Market Overview

Mid-Morning Market Update: Markets Open Lower; Campbell Soup Profit Beats Views

Share:

Following the market opening Tuesday, the Dow traded down 0.34 percent to 17,731.95 while the NASDAQ dipped 0.56 percent to 5,074.14. The S&P also fell, dropping 0.43 percent to 2,077.67.

Leading and Lagging Sectors

In trading on Tuesday, energy shares were relative leaders, up on the day by about 1.41 percent. Meanwhile, top gainers in the sector included Willbros Group Inc (NYSE: WG), up 11 percent, and GulfMark Offshore, Inc. (NYSE: GLF), up 8 percent.

Telecommunications services sector was the top loser in the US market on Tuesday. Top losers in the sector included Turkcell Iletisim Hizmetleri A.S. (ADR) (NYSE: TKC), B Communications Ltd (NASDAQ: BCOM), and Mobil'nye Telesistemy PAO (ADR) (NYSE: MBT).

Top Headline

Campbell Soup Company (NYSE: CPB) reported better-than-expected earnings for its fiscal first quarter on Tuesday.

The Camden, New Jersey-based company reported quarterly net earnings of $194 million, or $0.62 per share, compared to $248 million, or $0.78 per share, in the year-ago quarter. Excluding items, the company earned $0.95 per share.

Its sales slipped 2 percent to $2.203 billion. Analysts were projecting earnings of $0.76 per share on revenue of $2.21 billion.

Equities Trading UP

Aerojet Rocketdyne Holdings Inc (NYSE: AJRD) shares shot up 16 percent to $18.80 after the company reported that it has been awarded a $1.16 billion contract by the NASA, Boeing.

Shares of Avon Products, Inc. (NYSE: AVP) got a boost, shooting up 11 percent to $3.16. Citi upgraded the rating on Avon Products from Neutral to Buy, while raising the price target from $3.50 to $5.00.

Sunedison Inc (NYSE: SUNE) shares were also up, gaining 6 percent to $3.17 on report of termination of continuum acquisition and sale of 400 MW of solar capacity in India.

Equities Trading DOWN

Daktronics, Inc. (NASDAQ: DAKT) shares tumbled 24 percent to $7.71 after the company reported weaker-than-expected Q2 results.

Shares of Citi Trends, Inc. (NASDAQ: CTRN) were down 18 percent to $19.57 after the company reported downbeat Q3 results.

Xcerra Corp (NASDAQ: XCRA) was down, falling 16 percent to $5.96 on weaker-than-expected Q3 results.

Commodities

In commodity news, oil traded up 2.06 percent to $42.61, while gold traded up 0.92 percent to $1,076.40.

Silver traded up 0.70 percent Tuesday to $14.16, while copper rose 0.57 percent to $2.03.

Eurozone

European shares were lower today. The eurozone's STOXX 600 declined 1.87 percent, the Spanish Ibex Index slipped 2 percent, while Italy's FTSE MIB Index dropped 1.88 percent. Meanwhile, the German DAX slipped 1.80 percent, and the French CAC 40 slipped 2.17 percent, while U.K. shares fell 1.19 percent.

Economics

The U.S. economy expanded at an annual rate of 2.1 percent in the third quarter, versus economists' expectations for a 2.1 percent growth.

US home prices rose 5.5 percent year-over-year in September, versus a 5.1 percent growth in August, according to the S&P/Case-Shiller index.

The Conference Board's consumer confidence index declined to 90.4 in November, versus a revised reading of 99.1 in October. Economists were estimating a reading of 99.50 for November.

The Richmond Fed's manufacturing index declined to -3.00 in November, versus a previous reading of -1.00. Economists were projecting a reading of 0.00.

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

 

Related Articles (AVP + AJRD)

View Comments and Join the Discussion!

Early Global News: Russia Denis Airspace Violation, Ackman Boosts Stake In Valeant, And German Company That's A Huge Threat To Tesla

Infoblox Shares Are Crashing...Is This Research Note To Blame?