Market Overview

Mid-Afternoon Market Update: US Stocks Edge Higher; Palo Alto Networks Shares Gain On Strong Results

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Toward the end of trading Tuesday, the Dow traded up 0.22 percent to 17,832.29 while the NASDAQ surged 0.01 percent to 5,102.85. The S&P also rose, gaining 0.22 percent to 2,091.20.

Leading and Lagging Sectors

In trading on Tuesday, energy shares were relative leaders, up on the day by about 2.27 percent. Meanwhile, top gainers in the sector included Willbros Group Inc (NYSE: WG), up 12 percent, and Baytex Energy Corp (USA) (NYSE: BTE), up 14 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), CalAmp Corp. (NASDAQ: CAMP), and Vonage Holdings Corp. (NYSE: VG).

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 12 percent to $18.22 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 22 percent to $3.49. Citi upgraded the rating on Avon Products from Neutral to Buy, while raising the price target from $3.50 to $5.00.

Palo Alto Networks Inc (NYSE: PANW) shares were also up, gaining 6 percent to $182.77 after the company reported better-than-expected results for its fiscal first quarter.

Equities Trading DOWN

Daktronics, Inc. (NASDAQ: DAKT) shares tumbled 18 percent to $8.28 after the company reported weaker-than-expected Q2 results.

Shares of Citi Trends, Inc. (NASDAQ: CTRN) were down 16 percent to $20.15 after the company reported downbeat Q3 results.

EVINE Live Inc (NASDAQ: EVLV) was down, falling 24 percent to $1.87 after the company reported a wider-than-expected Q3 loss.

Commodities

In commodity news, oil traded up 2.80 percent to $42.92, while gold traded up 0.69 percent to $1,074.00.

Silver traded up 1.10 percent Tuesday to $14.22, while copper rose 2.57 percent to $2.07.

Eurozone

European shares closed lower today. The eurozone's STOXX 600 declined 1.24 percent, the Spanish Ibex Index slipped 0.68 percent, while Italy's FTSE MIB Index dropped 1.55 percent. Meanwhile, the German DAX slipped 1.43 percent, and the French CAC 40 slipped 1.41 percent, while U.K. shares fell 0.45 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

 

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