Market Overview

Mid-Morning Market Update: Markets Open Higher; Dollar Tree Profit Beats Estimates

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Following the market opening Tuesday, the Dow traded up 0.22 percent to 18,998.22 while the NASDAQ climbed 0.29 percent to 5,384.51. The S&P also rose, gaining 0.15 percent to 2,201.50.

Leading and Lagging Sectors

Tuesday morning, basic materials shares gained by 0.91 percent. Meanwhile, top gainers in the sector included Cliffs Natural Resources Inc (NYSE: CLF), and AK Steel Holding Corporation (NYSE: AKS).

In trading on Tuesday, healthcare shares fell by 1.02 percent. Meanwhile, top losers in the sector included Patterson Companies, Inc. (NASDAQ: PDCO), down 19 percent, and Medtronic PLC (NYSE: MDT), down 8 percent.

Top Headline

Dollar Tree, Inc. (NASDAQ: DLTR) reported better-than-expected earnings for third quarter and raised its fourth-quarter bottom-line outlook.

The company reported third-quarter net income of $171.6 million or $0.72 per share. In comparison, the company earned $81.9 million or $0.35 per share last year. Adjusting for a $0.09 per share expense related to debt refinancing, the company's adjusted earnings were $0.81 per share, coming in at the top end of its $0.76–$0.82 guidance range.

Net sales rose 1.1 percent to $5 billion from the year-ago's $4.95 billion. Analysts, on average, expected earnings of $0.78 per share on sales of $5.08 billion.

 

Equities Trading UP

Skyline Medical Inc (NASDAQ: SKLN) shares shot up 168 percent to $5.57 after the company disclosed that it has received approval to market STREAMWAY system in Canada.

Shares of Burlington Stores Inc (NYSE: BURL) got a boost, shooting up 13 percent to $83.67 after reporting upbeat quarterly earnings.

Movado Group, Inc (NYSE: MOV) shares were also up, gaining 15 percent to $29.60 after the company reported better-than-expected Q3 earnings.


Equities Trading DOWN

Amedica Corporation (NASDAQ: AMDA) shares dropped 31 percent to $0.729 after the company announced new sales leadership and issued regulatory updates.

Shares of Avino Silver and Gold Mines Ltd (NYSE: ASM) were down 24 percent to $1.38 as the company reported a bought deal offering of $10 million.

Dycom Industries, Inc. (NYSE: DY) was down, falling around 19 percent to $75.17. Dycom reported upbeat quarterly earnings, but sales missed estimates.


Commodities


In commodity news, oil traded up 0.58 percent to $48.52 while gold traded up 0.10 percent to $1,211.00.

Silver traded up 0.81 percent Tuesday to $16.76, while copper rose 0.95 percent to $2.55.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.34 percent, the Spanish Ibex Index rose 0.52 percent, while Italy’s FTSE MIB Index rose 1.44 percent. Meanwhile the German DAX gained 0.50 percent, and the French CAC 40 climbed 0.65 percent while U.K. shares rose 0.81 percent.

Economics

The Johnson Redbook Retail Sales Index for the latest week is schedule for release at 8:55 a.m. ET.

Existing-home sales rose 2 percent to an annual rate of 5.60 million in October. Economists were expecting a 0.5 percent drop.

The Richmond Fed Manufacturing Index rose to 4.00 for November, versus a prior reading of -4.00. Economists projected a reading of 1.00.

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

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

 

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