Market Overview

Mid-Morning Market Update: Markets Mixed; Emerson Electric Profit Beats Views

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Following the market opening Tuesday, the Dow traded up 0.08% to 27485.22 while the NASDAQ fell 0.09% to 8,425.80. The S&P also fell, dropping 0.15% to 3,073.74.

Leading and Lagging Sectors

Energy shares climbed 0.7% on Tuesday. Meanwhile, top gainers in the sector included HighPoint Resources Corporation (NYSE: HPR), up 11%, and Carrizo Oil & Gas, Inc. (NASDAQ: CRZO), up 12%.

In trading on Tuesday, real estate shares fell 1.4%.

Top Headline

Emerson Electric Co (NYSE: EMR) reported better-than-expected earnings for its fourth quarter, while sales missed estimates.

Emerson Electric reported first-quarter earnings of $1.16 per share, which beat the analyst consensus estimate of $1.08 per share. The company posted quarterly sales of $4.97 billion, versus analysts’ estimates of $5.04 billion.

Emerson Electric said it expects FY19 adjusted EPS of $3.69 per shares, versus analysts’ estimates of $3.63. The company projects FY20 adjusted EPS of $3.48-$3.72, versus analysts’ views of $3.74. The company also announced plans to raise dividend by 4% in 2020.

Equities Trading UP

Fulgent Genetics, Inc. (NASDAQ: FLGT) shares shot up 38% to $12.98 after the company reported better-than-expected Q3 EPS and sales results.

Shares of EverQuote, Inc. (NASDAQ: EVER) got a boost, shooting up 27% to $27.61 after the company reported better-than-expected Q3 EPS and sales results. The company also issued Q4 sales guidance above estimates and raised FY19 sales guidance above estimates.

NextCure, Inc. (NASDAQ: NXTC) shares were also up, gaining 28% to $33.80.

Equities Trading DOWN

Myriad Genetics, Inc. (NASDAQ: MYGN) shares tumbled 39% to $21.40 after the company reported Q1 EPS of $0.08 compared to the $0.32 estimate and worse-than-expected Q1 sales results. The company also issued Q2 and FY20 EPS and sales results below analyst estimates.

Shares of Strongbridge Biopharma plc (NASDAQ: SBBP) were down 30% to $1.69 after the company reported CEO transition plan and issued preliminary Q3 financial results and corporate updates.

Neuronetics, Inc. . (NASDAQ: STIM) was down, falling 28% to $6.47 after the company reported downbeat Q3 sales and issued weak sales forecast.
 

Commodities

In commodity news, oil traded up 0.7% to $56.92, while gold traded down 0.5% to $1,503.60.

Silver traded down 0.4% Tuesday to $18.00, while copper rose 0.4% to $2.6805.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, the Spanish Ibex Index fell 0.2%, while Italy’s FTSE MIB Index climbed 0.3%. Meanwhile, the German DAX gained 0.1%, and the French CAC 40 rose 0.2% while UK shares rose 0.3%.

Economics

U.S. trade deficit declined around 5% to $52.5 billion in September, versus a revised $55 billion in August. Imports of goods declined around 1% to $206 billion, while exports fell 1.7% to $258.4 billion.

The Johnson Redbook Retail Sales Index rose 0.3% during the first four weeks of October versus September.

The IHS Markit services PMI slipped to 50.6 in October, compared to a preliminary estimate of 51 and versus a reading of 50.9 in September.

The ISM non-manufacturing index climbed to 54.7 in October, versus 52.6 in the prior month.

The number of job openings dropped to 7.024 million in September, versus a revised 7.3 million in the prior month.

The Treasury is set to auction 52-week bills at 11:30 a.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Dallas, Texas at 12:40 p.m. ET.

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Minneapolis, Minnesota at 6:00 p.m. ET.

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

 

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