Market Overview

Mid-Morning Market Update: Markets Edge Higher; ConAgra Posts Mixed Q2 Results

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Following the market opening Tuesday, the Dow traded up 0.07 percent to 17,263.94 while the NASDAQ climbed 0.08 percent to 4,972.93. The S&P also rose, gaining 0.13 percent to 2,023.79.

Leading and Lagging Sectors

On Tuesday, basic materials shares surged by 0.70 percent. Top gainers in the sector included Dominion Diamond Corp (NYSE: DDC), ArcelorMittal SA (ADR) (NYSE: MT), and Joy Global Inc. (NYSE: JOY).

In trading on Tuesday, financial shares rise by just 0.04 percent. Meanwhile, top losers in the sector included EZCORP Inc (NASDAQ: EZPW), down 3 percent, and World Acceptance Corp. (NASDAQ: WRLD), down 2 percent.

Top Headline

ConAgra Foods Inc (NYSE: CAG) reported better-than-expected earnings for its fiscal second quarter, but the company's sales missed analysts' estimates.

The company posted quarterly net income of $154.9 million, or $0.35 per share, compared to $10 million, or $0.02 per share, in the year-ago quarter. On an adjusted basis, the company's adjusted earnings came in at $0.71 per share.

Its sales dropped 1.4 percent to $3.09 billion. Analysts were expecting earnings of $0.60 per share on revenue of $3.34 billion.

Equities Trading UP

pSivida Corp. (NASDAQ: PSDV) shares shot up 47 percent to $5.45 after the company reported that Medidur has met primary efficacy endpoint in Phase 3 trial.

Shares of Karyopharm Therapeutics, Inc. (NASDAQ: KPTI) got a boost, shooting up 8 percent to $14.70. Canaccord Genuity initiated coverage on Karyopharm Therapeutics with a Buy rating.

Cintas Corporation (NASDAQ: CTAS) shares were also up, gaining 2 percent to $91.01 after the company reported better-than-expected earnings for its fiscal second quarter and lifted its forecast for the fiscal year.

Equities Trading DOWN

Steelcase Inc. (NYSE: SCS) shares tumbled 22 percent to $14.79 after the company reported downbeat results for the third quarter and issued a weak forecast for the current quarter.

Shares of NetApp Inc. (NASDAQ: NTAP) were down 7 percent to $25.65. NetApp announced plans to acquire SolidFire for $870 million in cash. RBC Capital downgraded NetApp from Outperform to Sector Perform.

Etsy Inc (NASDAQ: ETSY) was down, falling 5 percent to $8.28. Roth Capital initiated coverage on Etsy with a Sell rating and a $5.75 price target.

Commodities

In commodity news, oil traded down 0.20 percent to $34.66, while gold traded down 0.47 percent to $1,075.50.

Silver traded down 0.07 percent Tuesday to $14.31, while copper fell 0.93 percent to $2.12.

Eurozone

European shares were higher today. The eurozone's STOXX 600 gained 0.33 percent, the Spanish Ibex Index jumped 0.72 percent, while Italy's FTSE MIB Index rose 0.23 percent. Meanwhile, the German DAX climbed 0.24 percent, and the French CAC 40 gained 0.24 percent, while U.K. shares rose 0.77 percent.

Economics

US gross domestic product climbed at an annual pace of 2 percent in the third quarter, versus economists' expectations for a 1.9 percent growth.

The FHFA House Price Index rose 0.50 percent in October, versus economists' expectations for a 0.40 percent growth.

Sales of existing homes dropped 10.5 percent at an annual rate of 4.76 million in November.

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

 

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