Mid-Morning Market Update: Markets Mixed; General Motors Profit Beats Views

Following the market opening Tuesday, the Dow traded up 0.18% to 27138.83 while the NASDAQ fell 0.19% to 8310.49. The S&P also rose, gaining 0.19% to 3,045.14.

Leading and Lagging Sectors

Health care shares climbed 0.9% on Tuesday. Meanwhile, top gainers in the sector included Mirati Therapeutics, Inc. MRTX, up 14%, and Kiniksa Pharmaceuticals, Ltd. KNSA, up 8%.

In trading on Tuesday, communication services shares fell 0.7%.

Top Headline

General Motors Company GM reported upbeat earnings for its third quarter, but lowered its fiscal year guidance.

GM posted third-quarter earnings of $1.72 per share on Tuesday, which beat the analyst consensus estimate of $1.31. The company reported quarterly sales of $35.5 billion, which beat the analyst consensus estimate of $33.82 billion.

GM cuts its fiscal year EPS guidance from a range of $6.50-$7 to $4.50-$4.80 against a $5.62 estimate, citing the impact of a UAW strike.


Equities Trading UP

Amkor Technology, Inc. AMKR shares shot up 32% to $14.66 after the company reported Q3 EPS of $0.23 versus the $0.08 estimate and reported better-than-expected Q3 sales results. The company also issued strong Q4 guidance.

Shares of Synthesis Energy Systems, Inc. SES surged 40% to $7.91.

Texas Roadhouse, Inc. TXRH shares gained 18% to $59.07 after the company reported better-than-expected Q3 EPS and sales results.


Equities Trading DOWN

Grubhub Inc. GRUB shares tumbled 41% to $34.53 after the company reported worse-than-expected Q3 sales results. The company also issued Q4 sales guidance below analyst estimates.

Shares of U.S. Silica Holdings, Inc. SLCA were down 31% to $5.41 after the company reported worse-than-expected Q3 EPS and sales. The company anticipates a slowdown in North American completions activity in Q4, which will negatively impact its oil and gas segment.

Diebold Nixdorf, Incorporated DBD was down, falling 23% to $7.60 after the company reported Q3 EPS of $(0.06) compared to the $0.24 estimate and worse-than-expected Q3 sales results. The company also cut FY19 sales guidance.

Commodities


In commodity news, oil traded down 1.5% to $54.96, while gold traded down 0.3% to $1,491.30.

Silver traded down 1% Tuesday to $17.70, while copper fell 0.2% to $2.679.

Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 0.4%, the Spanish Ibex Index fell 0.5%, while Italy’s FTSE MIB Index slipped 0.1%. Meanwhile, the German DAX dropped 0.1%, and the French CAC 40 rose 0.1% while UK shares fell 0.5%

Economics

The Federal Open Market Committee begins its two-day policy meeting today.

The S&P CoreLogic Case-Shiller 20-city home price index increased 2% year-over-year in August.

The Conference Board consumer confidence index fell to 125.9 in October, versus prior reading of 135.7.

The pending home sales index rose 3.9% year-over-year in September.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Morning Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!