Market Overview

Mid-Day Market Update: Dow Surges 150 Points; Progressive Waste Shares Spike Higher


Midway through trading Tuesday, the Dow traded up 0.93 percent to 16,137.44 while the NASDAQ climbed 1.03 percent to 4,534.46. The S&P also rose, gaining 0.94 percent to 1,897.92.

Leading and Lagging Sectors

On Tuesday, non-cyclical consumer goods & services shares surged by 1.24 percent. Meanwhile, top gainers in the sector included Oil-Dri Corporation of America (NYSE: ODC), up 5 percent, and TAL Education Group (ADR) (NYSE: XRS), up 5 percent.

In trading on Tuesday, basic materials shares dipped by 0.24 percent. Meanwhile, top losers in the sector included LSB Industries, Inc. (NYSE: LXU), down 8 percent, and Seabridge Gold, Inc. (USA) (NYSE: SA), down 7 percent.

Top Headline

Bank of America Corp (NYSE: BAC) reported better-than-expected earnings for its fourth quarter on Monday.

The bank reported a quarterly profit of $3.34 billion, or $0.28 per share, versus a year-ago profit of $3.05 billion, or $0.25 per share.

Its revenue climbed to $19.53 billion from $18.73 billion a year ago. However, analysts were expecting earnings of $0.26 per share on revenue of $19.78 billion.

Equities Trading UP

Biotie Therapies Oyj (ADR) (NASDAQ: BITI) shares shot up 89 percent to $24.63 after the company agreed to be acquired by Acorda Therapeutics Inc (NASDAQ: ACOR) for $25.60 per ADS.

Shares of Rouse Properties Inc (NYSE: RSE) got a boost, shooting up 31 percent to $17.61 after Brookfield Asset Management Inc (NYSE: BAM) proposed to acquire Rouse Properties for $17.00 per share in cash.

Progressive Waste Solutions Ltd (NYSE: BIN) shares were also up, gaining 8 percent to $36.65. Waste Connections, Inc. (NYSE: WCN) announced its plans to buy Progressive Waste for $2.67 billion.

Equities Trading DOWN

Eleven Biotherapeutics Inc (NASDAQ: EBIO) shares dropped 71 percent to $0.690 after the company reported Phase 3 data on Isunakinra (EBI-005) in allergic conjunctivitis.

Shares of Party City Holdco Inc (NYSE: PRTY) were down 7 percent to $10.06. Morgan Stanley downgraded Party City Holdco from Overweight to Equal-weight.

Tiffany & Co. (NYSE: TIF) was down, falling around 5 percent to $64.46. Tiffany reported a 5 percent drop in holiday sales for comparable stores on a constant currency basis and issued a weak FY earnings forecast.


In commodity news, oil traded down 1.12 percent to $29.09, while gold traded down 0.56 percent to $1,084.60.

Silver traded up 1.11 percent Tuesday to $14.05, while copper rose 2.34 percent to $1.99.


European shares were higher today. The eurozone's STOXX 600 rose 1.41 percent, the Spanish Ibex Index gained 1.20 percent, while Italy's FTSE MIB Index rose 1.03 percent. Meanwhile, the German DAX surged 1.70 percent, and the French CAC 40 rose 2.09 percent, while U.K. shares climbed 1.83 percent.


The NAHB housing market index came in at 60 in January, versus economists' estimates for a reading of 61.


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