Mid-Day Market Update: Advance Auto Parts Rises On Earnings Beat; NCS Multistage Shares Plummet
|Midway through trading Tuesday, the Dow traded down 0.38 percent to 23,351.89 while the NASDAQ declined 0.27 percent to 6,739.43. The S&P also fell, dropping 0.27 percent to 2,577.79.
Leading and Lagging Sectors
On Tuesday, the non-cyclical consumer goods & services sector proved to be a source of strength for the market.
In trading on Tuesday, basic materials shares were relative laggards, down on the day by about 1.20 percent. Meanwhile, top losers in the sector included Allegheny Technologies Incorporated ATI 4.46%, down 5 percent, and Intrepid Potash, Inc. IPI 6.58% down 5 percent.
Top Headline
Home Depot Inc HD 0.99% reported better-than-expected earnings for its third quarter and lifted its full-year guidance.
Home Depot posted quarterly adjusted earnings of $1.84 per share on revenue of $25.03 billion. However, analysts were expecting earnings of $1.82 per share on revenue of $24.53 billion. Comparable store sales rose 7.9 percent in the quarter.
Equities Trading UP
Buffalo Wild Wings BWLD 24.52% shares shot up 25 percent to $146.10 on a $2.3 billion takeover bid submitted by private-equity firm Roark Capital. The firm’s bid for the restaurant chain is worth over $150 per share.
Shares of MoSys Inc. MOSY 147.15% got a boost, shooting up 123 percent to $1.52 after third-quarter earnings came in well ahead of estimates. The company also beat sales estimates by nearly $1 million.
Advance Auto Parts, Inc. AAP 18.84% shares were also up, gaining 20 percent to $98.83 after the company reported better-than-expected profit for its third quarter.
Equities Trading DOWN
NCS Multistage Holdings Inc NCSM 22.85% shares dropped 25 percent to $15.56. NCS Multistage reported Q3 adjusted earnings of $0.09 per share on revenue of $56 million.
Shares of Energy XXI Gulf Coast Inc EXXI 28.14% were down 18 percent to $6.86. Energy XXI Gulf Coast reported a Q3 loss of $0.95 per share on revenue of $117.0 million.
Netshoes (CAYMAN) Ltd NETS 18.61% was down, falling around 17 percent to $7.95. Netshoes reported a Q3 loss of $0.58 per share on sales of $140.352 million.
Commodities
In commodity news, oil traded down 1.92 percent to $55.67 while gold traded down 0.01 percent to $1,278.90.
Silver traded down 0.31 percent Tuesday to $16.995, while copper fell 1.94 percent to $3.056.
Eurozone
European shares were lower today. The eurozone’s STOXX 600 declined 0.64 percent, the Spanish Ibex Index fell 0.61 percent, while Italy’s FTSE MIB Index dropped 0.67 percent. Meanwhile the German DAX declined 0.37 percent, and the French CAC 40 dropped 0.55 percent while U.K. shares fell 0.08 percent.
Economics
The NFIB small business optimism index rose to a reading of 103.80 in October, versus a prior reading of 103.00.
The Producer Price Index rose 0.4 percent for October, versus economists’ expectations for a 0.2 percent gain.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.