Mid-Afternoon Market Update: NASDAQ Up 2.5%; Jeld-Wen Holding Shares Plunge
|Toward the end of trading Tuesday, the Dow traded up 1.86 percent to 25,720.30 while the NASDAQ gained 2.5 percent to 7,616.36. The S&P also rose, gaining 1.85 percent to 2,801.64.
Leading and Lagging Sectors
Tuesday afternoon, the information technology shares climbed 2.63 percent. Meanwhile, top gainers in the sector included Hanwha Q CELLS Co., Ltd. HQCL 16.65% up 17 percent, andSendGrid, Inc. SEND 15.36% up 14 percent.
In trading on Tuesday, energy shares rose by just 0.7 percent.
Top Headline
Goldman Sachs Group Inc BAC 2.22% reported better-than-expected earnings for its third quarter.
Goldman Sachs posted quarterly earnings of $6.28 per share on revenue of $8.65 billion. However, analysts were expecting earnings of $5.38 per share on sales of $8.4 billion.
Equities Trading UP
Hanwha Q CELLS Co., Ltd. HQCL 16.65% shares shot up 17 percent to $9.66 after the company announced it would be acquired for $9.90 per share in cash by Hanwha Solar.
Shares of Noodles & Company NDLS 14.52% got a boost, shooting up 16 percent to $13.23 after analysts at SunTrust Robinson Humphrey upgraded the stock from Neutral to Buy and raised the price target from $11 to $15.
Fuwei Films (Holdings) Co., Ltd. FFHL 52.6% shares were also up, gaining 50 percent to $2.60 after reporting a 30 percent rise in polyester film order from a major customer for Q4'18.
Equities Trading DOWN
Jeld-Wen Holding Inc JELD 20.56% shares dropped 20 percent to $17.08 after the company lowered its FY18 guidance and reported the departure of its CFO Brooks Mallard.
Shares of voxeljet AG VJET 20.71% were down 20 percent to $3.005. voxeljet approved a capital increase of up to 1.1 million euro.
Innophos Holdings, Inc. IPHS 15.87% was down, falling around 16 percent to $33.13 after lowering its FY18 guidance.
Commodities
In commodity news, oil traded up 0.42 percent to $72.08 while gold traded down 0.06 percent to $1,229.60.
Silver traded down 0.25 percent Tuesday to $14.69, while copper fell 0.22 to $2.7825.
European shares closed higher today. The eurozone’s STOXX 600 gained 1.58 percent, the Spanish Ibex Index rose 1.69 percent, while Italy’s FTSE MIB Index climbed 2.23 percent. Meanwhile the German DAX climbed 1.4 percent, and the French CAC 40 rose 1.53 percent while U.K. shares rose 0.43 percent.
Economics
U.S. industrial production rose 0.3 percent for September, versus economists’ expectations for a 0.2 percent increase.
The NAHB housing market index rose to a reading of 68.00, versus a prior reading of 67.00. However, economists expected a reading of 68.00.
U.S. job openings climbed to 7.1 million for August, according to the Labor Department's JOLTS report.
The Treasury International Capital report for August is schedule for release at 4:00 p.m. ET.
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