Market Overview

Mid-Day Market Update: EverQuote Rises After Upbeat Q3 Results; Armstrong Flooring Shares Plummet

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Midway through trading Tuesday, the Dow traded up 0.09% to 27486.88 while the NASDAQ rose 0.10% to 8,441.86. The S&P also fell, dropping 0.14% to 3,074.00.

Leading and Lagging Sectors

Consumer staples shares climbed 0.4% on Tuesday. Meanwhile, top gainers in the sector included The Kroger Co. (NYSE: KR), up 11%, and 111, Inc. (NASDAQ: YI), up 7%.

In trading on Tuesday, real estate shares fell 2.2%.

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 35% to $12.72 after the company reported better-than-expected Q3 EPS and sales results.

Shares of EverQuote, Inc. (NASDAQ: EVER) got a boost, shooting up 25% to $27.32 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 189% to $76.41.

Equities Trading DOWN

Myriad Genetics, Inc. (NASDAQ: MYGN) shares tumbled 42% to $20.21 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 Armstrong Flooring, Inc. (NYSE: AFI) were down 40% to $3.9350 after the company reported weak Q3 results.

Neuronetics, Inc. . (NASDAQ: STIM) was down, falling 35% to $5.87 after the company reported downbeat Q3 sales and issued weak sales forecast.
 

Commodities

In commodity news, oil traded up 1.2% to $57.23, while gold traded down 1.8% to $1,483.80.

Silver traded down 2.7% Tuesday to $17.58, while copper rose 1.1% to $2.7005.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index fell 0.09%, while Italy’s FTSE MIB Index climbed 0.23%. Meanwhile, the German DAX gained 0.09%, and the French CAC 40 rose 0.39% while UK shares rose 0.25%.

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 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-Day Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

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