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Mid-Morning Market Update: Markets Open Higher; FactSet Misses Q1 Views

Following the market opening Tuesday, the Dow traded up 1.23 percent to 17,582.16 while the NASDAQ climbed 1.31 percent to 5,016.88. The S&P also rose, gaining 1.30 percent to 2,048.22.

Leading and Lagging Sectors

On Tuesday, energy shares surged by 2.22 percent. Top gainers in the sector included SandRidge Permian Trust (NYSE: PER ), Vanguard Natural Resources, LLC (NASDAQ: VNR ), and Baytex Energy Corp ( USA ) (NYSE: BTE ).

In trading on Tuesday, industrials shares rose by just 0.8 percent. Meanwhile, top losers in the sector included Kennametal Inc. (NYSE: KMT ), down 15 percent, and Diana Shipping Inc. (NYSE: DSX ), down 5 percent.

Top Headline

FactSet Research Systems Inc. (NYSE: FDS ) reported weaker-than-expected results for its fiscal first quarter.

The company reported a quarterly profit of $60 million, or $1.43 per share, compared to $55.9 million, or $1.32 per share, in the year-ago period. Excluding items, the company's adjusted earnings came in at $1.44 per share.

Its revenue rose 11 percent to $270.5 million. However, analysts were expecting earnings of $1.47 per share on revenue of $272 million.

Equities Trading UP

Lumber Liquidators Holdings Inc (NYSE: LL ) shares shot up 25 percent to $17.54 following Monday's Whitney Tilson announcement that he covered his position in the company.

Shares of Pacira Pharmaceuticals Inc (NASDAQ: PCRX ) got a boost, shooting up 15 percent to $71.63 after the company reported that it has achieved a favorable resolution for EXPAREL with the FDA.

Intercept Pharmaceuticals Inc (NASDAQ: ICPT ) shares were also up, gaining 14 percent to $159.62. 'This is Money' reported Monday that Shire PLC (ADR) (NASDAQ: SHPG ) could be a bidder for the company.

Equities Trading DOWN

Kennametal Inc. (NYSE: KMT ) shares tumbled 16 percent to $21.39 after the company lowered its forecast for fiscal 2016.

Shares of Landauer Inc (NYSE: LDR ) were down 13 percent to $32.15. Landauer reported Q4 earnings of $0.27 per share on revenue of $40.161 million.

VeriFone Systems Inc (NYSE: PAY ) was down, falling 5 percent to $25.19. VeriFone reported better-than-expected earnings for its fiscal fourth quarter, but the company issued a weak forecast for first quarter and fiscal 2016.

Commodities

In commodity news, oil traded up 1.16 percent to $36.73, while gold traded down 0.10 percent to $1,062.30.

Silver traded up 0.15 percent Tuesday to $13.72, while copper fell 1.82 percent to $2.07.

Eurozone

European shares were higher today. The eurozone's STOXX 600 rose 2.37 percent, the Spanish Ibex Index surged 2.54 percent, while Italy's FTSE MIB Index climbed 2.91 percent. Meanwhile, the German DAX climbed 2.79 percent, and the French CAC 40 jumped 2.57 percent, while U.K. shares rose 1.84 percent.

Economics

The Federal Open Market Committee will begin its two-day policy meeting today.

The Empire State manufacturing index rose to a reading of negative 4.6 in December, versus a reading of negative 10.7 in the previous month. However, economists were expecting reading of negative 6.0.

US consumer price index came in flat in November, while the core prices rose 0.2 percent in the month.

The NAHB housing market index slipped to a reading of 61.00 in December, versus a prior reading of 62.00. However, economists were expecting a reading of 63.00.

© 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.


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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