Market Overview

Mid-Morning Market Update: Markets Mostly Lower; Home Depot Reports Downbeat Sales


Following the market opening Tuesday, the Dow traded down 0.21% to 27976.62 while the NASDAQ rose 0.03% to 8,552.80. The S&P also fell, dropping 0.08% to 3,119.68.

Leading and Lagging Sectors

Health care shares climbed 0.3% on Tuesday. Meanwhile, top gainers in the sector included Myovant Sciences Ltd. (NASDAQ: MYOV), up 150%, and Athenex, Inc. (NASDAQ: ATNX), up 31%.

In trading on Tuesday, consumer discretionary shares fell 0.8%.

Top Headline

Home Depot Inc (NYSE: HD) reported upbeat earnings for its third quarter, while sales missed estimates. The company also cut its FY19 sales growth forecast.

Home Depot posted quarterly earnings of $2.53 per share, beating analysts’ estimates of $2.52 ;per share. Its sales came in at $27.2 billion, missing expectation of $27.53 billion. Same-store sales increased 3.6% during the quarter.

Home Depot said it expects FY19 sales to rise about 1.8%, versus previous outlook of a 2.3% rise. The company projects same-store sales growth of 3.5%.

Equities Trading UP

Myovant Sciences Ltd. (NYSE: MYOV) shares shot up 139% to $14.50 after the company announced that its Phase 3 HERO study of once-daily, oral relugolix met its primary endpoint and all six key secondary endpoints in men with advanced prostate cancer.

Shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) got a boost, shooting up 102% to $3.07 after the company late Monday reported a combined $130 million of new projects om Alaska, Canada and the Middle East.

The Medicines Company (NASDAQ: MDCO) shares were also up, gaining 22% to $71.50 following reports Novartis is considering making an offer to acquire the company.

Equities Trading DOWN

Intelsat S.A. (NYSE: I) shares tumbled 29% to $5.66 after Evercore ISI Group downgraded the stock from Outperform to In-Line and lowered the price target from $38 to $11 per share.

Shares of KLX Energy Services Holdings, Inc. (NASDAQ: KLXE) were down 23% to $5.66 after the company announced Q3 cost reduction program. The company sees Q3 charge of $13 million.

Kohl's Corporation (NYSE: KSS) was down, falling 18% to $47.62 after the company reported worse-than-expected Q3 EPS results. The company also cut FY19 EPS guidance.


In commodity news, oil traded down 1% to $56.50, while gold traded down 0.3% to $1,467.70.

Silver traded up 0.5% Tuesday to $17.08, while copper rose 0.5% to $2.6335.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.6%, the Spanish Ibex Index rose 0.5%, while Italy’s FTSE MIB Index surged 0.4%. Meanwhile, the German DAX climbed 1%, and the French CAC 40 rose 0.4% while UK shares rose 1.2%.


U.S. housing starts rose 3.8% to an annual rate of 1.314 million for October. Building permits increased 5% to an annual rate of 1.461 million.

The Johnson Redbook Retail Sales Index fell 0.3% during the first two weeks of November versus October.

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


Related Articles (HD + ATNX)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

Stocks That Hit 52-Week Highs On Tuesday

Ayr Strategies Reports Q3 Earnings, Projects Double Adjusted EBITDA In 2020