Mid-Morning Market Update: Markets Edge Higher; Medtronic Earnings Top Views

Following the market opening Tuesday, the Dow traded up 0.05 percent to 17,881.98 while the NASDAQ gained 0.24 percent to 4,945.43. The S&P also rose, gaining 0.15 percent to 2,102.14.

Tuesday morning, the energy sector proved to be a source of strength for the market. Leading the sector was strength from

and

. In trading on Tuesday, financial shares rose by just 0.05 percent. Meanwhile, top losers in the sector included

, down 6 percent, and

, down 4 percent.

reported stronger-than-expected results for the fourth quarter on Tuesday. Medtronic reported net income of $1.1 billion or $0.78 a share for the fourth quarter compared to a net loss of $1 million or break-even per share in the year-ago quarter. On a non-GAAP basis, its net income would have increased 7 percent to $1.8 billion and earnings by 9 percent to $1.27 a share in the most recent quarter. Street analysts expected the company to report earnings of $1.26 a share. The company's revenue advanced 4 percent to $7.6 billion from $7.3 billion in the previous year quarter. This is also above the Street analysts' predictions of $7.49 billion. Medtronic expects adjusted earnings to be between $4.60 and $4.70 per share for the fiscal year 2017 including an expected $0.20 to $0.25 unfavorable foreign currency impact based on current exchange rates. Street analysts expect the company deliver earnings of $4.70 a share.

shares shot up 71 percent to $29.99 as

announced plans to acquire the company for $30.25 per share in cash. Shares of

got a boost, shooting up 33 percent to $17.62 after the company agreed to be acquired by Accel-KKR for $17.75 per share.

shares were also up, gaining 49 percent to $3.23. B.O.S. Better Online Solutions posted a Q1 net profit of $220,000, versus a year-ago net loss of $23,000. Its revenue climbed 38 percent to around $8.1 million.

shares dropped 82 percent to $0.550 as the company reported the termination of Phase II pathway study following review of data. Shares of

were down 26 percent to $38.38. Goldman Sachs initiated coverage of Coca-Cola Enterprises with a Buy rating and price target of $46 following the completion of a three-way merger between Coca-Cola Enterprises, Inc., Coca-Cola Iberian Partners S.A.U. and Coca-Cola Erfrischungsgetränke GmbH.

was down, falling around 10 percent to $9.41. American Superconductor reported a narrower-than-expected loss for its fourth quarter, but issued a weak outlook for the current quarter.

In commodity news, oil traded up 0.55 percent to $49.60 while gold traded down 0.23 percent to $1,213.90. Silver traded down 1.44 percent Tuesday to $16.04, while copper fell 0.57 percent to $2.10.

European shares were mostly lower today. The eurozone's STOXX 600 slipped 0.15 percent, the Spanish Ibex Index fell 0.23 percent, while Italy's FTSE MIB Index declined 0.44 percent. Meanwhile the German DAX dropped 0.12 percent, and the French CAC 40 declined 0.16 percent, while U.K. shares rose 0.04 percent.

U.S. consumer spending increased 1 percent in April, versus economists' expectations for a 0.7 percent growth. Personal income rose 0.4 percent in April. The S&P/Case-Shiller home price index rose 0.9 percent in March, versus economists' estimates for a 0.7 percent increase. The Chicago PMI fell to 49.30 for May, versus a prior reading of 50.40. However, economists were expecting a reading of 50.90. The Conference Board's consumer sentiment index declined to a reading of 92.60 for May, versus a previous reading of 94.20. However, economists were projecting a reading of 96.00.