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Mid-Morning Market Update: Markets Open Higher; Verizon Earnings Miss Expectations

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Following the market opening Tuesday, the Dow traded up 0.06 percent to 19,811.44 while the NASDAQ climbed 0.27 percent to 5,568.04. The S&P also rose, gaining 0.18 percent to 2,269.20.

Leading and Lagging Sectors

Basic materials shares gained around 1.86 percent in trading on Tuesday. Meanwhile, top gainers in the sector included Allegheny Technologies Incorporated (NYSE: ATI), and AK Steel Holding Corporation (NYSE: AKS).

In trading on Tuesday, telecommunications services shares slipped by 1.40 percent. Meanwhile, top losers in the sector included BT Group plc (ADR) (NYSE: BT), down 21 percent, and Internet Initiative Japan Inc. (ADR) (NASDAQ: IIJI), down 6 percent.

Top Headline

Verizon Communications Inc. (NYSE: VZ) reported lower-than-expected earnings for its fourth quarter as competitive pressures from T-Mobile US Inc (NASDAQ: TMUS) and Sprint Corp (NYSE: S) have weighed on wireless revenues.

Verizon reported Q4 earnings of $0.86 per share on revenue of $32.3 billion. Analysts were expecting earnings of $0.89 per share on revenue of $32.08 billion.


Equities Trading UP

Cellectar Biosciences Inc (NASDAQ: CLRB) shares shot up 28 percent to $1.77 after the company reported that an additional US patent has been granted for CLR 131 and CLR 125 in a broad range of solid tumors.

Shares of Multi Packaging Solutions Intrntnl Ltd (NYSE: MPSX) got a boost, shooting up 24 percent to $17.84 after WestRock Co (NYSE: WRK) agreed to acquire the company for $18.00 per share.

Allegheny Technologies Incorporated (NYSE: ATI) shares were also up, gaining 17 percent to $19.86 after the company reported a narrower-than-expected Q4 loss.


Equities Trading DOWN

BT Group plc (ADR) (NYSE: BT) shares dropped 21 percent to $19.25 after the company lowered its 2017 and 2018 guidance due to Italian accounting errors.

Shares of Bioamber Inc (NYSE: BIOA) were down around 16 percent to $4.40. BioAmber increased its previously reported public offering to US$17.5 million.

Ocular Therapeutix Inc (NASDAQ: OCUL) was down, falling around 8 percent to $6.96. Ocular Therapeutic priced 3.5 million shares at $7 per share.


Commodities


In commodity news, oil traded up 0.83 percent to $53.19 while gold traded down 0.16 percent to $1,213.70.

Silver traded down 0.06 percent Tuesday to $17.18, while copper rose 1.70 percent to $2.69.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.12 percent, the Spanish Ibex Index rose 0.50 percent, while Italy’s FTSE MIB Index climbed 1.16 percent. Meanwhile the German DAX gained 0.24 percent, and the French CAC 40 rose 0.02 percent while U.K. shares rose 0.16 percent.

Economics

The Johnson Redbook Retail Sales Index rose 0.5 percent year-over-year for the first three weeks of January.

The Markit manufacturing PMI rose to 55.10 for January, versus a prior reading of 54.30. Analysts projected a reading of 54.50.

Data on existing home sales for December will be released at 10:00 a.m. ET.

The Richmond Fed manufacturing index for January is schedule for release at 10:00 a.m. ET.

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

The Treasury will also auction 2-year notes at 1:00 p.m. ET.

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

 

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