Mid-Day Market Update: Netflix Jumps On Earnings Beat; Edgewater Shares Slide
Midway through trading Tuesday, the Dow traded up 0.54 percent to 18,183.42 while the NASDAQ climbed 1.18 percent to 5,261.07. The S&P also rose, gaining 0.80 percent to 2,143.54.
Leading and Lagging Sectors
In trading on Tuesday, industrials shares rose by just 0.3 percent. Meanwhile, top losers in the sector included Badger Meter, Inc. (NYSE: BMI), down 9 percent, and Methode Electronics Inc. (NYSE: MEI), down 7 percent.
Goldman Sachs Group Inc (NYSE: GS) reported better-than-expected earnings for the third quarter on Tuesday.
The bank reported quarterly net earnings of $2.09 billion, or EPS of $4.88, for the third quarter. In the year-ago quarter, the net earnings were $1.33 billion, or EPS of $2.90. The latest quarter EPS is significantly higher than the Street estimates of $3.79 per share.
Goldman Sachs' net revenue grew from $6.86 billion to $8.17 billion and came in above the Street analysts' predictions of $7.42 billion.
Equities Trading UP
Netflix, Inc. (NASDAQ: NFLX) shares shot up 19 percent to $118.86 after the company reported better-than-expected earnings for its third quarter and issued a strong outlook for the fourth quarter. Total U.S. streaming members hit 47.5 million, and international streaming members, 39.2 million.
Shares of MakeMyTrip Limited (NASDAQ: MMYT) got a boost, shooting up 42 percent to $29.00. India-based MakeMyTrip announced plans to buy ibibo Group.
Stepan Company (NYSE: SCL) shares were also up, gaining 10 percent to $77.32 after the company reported upbeat quarterly earnings and lifted its quarterly dividend.
Equities Trading DOWN
ImmuCell Corporation (NASDAQ: ICCC) shares dropped 14 percent to $6.71. ImmuCell reported the raising of $3.5 million through private placement. ImmuCell expects Q3 sales of $1.97 million and net operating earnings of $(25,000) to $75,000.
Shares of Consumer Portfolio Services, Inc. (NASDAQ: CPSS) were down 11 percent to $4.26 following Q3 results. CPS reported Q3 earnings of $0.26 per share on revenue of $108.5 million.
Edgewater Technology Inc. (NASDAQ: EDGW) was down, falling around 8 percent to $8.00. Edgewater reported preliminary Q3 service revenue of $27 million and total revenue of $30.8 million.
In commodity news, oil traded up 0.14 percent to $50.44 while gold traded up 0.49 percent to $1,262.70.
Silver traded up 1.12 percent Tuesday to $17.67, while copper rose 0.05 percent to $2.11.
European shares were higher today. The eurozone’s STOXX 600 gained 1.50 percent, the Spanish Ibex Index rose 1.43 percent, while Italy’s FTSE MIB Index gained 2.02 percent. Meanwhile the German DAX climbed 1.22 percent, and the French CAC 40 surged 1.32 percent while U.K. shares rose 0.76 percent.
The Consumer Price Index rose 0.3 percent for September, versus economists’ expectations for a 0.3 percent growth.
The National Association of Home Builders’ housing market index declined to 63 for October, versus a prior reading of 65. Economists were expecting a reading of 63 for the month.
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