 5,134.39. The S&P also fell, dropping 0.34 percent to 2,102.55.

Leading and Lagging Sectors

In trading on Wednesday, technology shares jumped by 0.23 percent. Top gainers in the sector included MaxLinear, Inc. (NYSE: MXL), up 22 percent, and BroadSoft Inc (NASDAQ: BSFT), up 16 percent.

Cyclical consumer goods & services shares declined around 0.84 percent in Wednesday's trading. Meanwhile, top losers in the sector included Groupon Inc (NASDAQ: GRPN), down 29 percent, and HSN, Inc. (NASDAQ: HSNI), off 12 percent.

Top Headline

Time Warner Inc (NYSE: TWX) reported stronger-than-expected earnings for the third quarter on Wednesday.

The New York-based company posted quarterly net income of $1.04 billion, or $1.26 per share, compared to $967 million, or $1.11 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings came in at $1.25 per share.

Its revenue surged to $6.56 billion from $6.24 billion. Analysts were expecting earnings of $1.09 per share on revenue of $6.51 billion.

Equities Trading UP

The Chefs Warehouse, Inc (NASDAQ: CHEF) shares shot up 19 percent to $18.46 after the company reported upbeat Q3 earnings.

Shares of MaxLinear, Inc. (NYSE: MXL) got a boost, shooting up 22 percent to $16.05 on better-than-expected Q3 earnings.

Paycom Software Inc (NYSE: PAYC) shares were also up, gaining 15 percent to $44.89 on strong Q3 results.

Equities Trading DOWN

Groupon Inc (NASDAQ: GRPN) shares tumbled 29 percent to $2.87. Groupon reported better-than-expected earnings for the third quarter, but the company's sales missed analysts' estimates. The company also issued a weak forecast for the current quarter.

Shares of FARO Technologies, Inc. (NASDAQ: FARO) were down 29 percent to $24.98. FARO Tech reported a Q3 loss of $0.05 per share on revenue of $72.5 million. The company also announced plans to reduce workforce by 8 percent.

Checkpoint Systems, Inc. (NYSE: CKP) was down, falling 23 percent to $5.91 after the company reported weaker-than-expected Q3 results and lowered its FY15 forecast.


In commodity news, oil traded down 1.63 percent to $47.12, while gold traded down 0.19 percent to $1,112.00.

Silver traded down 0.65 percent Wednesday to $15.14, while copper fell 0.30 percent to $2.32.


European shares were mostly higher today. The eurozone's STOXX 600 climbed 0.86 percent, the Spanish Ibex Index rose 0.79 percent, while Italy's FTSE MIB Index declined 0.27 percent. Meanwhile, the German DAX fell 0.51 percent, and the French CAC 40 gained 0.66 percent, while U.K. shares rose 0.80 percent.


Private-sector employers added 182,000 jobs in October. However, economists were expecting a gain of 180,000 jobs last month.

The U.S. trade deficit declined 15 percent to $40.8 billion in September, versus a revised $48 billion in August. Exports climbed 1.6 percent to $187.9 billion in the month, while imports shrank 1.8 percent to $228.7 billion.

The Markit services PMI gained to 54.80 in October, versus a previous reading of 54.40.

The ISM non-manufacturing index climbed to 59.10 in October, versus a prior reading of 56.90. However, economists were expecting a reading of 56.50.

Crude supplies gained 2.8 million barrels for the week ended Oct. 30, the U.S. Energy Information Administration said. Analysts were expecting supplies to rise by 2.45 million barrels. Gasoline supplies slipped 3.3 million barrels, while distillate stockpiles fell 1.3 million barrels.


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