Market Overview

Mid-Afternoon Market Update: Crane Rises On Upbeat Earnings; Dipexium Shares Fall

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Toward the end of trading Tuesday, the Dow traded down 0.30 percent to 18,167.45 while the NASDAQ declined 0.58 percent to 5,279.29. The S&P also fell, dropping 0.40 percent to 2,142.82.

Leading and Lagging Sectors

Tuesday afternoon, Non-cyclical consumer goods & services shares gained by 0.52 percent.

In trading on Tuesday, cyclical consumer goods & services shares fell by 1.09 percent. Meanwhile, top losers in the sector included Sonic Corporation (NASDAQ: SONC), down 18 percent, and Under Armour Inc (NYSE: UA), down 13 percent.

Top Headline

General Motors Company (NYSE: GM) reported stronger-than-expected earnings for the third quarter on Tuesday.

GM’s net income climbed to $2.8 billion, or $1.76 per share in the latest quarter. Excluding items, the company earned $1.72 per share, beating analysts' estimates of $1.45 per share.

Its revenue increased 10 percent to $42.8 billion in the quarter, beating estimates by $3.51 billion.


Equities Trading UP

Second Sight Medical Products Inc (NASDAQ: EYES) shares shot up 16 percent to $3.30 following news that the company has successfully implanted and activated a wireless visual cortical stimulator in a human subject.

Shares of Clayton Williams Energy, Inc. (NYSE: CWEI) got a boost, shooting up 28 percent to $94.93 after the company announced an agreement to sell Giddings Area assets for $400 million and named Patrick Cooke as COO.

Crane Co. (NYSE: CR) shares were also up, gaining 12 percent to $67.56 on stronger-than-expected Q3 earnings.


Equities Trading DOWN

Dipexium Pharmaceuticals Inc (NASDAQ: DPRX) shares dropped 78 percent to $2.87 after the company disclosed that top-line data from OneStep Phase 3 trials of Locilex failed to meet the primary endpoint.

Shares of Pacific Mercantile Bancorp (NASDAQ: PMBC) were down 24 percent to $5.78. Pacific Mercantile Bancorp reported a Q3 loss of $30.5 million on revenue of $10.2 million for its third quarter.

Sonic Corporation (NASDAQ: SONC) was down, falling around 17 percent to $21.93. Sonic reported upbeat earnings for its fourth quarter, but revenue missed expectations.


Commodities


In commodity news, oil traded down 1.44 percent to $49.79 while gold traded up 0.96 percent to $1,275.80.

Silver traded up 1.03 percent Tuesday to $17.79, while copper rose 2.13 percent to $2.14.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 slipped 0.35 percent, the Spanish Ibex Index fell 0.83 percent, while Italy’s FTSE MIB Index dropped 0.44 percent. Meanwhile the German DAX slipped 0.04 percent, and the French CAC 40 dropped 0.26 percent while U.K. shares rose 0.45 percent.

Economics

The Johnson Redbook Retail Sales Index declined 0.1 percent during the first three weeks of October versus September.

The S&P Corelogic Case-Shiller home price index gained 0.4 percent in August. However, economists were expecting a 0.2 percent monthly growth.

The Conference Board’s consumer confidence index declined to 98.60 in October, versus economists’ estimates for a reading of 101.00.

The Richmond Fed manufacturing index rose to a reading of -4.00 in October, versus a prior reading of -8.00. Economists expected a reading of -5.00.

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

 

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