Market Overview

Mid-Morning Market Update: Markets Open Lower; McCormick Earnings Top Expectations

Share:

Following the market opening Tuesday, the Dow traded down 0.43% to 26,799.75 while the NASDAQ fell 0.04% to 7,995.95. The S&P also fell, dropping 0.34% to 2,966.53.

Leading and Lagging Sectors

Information technology shares climbed 0.9% on Tuesday. Meanwhile, top gainers in the sector included Upland Software, Inc. (NASDAQ: UPLD), up 6%, and Cree, Inc. (NASDAQ: CREE), up 4%.

In trading on Tuesday, real estate shares fell 1.1%.

Top Headline

McCormick & Co (NYSE: MKC) reported better-than-expected third-quarter EPS results and raised fiscal year 2019 EPS guidance above analyst estimates.

The company reported third-quarter earnings of $1.46 per share, which beat the analyst consensus estimate of $1.29. McCormick raised its fiscal year 2019 EPS guidance from a range of $5.20-$5.30 to a range of $5.30-$5.35 versus the $5.28 Street estimate.

McCormick share.

Equities Trading UP

Roan Resources, Inc. (NYSE: ROAN) shares shot up 23% to $1.51 after the company agreed to be acquired by Citizen Energy for $1.52 per share in cash.

Shares of Constellation Pharmaceuticals, Inc. (NASDAQ: CNST) got a boost, shooting up 20% to $7.78 after the company reported a $65 million private placement with new and existing investors.

Rayonier Advanced Materials Inc. (NYSE: RYAM) shares were also up, gaining 12% to $4.83 after the company announced that it has reached agreement with lenders under its Senior Secured Credit Agreement and entered into an amendment through 2021.

Equities Trading DOWN

Minerva Neurosciences, Inc. (NASDAQ: NERV) shares tumbled 23% to $5.98 after the company delayed the results for its Schizophrenia drug.

Shares of TD Ameritrade Holding Corporation (NASDAQ: AMTD) were down 22% to $36.55 after Schwab reportedly eliminated commissions for mobile and web US stock, ETF and options trades.

E*TRADE Financial Corporation (NASDAQ: ETFC) was down, falling 17% to $36.29 after Schwab reportedly eliminated commissions for mobile and web US stock, ETF and options trades.
 

Commodities

In commodity news, oil traded up 1% to $54.63, while gold traded down 0.3% to $1,469.10.

Silver traded up 0.5% Tuesday to $17.075, while copper fell 1.8% to $2.533.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.3%, the Spanish Ibex Index fell 0.16%, while Italy’s FTSE MIB Index climbed 0.4%. Meanwhile, the German DAX dropped 0.1%, and the French CAC 40 slipped 0.1% while UK shares rose 0.1%.

Economics

The IHS Markit manufacturing PMI rose to 51.1 in September 2019, versus a preliminary reading of 51.0.

The ISM manufacturing index fell to 47.8 in September, versus a reading of 49.1 in the prior month.

U.S. construction spending rose 0.1% for August.

Posted-In: Mid-Morning Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

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