Mid-Afternoon Market Update: Chipotle Slides On Earnings Miss; NeoGenomics Shares Jump

Toward the end of trading Wednesday, the Dow traded up 0.25 percent to 17,260.34 while the NASDAQ declined 0.19 percent to 4,871.56. The S&P also fell, dropping 0.07 percent to 2,029.43. Leading and Lagging Sectors In trading on Wednesday, industrials shares jumped by 0.11 percent. Top gainers in the sector included Bel Fuse, Inc. BELFA, up 18 percent, and Heritage-Crystal Clean, Inc. HCCI, up 11 percent. In trading on Wednesday, energy shares dipped by 0.65 percent. Meanwhile, top losers in the sector included Ultra Petroleum Corp. UPL, down 10 percent, and Pioneer Energy Services Corp PES, off 7 percent. Top Headline General Motors Company GM reported stronger-than-expected results for the third quarter on Wednesday. The Detroit, Michigan-based company posted quarterly earnings of $1.4 billion, or $0.84 per share, versus $1.4 billion, or $0.81 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings surged 55 percent to $1.50 per share. Its revenue slipped to $38.8 billion from $39.3 billion. However, analysts were expecting earnings of $1.19 per share on revenue of $38.55 billion. Equities Trading UP KLA-Tencor Corp KLAC shares shot up 20 percent to $64.49. Lam Research Corporation LRCX announced its plans to buy KLA-Tencor in a $10.6 billion deal. KLA-Tencor also reported upbeat quarterly earnings. Shares of NeoGenomics, Inc. NEO got a boost, shooting up 24 percent to $7.04 after the company announced plans to acquire Clarient Inc. Tupperware Brands Corporation TUP shares were also up, gaining 9 percent to $59.94 after the company reported upbeat quarterly results. Equities Trading DOWN VMware, Inc. VMW shares tumbled 21 percent to $54.24 after the company issued a weak revenue forecast. EMC and VMware reported a new cloud services unit. Sterne Agee CRT downgraded VMware from Buy to Neutral and lowered the price target from $88.00 to $75.00. Shares of Celestica Inc CLS were down 17 percent to $10.89 on downbeat quarterly results. Chipotle Mexican Grill, Inc. CMG was down, falling 7 percent to $658.20 after the company reported downbeat earnings for the third quarter. Commodities In commodity news, oil traded down 2.18 percent to $45.28, while gold traded down 0.89 percent to $1,167.00. Silver traded down 1.30 percent Wednesday to $15.71, while copper fell 0.38 percent to $2.36. Eurozone European shares closed mostly higher today. The eurozone's STOXX 600 fell 0.01 percent, the Spanish Ibex Index rose 0.56 percent, while Italy's FTSE MIB Index declined 0.44 percent. Meanwhile, the German DAX climbed 0.89 percent, and the French CAC 40 jumped 0.46 percent, while U.K. shares rose 0.05 percent. Economics The MBA reported that its index of mortgage application activity climbed 11.80 percent in the week ended October 16, 2015. Crude supplies gained 8 million barrels for the week ended October 16, the U.S. Energy Information Administration said. However, analysts were estimating supplies to rise 2.7 million barrels.