Mid-Morning Market Update: Markets Mostly Higher; Goldman Sachs Profit Beats Views

Following the market opening Tuesday, the Dow traded up 0.32 percent to 18,062.44 while the NASDAQ declined 0.18 percent to 4,951.13. The S&P also rose, gaining 0.27 percent to 2,100.02.

Leading and Lagging Sectors

Tuesday morning, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from Endeavour Silver Corp (NYSE: EXK ) and Pan American Silver Corp. ( USA ) (NASDAQ: PAAS ).

In trading on Tuesday, technology shares fell by 0.36 percent. Meanwhile, top losers in the sector included Rambus Inc. (NASDAQ: RMBS ), down 7 percent, and Agilysys, Inc. (NASDAQ: AGYS ), down 7 percent.

Top Headline

Goldman Sachs Group Inc (NYSE: GS ) reported better-than-expected earnings for its first quarter on Tuesday.

The bank's quarterly net income applicable to common shareholders dropped 56.3 percent to $1.2 billion, or $2.68 per share, versus $2.75 billion, or $5.94 per share, in the year-ago period. However, analysts were expecting earnings of $2.45 per share.

Its revenue declined to $6.34 billion from $10.62 billion, versus analysts' estimates of $6.73 billion.

Equities Trading UP

Badger Meter, Inc. (NYSE: BMI ) shares shot up 15 percent to $76.16 after the company reported better-than-expected Q1 results.

Shares of Tile Shop Hldgs, Inc. (NASDAQ: TTS ) got a boost, shooting up 14 percent to $18.16 after the company reported stronger-than-expected Q1 earnings and raised its FY forecast.

Marathon Patent Group Inc (NASDAQ: MARA ) shares were also up, gaining 19 percent to $2.26 as the company reported a $24.9 million settlement with Apple Inc. (NASDAQ: AAPL ).

Equities Trading DOWN

Applied Optoelectronics Inc (NASDAQ: AAOI ) shares dropped 24 percent to $12.27 after the company reported preliminary first quarter results which mostly fell short of prior guidance. Applied Optoelectronics now expects to lose $0.04 to $0.06 per share on revenue $50 million to $50.5 million. The company previously guided its earnings per share to a range of $0.21 to $0.28 on revenue of $50 million to $54 million.

Shares of Illumina, Inc. (NASDAQ: ILMN ) were down 23 percent to $137.49 after the company issued a weak revenue forecast for the first quarter. Bank of America downgraded Illumina from Buy to Neutral.

Capstone Turbine Corporation (NASDAQ: CPST ) was down, falling around 18 percent to $2.05 as the company reported an offering of common stock and warrants.


In commodity news, oil traded up 1.58 percent to $40.41 while gold traded up 1.12 percent to $1,248.80.

Silver traded up 4.32 percent Tuesday to $16.96, while copper rose 0.09 percent to $2.18.


European shares were higher today. The eurozone's STOXX 600 rose 1.37 percent, the Spanish Ibex Index gained 1.08 percent, while Italy's FTSE MIB Index rose 0.66 percent. Meanwhile, the German DAX climbed 2.39 percent, and the French CAC 40 rose 1.20 percent, while U.K. shares rose 0.39 percent.


U.S. housing starts declined 8.80 percent to an annual rate of 1.09 million in March. However, economists were expecting a 1.17 million rate.

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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.

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

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