Market Overview

Mid-Day Market Update: Crude Oil Down 3.5%; EndoChoice Shares Jump Following Boston Scientific Deal



Midway through trading Tuesday, the Dow traded up 0.50 percent to 18,185.64 while the NASDAQ climbed 0.65 percent to 5,291.78. The S&P also rose, gaining 0.39 percent to 2,154.48.

Leading and Lagging Sectors

On Tuesday, technology shares gained 0.77 percent. Meanwhile, top gainers in the sector included SYNNEX Corporation (NYSE: SNX), and Attunity Ltd (NASDAQ: ATTU).

In trading on Tuesday, energy shares tumbled by 0.80 percent. Meanwhile, top losers in the sector included Resolute Energy Corp (NYSE: REN), down 8 percent, and Chesapeake Energy Corporation (NYSE: CHK), down 8 percent.

Top Headline

FactSet Research Systems Inc. (NYSE: FDS) reported weaker-than-expected results for the fourth quarter.

The company reported adjusted net income of $68.61 million, or $1.69 a share, up from $63.25 million, or $1.48 a share, in the year-ago quarter. This is short by a penny from $1.70 EPS estimated by the Street.

FactSet delivered revenue of $287.29 million compared to $261.78 million representing an increase of 9.7 percent. However, this fell short of analysts' predictions of $290.43 million.

Equities Trading UP

EndoChoice Holdings Inc (NYSE: GI) shares shot up 89 percent to $7.98 as the company agreed to be acquired by Boston Scientific Corporation (NYSE: BSX) for $8 per share in cash.

Shares of SYNNEX Corporation (NYSE: SNX) got a boost, shooting up 9 percent to $115.76 after the company reported upbeat earnings for its third quarter and issued a strong forecast for the current quarter. The company also raised its quarterly dividend by 25 percent, to $0.25 per share.

Kitov Pharmaceuticals Holdings Ltd (ADR) (NASDAQ: KTOV) shares were also up, gaining 15 percent to $3.76 as the company reported successful results for additional KIT-302 pharmacokinetic bioequivalence study.

Equities Trading DOWN

Rice Energy Inc (NYSE: RICE) shares dropped 7 percent to $25.18. Rice Energy priced its 40 million share offering at $25.50 per share and announced the acquisition of Vantage Energy for $2.7 billion.

Shares of Vanguard Natural Resources, LLC (NASDAQ: VNR) were down 12 percent to $0.885. Hilliard Lyons downgraded Vanguard Natural from Buy to Neutral.

Caesars Entertainment Corp (NASDAQ: CZR) was down, falling around 14 percent to $8.10. aesars Entertainment and Caesars Entertainment Operating Co. announced key economic terms of proposed consensual restructuring plan for CEOC.


In commodity news, oil traded down 3.5 percent to $44.32 while gold traded down 1.12 percent to $1,329.10.

Silver traded down 2.02 percent Tuesday to $19.20, while copper fell 1.46 percent to $2.17.


European shares were lower today. The eurozone’s STOXX 600 dropped 0.03 percent, the Spanish Ibex Index fell 0.32 percent, while Italy’s FTSE MIB Index tumbled 0.54 percent. Meanwhile the German DAX declined 0.47 percent, and the French CAC 40 declined 0.34 percent while U.K. shares fell 0.15 percent.


The Johnson Redbook Retail Sales Index declined 0.5 percent during the first four weeks of September versus August.

The S&P/Case-Shiller home price index was unchanged in July. However, economists were expecting a 0.1 percent drop.

The Markit services PMI gained to 51.90 in September, versus a prior reading of 51.00. Economists projected a reading of 51.10.

The Conference Board’s Consumer Confidence Index increased to 104.10 in September, versus a prior reading of 101.10. Economists were expecting a reading of 99.00.

The Richmond Fed's manufacturing index rose to -8.00 in September, versus a previous reading of -11.00. Economists estimated a reading of -2.00.

The Treasury will auction 5-year notes at 1:00 p.m. ET.


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