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Mid-Day Market Update: Crude Oil Down 2%; ConvergeOne Shares Spike Higher


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Midway through trading Tuesday, the Dow traded up 0.44 percent to 25,573.22 while the NASDAQ climbed 0.35 percent to 7,354.61. The S&P also rose, gaining 0.3 percent to 2,746.56.

Leading and Lagging Sectors

On Tuesday, the materials shares climbed 1 percent. Meanwhile, top gainers in the sector included Forterra Inc (NASDAQ: FRTA ) up 15 percent, and Tronox Ltd (NYSE: TROX ) up 10 percent.

In trading on Tuesday, energy shares fell 0.6 percent.

Top Headline

CVS Health Corporation (NYSE: CVS ) reported better-than-expected earnings for its third quarter.

CVS reported earnings of $1.73 per share, beating estimates of $1.71. Sales totaled $47.269 billion, which missed estimates of $47.2 billion.

CVS Health reaffirmed its FY18 adjusted earnings forecast of $6.98 to $7.08 per share.

Equities Trading UP

ConvergeOne Holdings, Inc. (NASDAQ: CVON ) shares shot up 32 percent to $12.46 after the company agreed to be purchased by CVC Fund VII for $1.8 billion.

Shares of Vericel Corporation (NASDAQ: VCEL ) got a boost, shooting up 41 percent to $16.24 after the company reported upbeat Q3 results and raised its FY18 total net product sales guidance.

Gogo Inc. (NASDAQ: GOGO ) shares were also up, gaining 31 percent to $7.5797 after reporting upbeat quarterly results.

Equities Trading DOWN

GreenSky, Inc. (NASDAQ: GSKY ) shares dropped 37 percent to $9.1998 after the company reported Q3 results and lowered EBITDA guidance.

Shares of Invacare Corporation (NYSE: IVC ) were down 39 percent to $8.08 after reporting downbeat Q3 results.

AAC Holdings, Inc. (NYSE: AAC ) was down, falling around 33 percent to $3.575 following Q3 results. AAC Holdings posted a Q3 loss of $0.08 per share on sales of $77.5 million.

Commodities

In commodity news, oil traded down 2.09 percent to $61.78 while gold traded down 0.32 percent to $1,228.40.

Silver traded down 0.63 percent Tuesday to $14.555, while copper fell 0.65 to $2.738.

Eurozone

European shares were mostly lower today. The eurozone's STOXX 600 declined 0.18 percent, the Spanish Ibex Index fell 0.10 percent, while Italy's FTSE MIB Index rose 0.05 percent. Meanwhile the German DAX slipped 0.01 percent, and the French CAC 40 slipped 0.36 percent while U.K. shares fell 0.89 percent.

Economics

The Johnson Redbook Retail Sales Index rose 0.1 percent during the first four weeks of October versus September.

The number of job openings declined to 7 million in September, compared to 7.3 million in August.

The Treasury will auction 52-week bills and 10-year notes at 1:00 p.m. ET.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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



This article appears in: Investing , Commodities
Referenced Symbols: AAC , CVS , IVC , TROX , GOGO



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