Mid-Morning Market Update: Markets Open Lower; Pfizer Tops Q2 Views

 


Following the market opening Tuesday, the Dow traded down 0.21 percent to 18,366.64 while the NASDAQ declined 0.33 percent to 5,166.88. The S&P also fell, dropping 0.27 percent to 2,165.06.

Leading and Lagging Sectors

Tuesday morning, the energy sector proved to be a source of strength for the market. Leading the sector was strength from Baytex Energy Corp (USA) BTE and Williams Companies Inc WMB.

In trading on Tuesday, cyclical consumer goods & services shares fell by 0.7 percent. Meanwhile, top losers in the sector included Texas Roadhouse Inc TXRH, down 10 percent, and Royal Caribbean Cruises Ltd RCL, down 5 percent.

Top Headline

Pfizer Inc. PFE reported better-than-expected results for its second quarter on Tuesday.

Pfizer reported EPS of $0.64 and revenues of $13.1 billion. Analyst consensus had an EPS estimate of $0.62 and revenues of $13.0 billion.


Equities Trading UP

Advaxis, Inc. ADXS shares shot up 27 percent to $10.75. Advaxis and Amgen Inc. AMGN struck a collaboration deal for the development, as well as, commercialization of ADXS-NEO meant for the treatment of cancer immunotherapy.


Shares of Transenterix Inc TRXC got a boost, shooting up 32 percent to $1.71 as the company reported the first sale of ALF-XⓇ Surgical Robotic System.

Avon Products, Inc. AVP shares were also up, gaining 17 percent to $4.85 as the company reported better-than-expected quarterly earnings.


Equities Trading DOWN

Cobalt International Energy, Inc. CIE shares dropped 28 percent to $0.980. Cobalt International Energy reported a wider loss for the second quarter.

Shares of Endurance International Group Hldgs Inc EIGI were down 25 percent to $6.75 after the company posted weak results for the second quarter.

Inteliquent Inc IQNT was down, falling around 14 percent to $17.89 as the company reported downbeat Q2 earnings and lowered its FY16 forecast.


Commodities


In commodity news, oil traded up 0.87 percent to $40.41 while gold traded up 0.76 percent to $1,370.00.

Silver traded up 1.22 percent Tuesday to $20.75, while copper rose 0.98 percent to $2.22.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 0.85 percent, the Spanish Ibex Index fell 2.41 percent, while Italy’s FTSE MIB Index declined 2.12 percent. Meanwhile the German DAX fell 1.29 percent, and the French CAC 40 declined 1.39 percent, while U.K. shares fell 0.31 percent.

Economics

U.S. consumer spending rose 0.4 percent in June, versus economists’ expectations for a 0.3 percent gain. Incomes increased 0.2 percent in the month, versus economists’ estimates of a 0.3 percent growth.

The Johnson Redbook Retail Sales Index declined 0.6 percent during the first four weeks of July versus June.

Data on motor vehicle sales for July will be released today.

The Treasury is set to auction 4-week bills at 11:30 a.m. ET.

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Posted In: EarningsNewsGuidanceEurozoneCommoditiesGlobalIntraday UpdateMarketsMoversMid-Morning Market Update
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