Mid-Morning Market Update: Markets Rise; Citigroup Profit Tops Estimates

Following the market opening Thursday, the Dow traded up 0.38 percent to 16,988.88 while the NASDAQ climbed 0.83 percent to 4,822.54. The S&P also rose, gaining 0.52 percent to 2,004.58. Leading and Lagging Sectors In trading on Thursday, technology shares jumped by 0.72 percent. Top gainers in the sector included Advanced Semiconductor Engineering (ADR) ASX, up 8 percent, and LG Display Co Ltd. (ADR) LPL, up 7 percent. In trading on Thursday, basic materials shares slipped by 0.28 percent. Meanwhile, top losers in the sector included Koppers Holdings Inc. KOP, down 9 percent, and KMG Chemicals, Inc. KMG, off 7 percent. Top Headline Citigroup Inc C reported better-than-expected earnings for the third quarter on Thursday. The New York-based bank posted a quarterly profit of $4.29 billion, or $1.35 per share, versus $2.84 billion, or $0.88 per share, in the year-ago period. Excluding accounting adjustments, Citigroup earned $1.31 per share. Its revenue dropped to $18.69 billion from $19.69 billion, while revenue excluding accounting adjustments fell 8 percent to $18.5 billion. Analysts were expecting a profit of $1.28 per share on revenue of $18.5 billion. Equities Trading UP Five Prime Therapeutics Inc FPRX shares shot up 49 percent to $25.15 following announcement of worldwide license, collaboration agreement on CSF1R antibody program with Bristol-Myers Squibb Co BMY. Shares of Keryx Biopharmaceuticals KERX got a boost, shooting up 12 percent to $4.19 after the company reported a $125 million private placement of Convertible Senior Notes due 2020, with the Baupost Group. DexCom, Inc. DXCM shares were also up, gaining 12 percent to $79.13 after the company reported preliminary unaudited revenue for the third quarter of roughly $105 million, up 52 percent year-over-year. Equities Trading DOWN Imprivata Inc IMPR shares tumbled 36 percent to $11.00 after the company reported preliminary third quarter financial results. Shares of Garmin Ltd. GRMN were down 11 percent to $32.77 on weak Q3 preliminary results. Manitowoc Company Inc MTW was down, falling 13 percent to $14.18 after the company issued preliminary Q3 results. Commodities In commodity news, oil traded down 1.82 percent to $45.79, while gold traded up 0.12 percent to $1,181.20. Silver traded down 0.32 percent Thursday to $16.07, while copper fell 0.31 percent to $2.41. Eurozone European shares were higher today. The eurozone's STOXX 600 climbed 1.29 percent, the Spanish Ibex Index rose 0.58 percent, while Italy's FTSE MIB Index surged 1.36 percent. Meanwhile, the German DAX climbed 1.51 percent, and the French CAC 40 jumped 1.42 percent, while U.K. shares rose 1.11 percent. Economics The consumer price index dropped 0.2 percent in September, versus economists' expectations for a 0.2 percent decline. US jobless claims declined 7,000 to 255,000 in the week ended October 10. Economists were estimating claims to total 270,000. The Empire State manufacturing index increased to negative 11.36 in October, compared to negative 14.67 in September. Economists were expecting a reading of negative 8. The Philadelphia Fed manufacturing index gained to a reading of negative 4.5 in October, versus a reading of negative 6.0 in September. Economists were expecting a reading of negative 1.0.