Mid-Afternoon Market Update: On Deck Capital Jumps On Earnings Beat; Invacare Shares Plummet

Toward the end of trading Tuesday, the Dow traded up 0.44 percent to 25,574.18 while the NASDAQ climbed 0.60 percent to 7,372.70. The S&P also rose, gaining 0.45 percent to 2,750.69.

Leading and Lagging Sectors

On Tuesday, the materials shares climbed 1.4 percent. Meanwhile, top gainers in the sector included Forterra Inc FRTA up 16 percent, and Tronox Ltd TROX up 9 percent.

In trading on Tuesday, energy shares fell 0.1 percent.

Top Headline

CVS Health Corporation 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. CVON shares shot up 32 percent to $12.45 after the company agreed to be purchased by CVC Fund VII for $1.8 billion.

Shares of Vericel Corporation VCEL got a boost, shooting up 45 percent to $16.75 after the company reported upbeat Q3 results and raised its FY18 total net product sales guidance.

On Deck Capital Inc ONDK shares were also up, gaining 31 percent to $8.80 after the company reported upbeat Q3 earnings.

Equities Trading DOWN

GreenSky, Inc. GSKY shares dropped 36 percent to $9.35 after the company reported Q3 results and lowered EBITDA guidance.

Shares of Invacare Corporation IVC were down 45 percent to $7.29 after the company missed Q3 earnings estimates. The company said it experienced unfavorable trends in respiratory and lifestyle products.

AAC Holdings, Inc. AAC was down, falling around 40 percent to $3.20 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 2.22 percent to $61.70 while gold traded down 0.43 percent to $1,227.00.

Silver traded down 0.97 percent Tuesday to $14.505, while copper fell 0.85 to $2.7325.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.26 percent, the Spanish Ibex Index fell 0.24 percent, while Italy’s FTSE MIB Index fell 0.07 percent. Meanwhile the German DAX slipped 0.09 percent, and the French CAC 40 slipped 0.51 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.