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Mid-Morning Market Update: Markets Open Lower; Civeo Issues Weak Forecast

Following the market opening Tuesday, the Dow traded down 0.28 percent to 17,987.24 while the NASDAQ slipped 0.34 percent to 4,790.43. The S&P also fell, dropping 0.31 percent to 2,084.02.

Leading and Lagging Sectors

In trading on Tuesday, basic materials shares were relative leaders, up on the day by about 0.12 percent. Meanwhile, top gainers in the sector included Endeavour Silver Corp. (NYSE: EXK ), up 7.8 percent, and Silver Standard Resources Inc. (NASDAQ: SSRI ), up 7 percent.

Energy shares slipped around 0.95 percent in Tuesday's trading. Meanwhile, top decliners in the sector included Niska Gas Storage Partners LLC (NYSE: NKA ), down 10 percent, and Diamond Offshore Drilling, Inc. (NYSE: DO ), off 3.6 percent.

Top Headline

On Monday, Civeo Corporation (NYSE: CVEO ) issued a weak Q1 and FY15 forecast. The company also announced its plans to suspend the quarterly dividend.

The company projected Q1 revenue of $160 million to $175 million, and full-year revenue $540 million to $600 million. However, analysts projected revenue of $227.9 million for the quarter and $817.2 million for the full year.

Equities Trading UP

Xenoport, Inc. (NASDAQ: XNPT ) shares shot up 9.01 percent to $9.07 following positive comments from RBC's Michael Yee.

Shares of American Realty Capital Properties, Inc. (NASDAQ: ARCP ) got a boost, shooting up 7.30 percent to $9.10 following the disclosure of a 7.1% stake by Corvex and confirmation of discussions with the company.

Cnova N.V. (NASDAQ: CNV ) shares were also up, gaining 7.01 percent to $7.79. Analysts at Morgan Stanley initiated coverage on shares of Cnova with a Overweight rating. Bank of America initiated coverage on Cnova with a Buy rating. JP Morgan initiated coverage on Cnova with a Overweight rating.

Equities Trading DOWN

Civeo Corporation (NYSE: CVEO ) shares tumbled 45.59 percent to $4.50 after the company issued a weak Q1 and FY15 forecast. The company also announced its plans to suspend the quarterly dividend.

Shares of Jinpan International Limited (NASDAQ: JST ) were down 11.56 percent to $6.50 after the company reported the termination of going private deal.

Windstream Holdings, Inc. (NASDAQ: WIN ) was down, falling 1.15 percent to $8.37 after dropping 4.19% on Monday.

Commodities

In commodity news, oil traded down 0.73 percent to $53.23, while gold traded up 0.64 percent to $1,189.50.

Silver traded up 1.34 percent Tuesday to $15.99, while copper rose 0.14 percent to $2.83.

Eurozone

European shares were lower today. The eurozone's STOXX 600 fell 0.76 percent, the Spanish Ibex Index tumbled 1.17 percent, while Italy's FTSE MIB Index tumbled 0.58 percent. Meanwhile, the German DAX slipped 1.22 percent and the French CAC 40 fell 1.14 percent while UK shares dipped 1.04 percent.

Economics

The ICSC-Goldman Store Sales Index gained 2.2% y/y in the week ended Saturday.

U.S. home prices declined 0.1% in October, according to S&P/Case-Shiller's composite index. After seasonal adjustments, US home prices gained 0.8% in October.

The Johnson Redbook Retail Sales Index declined 0.5% in the first four weeks of December versus November.

The Conference Board's Consumer Confidence Index rose to 92.60 in December, versus economists' estimates for a reading of 93.90.

The Treasury is set to auction 4-week bills.

Data on farm prices for December will be released at 3:00 p.m. ET.

© 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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