Mid-Morning Market Update: Markets Edge Lower; Tiffany Tops Q3 Expectations
Following the market opening Tuesday, the Dow traded down 0.11 percent to 19,076.23 while the NASDAQ declined 0.13 percent to 5,362.05. The S&P also fell, dropping 0.14 percent to 2,198.71.
Leading and Lagging Sectors
Tuesday morning, non-cyclical consumer goods & services shares gained by 0.34 percent.
In trading on Tuesday, energy shares fell by 1.66 percent. Meanwhile, top losers in the sector included Newpark Resources Inc (NYSE: NR), down 14 percent, and Approach Resources Inc. (NASDAQ: AREX), down 8 percent.
Tiffany & Co. (NYSE: TIF) reported better-than-expected results for its third quarter.
Tiffany posted quarterly earnings of $95.1 million, or $0.76 per share, versus earnings of $91 million, or $0.70 per share.
Its total sales increased 1.2 percent to 949.3 million. However, analysts were expecting earnings of $0.67 per share on revenue of $923.7 million.
Equities Trading UP
Genetic Technologies Limited (ADR) (NASDAQ: GENE) shares shot up 73 percent to $2.24 following announcement of a license agreement with The University of Melbourne.
Shares of CombiMatrix Corp (NASDAQ: CBMX) got a boost, shooting up 35 percent to $3.65 after the company reported that its pre-implantation genetic screening by next generation sequencing has been granted a conditional approval from the New York State Department of Health.
Dataram Corp (NASDAQ: DRAM) shares were also up, gaining 36 percent to $1.44 as the company disclosed that it has finalized an agreement to acquire U.S. Gold Corp.
Equities Trading DOWN
Nivalis Therapeutics Inc (NASDAQ: NVLS) shares dropped 55 percent to $2.82 after the company disclosed results from Phase 2 clinical trial of cavosonstat for the treatment of cystic fibrosis. The company reported that the trial failed to demonstrate benefit in absolute change in percent predicted FEV1 or in sweat chloride reduction at 12 weeks.
Shares of Amicus Therapeutics, Inc. (NASDAQ: FOLD) were down 21 percent to $6.55 after the company reported a regulatory plan for full approval pathway for migalastat.
Newpark Resources Inc (NYSE: NR) was down, falling around 14 percent to $6.45 after the company reported a proposed $100.0 million convertible notes offering.
In commodity news, oil traded down 3.57 percent to $45.40 while gold traded down 0.78 percent to $1,184.50.
Silver traded down 1.05 percent Tuesday to $16.50, while copper fell 1.37 percent to $2.63.
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.07 percent, the Spanish Ibex Index rose 0.17 percent, while Italy’s FTSE MIB Index surged 1.53 percent. Meanwhile the German DAX dropped 0.01 percent, and the French CAC 40 climbed 0.56 percent while U.K. shares fell 0.81 percent.
The U.S. economy expanded at an annual rate of 3.2 percent in the third quarter. However, economists were expecting a 3.1 percent growth rate.
The S&P/Case-Shiller home price index rose 0.4 percent for September, versus economists’ expectations for a 0.4 percent growth.
The Conference Board's consumer confidence index surged to 107.10 in November, versus a prior reading of 98.60. Economists were expecting a reading of 101.20.
The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.