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Mid-Day Market Update: Crude Oil Down 2%; Francesca's Shares Rise On Earnings Beat

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Midway through trading Tuesday, the Dow traded down 0.10 percent to 19,197.97 while the NASDAQ declined 0.13 percent to 5,302.28. The S&P also rose, gaining 0.01 percent to 2,204.99.

Leading and Lagging Sectors

On Tuesday, financial shares gained by 0.49 percent. Meanwhile, top gainers in the sector included Republic First Bancorp, Inc. (NASDAQ: FRBK), and Deutsche Bank AG (USA) (NYSE: DB).

In trading on Tuesday, energy shares fell by 0.39 percent. Meanwhile, top losers in the sector included Olympic Steel, Inc. (NASDAQ: ZEUS), down 4 percent, and Cliffs Natural Resources Inc (NYSE: CLF), down 4 percent.

Top Headline

AutoZone, Inc. (NYSE: AZO) reported better-than-expected earnings for its fiscal first quarter, but sales missed estimates.

Autozone reported Q1 earnings of $9.36 per share on revenue of $2.46 billion. However, analysts were expecting earnings of $9.31 per share on revenue of $2.49 billion.


Equities Trading UP

Neovasc Inc (US) (NASDAQ: NVCN) shares shot up 54 percent to $2.19 after the company issued an update on its Tiara mitral valve clinical program.

Shares of Francesca's Holdings Corp (NASDAQ: FRAN) got a boost, shooting up 21 percent to $18.88 after the company posted better-than-expected Q3 results.

Intralinks Holdings Inc (NYSE: IL) shares were also up, gaining 16 percent to $13.06 after Synchronoss Technologies announced plans to buy Intralinks for around $821 million.


Equities Trading DOWN

Synchronoss Technologies, Inc. (NASDAQ: SNCR) shares dropped 11 percent to $43.62 after the company announced plans to buy Intralinks for around $821 million.

Shares of Barnes & Noble Education Inc (NYSE: BNED) were down 15 percent to $9.91 after the company reported weak results for its second quarter.

Rent-A-Center Inc (NASDAQ: RCII) was down, falling around 11 percent to $10.55. Raymond James downgraded Rent-A-Center from Strong Buy to Market Perform.


Commodities


In commodity news, oil traded down 2 percent to $50.76 while gold traded down 0.25 percent to $1,173.50.

Silver traded up 0.04 percent Tuesday to $16.91, while copper fell 1.07 percent to $2.67.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.93 percent, the Spanish Ibex Index rose 2.68 percent, while Italy’s FTSE MIB Index surged 4.01 percent. Meanwhile the German DAX climbed 0.90 percent, and the French CAC 40 gained 1.38 percent while U.K. shares rose 0.49 percent.

Economics

The U.S. trade deficit rose around 18 percent to $42.6 billion in October, versus a revised $36.2 billion in September. Economists were expecting a deficit of $42.1 billion. Imports rose 1.3 percent to $229 billion, while exports declined 1.8 percent to $186.4 billion in October.

Non-farm productivity increased at an annual pace of 3.1 percent pace in the third quarter, while unit-labor costs rose 0.7 percent in the quarter.

The Johnson Redbook Retail Sales Index rose 0.2 percent for the first week of December, versus November.

U.S. factory orders rose 2.70 percent for October, versus economists’ expectations for a 2.60 percent growth.

Posted-In: Earnings News Eurozone Commodities M&A Global Intraday Update Markets

 

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