Mid-Afternoon Market Update: Crude Oil Down Over 2%; Buffalo Wild Wings Shares Spike Higher

Toward the end of trading Tuesday, the Dow traded down 0.30 percent to 23,370.30 while the NASDAQ declined 0.61 percent to 6,716.10. The S&P also fell, dropping 0.42 percent to 2,573.95.

Leading and Lagging Sectors

Tuesday afternoon, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Genie Energy Ltd GNE 5.63% and Southwest Gas Holdings Inc SWX 4.35%.

In trading on Tuesday, energy shares were relative laggards, down on the day by about 1.22 percent. Meanwhile, top losers in the sector included CARBO Ceramics Inc. CRR 7.94%, down 12 percent, and Resolute Energy Corp REN 13.98% down 9 percent.

Top Headline

Home Depot Inc HD 1.57% 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 24.01% shares shot up 24 percent to $145.45 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 114.74% got a boost, shooting up 140 percent to $1.64 after third-quarter earnings came in well ahead of estimates. The company also beat sales estimates by nearly $1 million.

Image Sensing Systems, Inc. ISNS 17.8% shares were also up, gaining 21 percent to $3.45 after reporting third-quarter EPS and revenue growth year-over-year.

Equities Trading DOWN

NCS Multistage Holdings Inc NCSM 22.13% shares dropped 22 percent to $16.09. NCS Multistage reported Q3 adjusted earnings of $0.09 per share on revenue of $56 million.

Shares of Energy XXI Gulf Coast Inc EXXI 34.25% were down 28 percent to $6.00. Energy XXI Gulf Coast reported a Q3 loss of $0.95 per share on revenue of $117.0 million.

Netshoes (CAYMAN) Ltd NETS 27.55% was down, falling around 17 percent to $8.01. Netshoes reported a Q3 loss of $0.58 per share on sales of $140.352 million.

Commodities

In commodity news, oil traded down 2.15 percent to $55.54 while gold traded down 0.02 percent to $1,278.60.

Silver traded down 0.19 percent Tuesday to $17.015, while copper fell 1.85 percent to $3.059.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 0.59 percent, the Spanish Ibex Index fell 0.59 percent, while Italy’s FTSE MIB Index dropped 0.63 percent. Meanwhile the German DAX declined 0.31 percent, and the French CAC 40 dropped 0.49 percent while U.K. shares fell 0.01 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.