Mid-Day Market Update: Crude Oil Down 5%; Beazer Homes Rises Following Upbeat Q4 Results

Midway through trading Tuesday, the Dow traded down 0.31 percent to 25,307.53 while the NASDAQ climbed 0.68 percent to 7,249.84. The S&P also rose, gaining 0.23 percent to 2,732.47.

Leading and Lagging Sectors

On Tuesday, the information technology shares climbed 0.8 percent. Meanwhile, top gainers in the sector included Lumentum Holdings Inc LITE up 8 percent, and II-VI, Inc. IIVI up 8 percent.

In trading on Tuesday, energy shares fell 1.3 percent.

Top Headline

Home Depot Inc HD reported better-than-expected earnings for its third quarter and raised its full-year outlook.

Home Depot posted Q3 earnings of $2.51 per share on sales of $26.3 billion. However, analysts were expecting earnings of $2.27 per share on sales of $26.25 billion.

The company now projects full-year profit of $9.75 per share and sales to rise by around 7.2 percent.

 

Equities Trading UP

Solid Biosciences Inc. SLDB shares shot up 18 percent to $34.01 after reporting Q3 results.

Shares of Beazer Homes USA, Inc. BZH got a boost, shooting up 20 percent to $9.98 after the company reported better-than-expected Q4 results.

Servotronics, Inc. SVT shares were also up, gaining 18 percent to $11.65 following Q3 results. Servotronics reported Q3 earnings of $0.61 per share on sales of $12.77 million.

 

Equities Trading DOWN

EverQuote, Inc. EVER shares dropped 38 percent to $7.34. EverQuote posted a Q3 loss of $0.15 per share on sales of $41.75 million.

Shares of Daqo New Energy Corp. DQ were down 15 percent to $21.2350 after reporting downbeat results for its third quarter.

HC2 Holdings, Inc. HCHC was down, falling around 20 percent to $4.01 after the company reported a $470 million senior secured notes private offering and a concurrent $55 million convertible senior notes private offering.

Commodities

In commodity news, oil traded down 5 percent to $56.94 while gold traded down 0.17 percent to $1,201.50.

Silver traded down 0.22 percent Tuesday to $13.98 , while copper rose 0.07 percent to $2.6785.

 

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.06 percent, the Spanish Ibex Index rose 0.27 percent, while Italy’s FTSE MIB Index surged 0.4 percent. Meanwhile the German DAX rose 0.37 percent, and the French CAC 40 rose 0.06 percent while U.K. shares fell 0.04 percent.

Economics

The NFIB small business optimism index fell 0.5 point to a reading of 107.4 for October.

The Johnson Redbook Retail Sales Index rose 0.2 percent during the first week of November versus October.

The Treasury will auction 4-and 8-week bills at 1:00 p.m. ET.

The U.S. Treasury budget report for October is schedule for release at 2:00 p.m. ET.

San Francisco Federal Reserve Bank President Mary Daly will speak in Boise, Idaho at 5:00 p.m. ET.