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Mid-Morning Market Update: Markets Open Higher; Infoblox Tops Q1 Estimates


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Following the market opening Tuesday, the Dow traded up 0.83 percent to 17,867.44 while the NASDAQ climbed 0.70 percent to 5,144.59. The S&P also rose, gaining 0.76 percent to 2,096.27.

Leading and Lagging Sectors

In trading on Tuesday, financial shares were relative leaders, up on the day by about 1 percent. Meanwhile, top gainers in the sector included HF Financial Corp. (NASDAQ: HFFC ), up 19 percent, and China Hgs Real Estate Inc (NASDAQ: HGSH ), up 12 percent.

Basic materials shares rose by just 0.4 percent in the US market on Tuesday. Top losers in the sector included Joy Global Inc. (NYSE: JOY ), Gold Fields Limited (ADR) (NYSE: GFI ), and Newmont Mining Corp (NYSE: NEM ).

Top Headline

Infoblox Inc (NYSE: BLOX ) reported better-than-expected results for its fiscal first quarter and issued a strong outlook on Monday.

The Santa Clara, California-based company reported a quarterly net loss of $1.5 million, or $0.03 per share, versus a year-ago net loss of $10.2 million, or $0.18 per share. Its non-GAAP earnings surged to $0.13 per share from $0.05 per share.

Its total net revenue climbed 40.9 percent year-over-year to $94.0 million. However, analysts were expecting earnings of $0.06 per share on revenue of $87.58 million.

Equities Trading UP

Rayonier Advanced Materials Inc (NYSE: RYAM ) shares shot up 13 percent to $12.62 after the company reported a new contract with Eastman Chemical through 2019.

Shares of Infoblox Inc (NYSE: BLOX ) got a boost, shooting up 21 percent to $18.20 after the company reported better-than-expected results for its fiscal first quarter and issued a strong outlook. The company's board also announced a $100 million share buyback program.

Mattress Firm Holding Corp (NASDAQ: MFRM ) shares were also up, gaining 8 percent to $53.26. Mattress Firm agreed to acquire HMK Mattress Holdings LLC, the holding company of Sleepy's and related entities, for $780 million. The company reported preliminary Q3 adjusted earnings of $0.80 to $0.82 per share, and sales growth of 50.7 percent.

Equities Trading DOWN

Breitburn Energy Partners LP (NASDAQ: BBEP ) shares tumbled 21 percent to $1.58 after the company reported the suspension of distribution for common units.

Shares of Joy Global Inc. (NYSE: JOY ) were down 11 percent to $13.65. BofA Merrill Lynch's Ross Gilardi downgraded the rating on Joy Global from Neutral to Underperform.

NQ Mobile Inc (ADR) (NYSE: NQ ) was down, falling 8 percent to $3.87. NQ Mobile reported Q3 adjusted earnings of $0.01 per ADS on sales of $87.9 million.

Commodities

In commodity news, oil traded down 0.82 percent to $41.31, while gold traded up 0.24 percent to $1,067.90.

Silver traded up 0.56 percent Tuesday to $14.17, while copper rose 0.73 percent to $2.06.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.05 percent, the Spanish Ibex Index gained 0.25 percent, while Italy's FTSE MIB Index surged 0.32 percent. Meanwhile, the German DAX declined 0.16 percent, and the French CAC 40 slipped 0.28 percent, while U.K. shares rose 0.60 percent.

Economics

The final reading of the Markit manufacturing PMI rose to 52.80 in November, versus a flash reading of 52.60.

US construction spending rose 1.00 percent in October, versus economists' expectations for a 0.50 percent growth.

The ISM manufacturing index declined to 48.60 in November, versus a prior reading of 50.10. Economists were expecting a reading of 50.30.

© 2015 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: GFI , NEM , HGSH



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