Mid-Afternoon Market Update: Dow Surges 125 Points; Analogic Shares Dip On Downbeat Revenue

Toward the end of trading Tuesday, the Dow traded up 0.75 percent to 17,159.04 while the NASDAQ surged 0.76 percent to 4,553.28. The S&P also rose, gaining 0.89 percent to 2,001.85.

Leading and Lagging Sectors

In trading on Tuesday, energy shares were relative leaders, up on the day by about 1.56 percent. Top gainers in the sector included Bill Barrett BBG, up 11 percent, and Abraxas Petroleum AXAS, up 12 percent.

Telecommunications services shares fell 0.01 percent in today’s trading. Meanwhile, top decliners in the sector included Mobile Telesystems OJSC MBT, down 4.2 percent, and UTStarcom Holdings UTSI, off 4 percent.

Top Headline

FactSet Research Systems FDS reported a rise in its fiscal fourth-quarter profit.

The Norwalk, Connecticut-based company posted a quarterly profit of $55.4 million, versus a year-ago profit of $51 million. Its per-share earnings surged to $1.31 versus $1.16. Excluding special items, FactSet earned $1.18 per share in the year-ago period.

Its revenue gained 9% to $238.7 million. FactSet Research in June expected earnings of $1.30 to $1.32 per share on revenue of $235 million to $240 million. However, analysts were expecting earnings of $1.30 per share on revenue of $236.99 million.

Equities Trading UP

Glimcher Realty Trust GRT shares shot up 29.65 percent to $13.73 after Washington Prime Group WPG announced its plans to acquire Glimcher Realty Trust for $4.3 billion in a stock and cash deal.

Shares of Bill Barrett BBG got a boost, shooting up 10.99 percent to $23.63 after the company reported that is has signed a deal to sell its Powder River Basin acreage and the remaining position in the Gibson Gulch natural gas program in the Piceance Basin..

Entropic Communications ENTR shares were also up, gaining 7.66 percent to $2.95 after the company announced its plans to explore strategic alternatives and lowered its Q3 forecast.

Equities Trading DOWN

Shares of Lehigh Gas Partners LP LGP were down 4.48 percent to $33.82 after the company priced 3.6 million units at $33.99 per unit for net proceeds of $117.4 million.

Analogic ALOG shares tumbled 5.76 percent to $67.37 after the company reported weaker-than-expected fourth-quarter revenue. However, the company reported upbeat quarterly earnings. Brean Capital downgraded Analogic from Buy to Hold and removed the price target of $95.00.

VirnetX Holding VHC was down, falling 48.93 percent to $7.62 after a federal appeals court withdrew a $368 million jury award that VirnetX won against Apple Inc in 2012.

Commodities

In commodity news, oil traded up 2.40 percent to $95.15, while gold traded up 0.19 percent to $1,237.50.

Silver traded up 0.70 percent Tuesday to $18.75, while copper rose 2.37 percent to $3.16.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.31 percent, the Spanish Ibex Index declined 0.39 percent, while Italy’s FTSE MIB Index slipped 0.30 percent. Meanwhile, the German DAX fell 0.28 percent and the French CAC 40 fell 0.44 percent while UK shares dropped 0.18 percent.

Economics

The ICSC-Goldman Store Sales Index declined 2.6% in the week ended Saturday versus the earlier week.

The producer price index remained flat in August versus July, while the index gained 1.8% y/y in August.

The Johnson Redbook Retail Sales Index dropped 0.4% in the first two weeks of September versus August.

The Federal Open Market Committee begins its two-day meeting today.