Mid-Morning Market Update: Markets Edge Lower; Pfizer Profit Misses Views

Following the market opening Tuesday, the Dow traded down 0.09 percent to 18,125.54 while the NASDAQ declined 0.12 percent to 5,182.78. The S&P also rose, dropping 0.11 percent to 2,123.86.

Leading and Lagging Sectors

Tuesday morning, basic materials shares gained by 0.67 percent. Meanwhile, top gainers in the sector included Mosaic Co MOS, and Hecla Mining Company HL.

In trading on Tuesday, utilities shares fell by 0.73 percent. Meanwhile, top losers in the sector included Companhia Energetica Minas Gerais (ADR) CIG, down 4 percent, and NiSource Inc. NI, down 2 percent.

Top Headline

Pfizer Inc PFE delivered lower than expected earnings for the third quarter

The company reported adjusted EPS of $0.61, missing expectations by $0.01. Its total revenue of $13.045 billion came in line with the estimates.

Pfizer reduced top end of full year adjusted EPS outlook from $2.38-$2.48 to $2.38-$2.43. However, it boosted lower end of revenue forecast from $51-$53.0 billion to $52-$53 billion.

Equities Trading UP

InspireMD Inc NSPR shares shot up 196 percent to $4.23 following positive CGuard results.

Shares of Skyline Medical Inc SKLN got a boost, shooting up 23 percent to $1.93 after the company disclosed that it has signed an agreement for GLG Pharma to be exclusive distributor of STREAMWAY System in the U.K.

Oculus Innovative Sciences, Inc. OCLS shares were also up, gaining 25 percent to $5.02 after the company disclosed that it has sold its Latin America business to Invekra S.A.P.I. de C.V. for $19.5 million in cash.

Equities Trading DOWN

Neovasc Inc (US) NVCN shares dropped 38 percent to $0.631 as the company announced an update in litigation with CardiAQ. Neovasc will pay $91 million in damages.

Shares of Instructure Inc INST were down 28 percent to $18.30. Instructure reported a Q3 loss of $0.34 per share on revenue of $30.14 million. The company also issued a weak forecast.

tronc Inc TRNC was down, falling around 19 percent to $ 9.71 after Gannett Co Inc GCI dropped its bid to acquire the company.

Commodities

In commodity news, oil traded up 0.77 percent to $47.22 while gold traded up 1.25 percent to $1,289.00.

Silver traded up 3.11 percent Tuesday to $18.35, while copper rose 0.50 percent to $2.22.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.22 percent, the Spanish Ibex Index fell 0.01 percent, while Italy’s FTSE MIB Index gained 0.47 percent. Meanwhile the German DAX slipped 0.16 percent, and the French CAC 40 dropped 0.20 percent while U.K. shares rose 0.07 percent.

Economics

The Federal Open Market Committee will begin two-day policy meeting today.

The Johnson Redbook Retail Sales Index declined 0.1 percent during October versus Septem.

The ISM manufacturing index rose to 51.90 in October, versus a prior reading of 51.50. Economists expected a reading of 51.70.

U.S. construction spending declined 0.4 percent for September, versus economists’ expectations for a 0.4 percent growth.

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