Market Overview

Mid-Morning Market Update: Markets Drop; Rockwell Automation Misses Q4 Views

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Following the market opening Tuesday, the Dow traded down 0.37 percent to 17,665.41 while the NASDAQ declined 0.83 percent to 5,053.24. The S&P also fell, dropping 0.36 percent to 2,071.19.

Leading and Lagging Sectors

In trading on Tuesday, utilities shares jumped by 0.44 percent. Top gainers in the sector included American Midstream Partners LP (NYSE: AMID), up 3.5 percent, and Westar Energy Inc (NYSE: WR), up 2 percent.

Technology shares declined around 1.22 percent in Tuesday's trading. Meanwhile, top losers in the sector included RigNet Inc (NASDAQ: RNET), down 24 percent, and Overstock.com, Inc. (NASDAQ: OSTK), off 18 percent.

Top Headline

Rockwell Automation (NYSE: ROK) reported weaker-than-expected results for its fiscal fourth quarter and issued a weak forecast.

The Milwaukee, Wisconsin-based company reported a quarterly profit of $201.3 million, or $1.50 per share, versus a year-ago profit of $248.7 million, or $1.79 per share. Excluding certain items, the company's earnings slipped to $1.57 per share from $1.86 per share.

Its revenue fell 9.8 percent to $1.61 billion. However, analysts were expecting a profit of $1.79 per share on revenue of $1.68 billion.

Equities Trading UP

Ocata Therapeutics Inc (NASDAQ: OCAT) shares shot up 89 percent to $8.41 after the company agreed to be acquired by ASTELLAS PHARMA INC (OTC: ALPMY) for $8.50 per share.

Shares of SciClone Pharmaceuticals, Inc. (NASDAQ: SCLN) got a boost, shooting up 28 percent to $10.22. SciClone Pharmaceuticals reported Q3 adjusted earnings of $0.26 per share on revenue of $42.9 million.

TAL International Group, Inc. (NYSE: TAL) shares were also up, gaining 12 percent to $19.40. Triton Container International Limited and TAL International agreed to combine in an all-stock merger of equals transaction

Equities Trading DOWN

Flotek Industries Inc (NYSE: FTK) shares tumbled 32 percent to $9.87 following earlier announcement of understated well outputs and incorrect data.

Shares of Scientific Games Corp (NASDAQ: SGMS) were down 20 percent to $9.27. Scientific Games reported Q3 adjusted loss of $0.85 per share on revenue of $671.6 million.

Textura Corp (NYSE: TXTR) was down, falling 18 percent to $24.05. Textura reported downbeat Q3 sales and issued a weak sales forecast.

Commodities

In commodity news, oil traded down 0.11 percent to $43.82, while gold traded down 0.06 percent to $1,087.40.

Silver traded down 0.47 percent Tuesday to $14.35, while copper fell 0.83 percent to $2.21.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.09 percent, the Spanish Ibex Index rose 0.08 percent, while Italy's FTSE MIB Index climbed 0.90 percent. Meanwhile, the German DAX gained 0.11 percent, and the French CAC 40 slipped 0.10 percent, while U.K. shares fell 0.18 percent.

Economics

U.S. import prices dropped 0.5 percent in October, while export prices slipped 0.2 percent last month.

U.S. wholesale inventories rose 0.50 percent in September, versus economists' expectations for a 1.00 percent growth.

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

 

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