Mid-Afternoon Market Update: BioScrip Drops Following Q3 Results; Earthstone Energy Shares Spike Higher

Toward the end of trading Tuesday, the Dow traded up 0.55 percent to 18,359.28 while the NASDAQ climbed 0.52 percent to 5,192.90. The S&P also rose, gaining 0.42 percent to 2,140.52. Leading and Lagging Sectors Tuesday afternoon, basic materials shares gained by 1.26 percent. Meanwhile, top gainers in the sector included Kronos Worldwide, Inc. KRO, and LSB Industries, Inc. LXU. In trading on Tuesday, energy shares rose by just 0.1 percent. Meanwhile, top losers in the sector included CGG SA (ADR) CGG, down 28 percent, and Southwestern Energy Company SWN, down 7 percent. Top Headline CVS Health Corp CVS delivered better than expected EPS for the third quarter though revenue missed. However, the company offered downbeat guidance for the fourth quarter and next year. CVS Health reported adjusted EPS of $1.64, beating expectations by $0.07. Its revenue rose 15.5 percent to $44.6 billion, missing estimates by $0.69 billion. The company offered adjusted EPS forecast of $1.64 to $1.70 for the fourth quarter, versus expectations of $1.79. CVS lowered and narrowed full year adjusted EPS from $5.81-$5.89 to $5.77-$5.83. For the full year 2017, CVS expects adjusted EPS of $5.77-$5.93, versus estimates of $6.53. Equities Trading UP Stone Energy Corporation SGY shares shot up 27 percent to $5.10 following Q3 results. Stone Energy reported a Q3 adjusted loss of $7.40 per share. Shares of Osiris Therapeutics, Inc. OSIR got a boost, shooting up 25 percent to $5.25. Osiris Therapeutics expects that 2014 will restate revenue to $46 million-$50 million. The company projects 2015 revenue of $85 million to $90 million and FY16 revenue of$100 million to $110 million. Earthstone Energy Inc ESTE shares were also up, gaining 20 percent to $10.76 after announcement of strategic combination with Bold Energy III LLC. The company also announced Q3 results. Equities Trading DOWN Hertz Global Holdings, Inc HTZ shares dropped 31 percent to $24.68 after the company reported weaker-than-expected results for the third quarter and provided downbeat forecast for the full year. Shares of BioScrip Inc BIOS were down 48 percent to $1.37. BioScrip reported a Q3 loss from continuing operations of $0.12 per share on revenue of $224.5 million. The company also raised its FY16 sales outlook. OneMain Holdings Inc OMF was down, falling around 38 percent to $17.00 on weak Q3 earnings. Several analysts downgraded the stock following results. Commodities In commodity news, oil traded up 0.53 percent to $45.13 while gold traded down 0.34 percent to $1,275.00. Silver traded up 0.90 percent Tuesday to $18.32, while copper rose 2.92 percent to $2.38. Eurozone European shares closed higher today. The eurozone's STOXX 600 gained 0.32 percent, the Spanish Ibex Index rose 0.20 percent, while Italy's FTSE MIB Index surged 0.48 percent. Meanwhile the German DAX climbed 0.24 percent, and the French CAC 40 rose 0.35 percent while U.K. shares rose 0.53 percent. Economics The NFIB small business optimism index rose to 94.9 in October, versus a reading of 94.1 in September. The Johnson Redbook Retail Sales Index declined 0.2 percent during the first week of November versus October.