Mid-Day Update: Strong Earnings, IPOs Lift Dow, S&P 500 To Record Highs; Tesla Tumbles on Revenue Miss

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Buoyed by upbeat earnings from Ralph Lauren ( RL ) and Molson Coors ( TAP ) as well as a flood of well-received IPOs, the Dow Industrials and S&P 500 indices have more than erased yesterday's losses, again trading at new all-time highs.

But the Nasdaq Composite index remains in negative territory today following disappointing results from electric-car manufacturer Tesla Motors ( TSLA ) along with losses for social-networking stocks ahead of Twitter's ( TWTR ) initial public offering tomorrow.

Economic data today was largely a non-event, with the Conference Board reporting leading economic indicators rose 0.7% in September, the second month in a row the economic gauge rose 0.7% over year-ago levels. It also narrowly beat market expectations, with experts polled by Bloomberg News expecting a 0.6%


European equities were mixed as investors positioned before European Central Bank and Bank of England policy meetings tomorrow. Strong manufacturing data in the UK raised the odds for an upward adjustment in rates there while strength in German factory orders and the EU services sector is expected to prevent the ECB from trimming its short-term rates.

Crude oil was up $1.53 to $94.90 per barrel, aided by a smaller-than-expected rise in inventories last week. Natural gas was up $0.04 to $3.59 per 1 million BTU. Gold is up $8.20 to $1,316.20 an ounce, while silver was up $0.14 to $21.78 an ounce. Copper was down $0.03 to $3.23 per pound.

Among energy ETFs, the United States Oil Fund was up 1.69% to $34.24 with the United States Natural Gas Fund was up 1.26% to $17.48. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 1.44% to 24.84 while SPDR Gold Shares were up 0.42% to $127.09. The iShares Silver Trust was up 0.35% to $20.97.

Here's where the markets stand at mid-day:

NYSE Composite Index up 36.70 (+0.37%) to 10,048.62

Dow Jones Industrial Average up 93.49 (+0.60%) to 15,711.71

S&P 500 up 5.35 (+0.30%) to 1,768.32

Nasdaq Composite Index down 10.02 (-0.25%) to 3,929.85

GLOBAL SENTIMENT

Nikkei 225 Index up 0.79%

Hang Seng Index down 0.01%

Shanghai China Composite Index down 0.82%

FTSE 100 Index down 0.08%

CAC 40 up 0.79%

DAX up 0.35%

NYSE SECTOR INDICES

NYSE Energy Sector Index up 0.49%

NYSE Financial Sector Index up 0.40%

NYSE Healthcare Sector Index up 0.18%

UPSIDE MOVERS

(+) CUDA, (+24.9%) IPO price at $18 per share and the stock climbing as high as $23.80 in initial trade today.

(+) REGI, (+12.3%) Reported strong Q3 earnings of $2.31 per share, including a $1.12 benefit. The Street view of $0.59 is usually less items.

(+) WWWW, (+10.05%) Q3 non-GAAP EPS of $0.55 beats forecasts by $0.02 per share.

DOWNSIDE MOVERS

(-) TSLA (-13.3%) Reports disappointing Q3 revs of $431.3 million vs. the analyst consensus of $511 million for a loss of $0.32 per share.

(-) ANF (-11.0%) Net sales for the thirteen weeks ended November 2, 2013 decreased 12% to $1.033 billion from $1.170 billion for the thirteen weeks ended October 27, 2012. The retailer also warned of a FY miss.

(-) STP (-16.0%) Begins reorganization proceedings in the Cayman Islands with a U.S. filing also still possible.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: RL , TAP , TSLA

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