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Mid-Morning Market Update: Markets Rise; Home Depot Lifts Outlook

By: Benzinga
Posted: 11/19/2013 10:31:00 AM
Referenced Stocks: BBY;BRCD;CPB;HD;TSL

Following the market opening Tuesday, the Dow traded up 0.17 percent to 16,002.41 while the NASDAQ surged 0.18 percent to 3,956.33. The S&P also rose, gaining 0.06 percent to 1,792.58.

Top Headline Home Depot (NYSE: HD ) reported a 43% gain in its fiscal third-quarter profit and lifted its forecast for the year.

Home Depot now expects full-year earnings of $3.72 per share on sales growth of 5.6%. The company had earlier expected earnings of $3.60 per share on sales growth of 4.5%.

Home Depot's quarterly profit surged to $1.35 billion, or $0.95 per share, from a year-ago profit of $947 million, or $0.63 per share. Its sales increased 7.4% to $19.47 billion. However, analysts were expecting earnings of $0.90 per share on revenue of $19.18 billion. Home Depot's same-store sales climbed 7.4% in the quarter.

Equities Trading UP Qiwi plc (NASDAQ: QIWI ) shot up 11.94 percent to $47.06 on Q3 results.

Shares of Brocade Communications Systems (NASDAQ: BRCD ) got a boost, shooting up 5 percent to $8.50 after the company reported a better-than-expected Q4 profit.

Trina Solar (NYSE: TSL ) was also up, gaining 3.26 percent to $16.72 after the company posted a profit in the third quarter and lifted its full-year shipment outlook.

Equities Trading DOWN Shares of Oiltanking Partners LP (NYSE: OILT ) were down 6.19 percent to $60.46 after the company priced an offering of 2.6 million common units.

Best Buy Co (NYSE: BBY ) shares tumbled 8.40 percent to $39.90 after the company swung to a profit in the fiscal third-quarter profit.

Campbell Soup Company (NYSE: CPB ) was down, falling 6.15 percent to $39.24 after reported a 30% drop in its fiscal first-quarter earnings and lowered its forecast for the year.

Commodities In commodity news, oil traded down 0.10 percent to $92.94, while gold traded up 0.08 percent to $1,273.30.

Silver traded down 0.03 percent Tuesday to $20.35, while copper rose 0.44 percent to $3.17.

Eurozone European shares today. The Spanish Ibex Index fell 1.07 percent, while Italy's FTSE MIB Index tumbled 1 percent. Meanwhile, the German DAX fell 0.23 percent and the French CAC 40 dropped 1.02 percent while U.K. shares declined 0.44 percent.

Economics US employment cost index rose0.4% in the third quarter, versus a 0.5% growth in the second quarter. However, economists were expecting a 0.5% growth.

The ICSC-Goldman Sachs store sales index rose 0.1% in the week ended Saturday versus previous week.

The Treasury is set to auction 4-week bills.

(c) 2013 Benzinga does not provide investment advice. All rights reserved.

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