Market Overview

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. (NASDAQ: MRTX), up 14%, and Kiniksa Pharmaceuticals, Ltd. (NASDAQ: KNSA), up 8%.

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

Top Headline

General Motors Company (NYSE: 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. (NASDAQ: 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. (NASDAQ: SES) surged 40% to $7.91.

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

Equities Trading DOWN

Grubhub Inc. (NYSE: 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. (NYSE: 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 (NYSE: 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.


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%


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.

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


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