Mid-Morning Market Update: Markets Open Higher; IHS Profit Beats Estimates

Following the market opening Tuesday, the Dow traded up 0.64 percent to 16,530.10 while the NASDAQ surged 0.63 percent to 4,139.47. The S&P also rose, gaining 0.51 percent to 1,836.13.

Top Headline
IHS (NYSE: IHS) reported an upbeat fourth-quarter profit.

IHS projects FY14 subscription revenue to rise 6% to 7%. The company projects total revenue of $2.17 to $2.23 billion and an adjusted profit of $5.50 to $5.85 per share. However, analysts projected a profit of $5.58 per share on revenue of $2.2 billion.

IHS posted its quarterly net income at $40.8 million, or $0.60 per share, versus a year-ago profit of $46.4 million, or $0.69 per share. Excluding items, it earned $1.46 per share, versus analysts' estimates of $1.27 per share.

Its revenue climbed 35% to $559.7 million, while subscription revenue jumped 38%. However, analysts were projecting revenue of $534.8 million.

Equities Trading UP
Shares of Neurocrine Biosciences (NASDAQ: NBIX) got a boost, shooting up 57.43 percent to $15.37 after the company reported positive results of VMAT2 inhibitor NBI-98854 in Kinect 2 study.

Epizyme (NASDAQ: EPZM) shot up 54.63 percent to $31.70 after the company reported two major milestone achievements. It announced the achievement of a proof of concept milestone in the EPZ-5676 DOT1L inhibitor clinical program.

Convergys (NYSE: CVG) was also up, gaining 12.44 percent to $23.46 after the company announced its plans to acquire Stream Global Services for $820 million in cash. Convergys also reaffirmed its outlook for 2013.

Equities Trading DOWN
Shares of Key Energy Services (NYSE: KEG) were down 6.51 percent to $7.32 after the company issued Q4 update.

PBF Energy (NYSE: PBF) tumbled 5.85 percent to $28.16 after the company priced secondary offering of 15 million shares at $28 per share. Gulfport Energy (NASDAQ: GPOR) was down, falling 6 percent to $55.66 after the company reported 2013 exit rate of 27,780 barrels of oil equivalent per day. RBC Capital downgraded Gulfport Energy from Outperform to Sector Perform and cut the price target from $64.00 to $61.00.

Commodities
In commodity news, oil traded down 0.04 percent to $93.39, while gold traded down 0.69 percent to $1,229.40. Silver traded down 1.88 percent Tuesday to $19.73, while copper fell 0.43 percent to $3.35.

Eurozone
European shares were higher today. The Spanish Ibex Index rose 2.07 percent, while Italy's FTSE MIB Index surged 0.92 percent. Meanwhile, the German DAX climbed 0.55 percent and the French CAC 40 rose 0.35 percent while U.K. shares climbed 0.37 percent. Economics
The ICSC-Goldman Sachs store sales index dropped 5.4% in the week ended Saturday versus the earlier week. The Johnson Redbook Retail Sales Index fell 0.6% in December versus November. US trade deficit declined around 13% to $34.3 billion in November, versus a revised $39.3 billion in the earlier month. However, economists were expecting a deficit of $40.0 billion. The Treasury is set to auction 4-and 52-week bills. The Treasury will also auction 3-year notes.

Posted-In: Earnings News Guidance Eurozone Futures Forex Global Econ #s Economics Intraday Update Markets Movers Tech

(c) 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  Most Popular Top Stocks Under $5 For 2014 Market Wrap For January 6: Busy Day For Analysts Upgrades and Downgrades Analyst Pounds the Table on Wall Street Ethics; Adds Amazon, Apple, Philip Morris to Blacklist 3 Reasons To Invest In BP Earnings Expectations For The Week Of January 6: Alcoa And More Barron's Recap: Market Beaters Related Articles (CVG + BZSUM) Mid-Morning Market Update: Markets Open Higher; IHS Profit Beats Estimates Stocks Hitting 52-Week Highs Stocks To Watch For January 7, 2014 Market Wrap For January 6: Busy Day For Analysts Upgrades and Downgrades Convergys to Acquire Stream for $820M Mid-Afternoon Market Update: Pandora Rallies on Bullish Headlines as Office Depot Falls on Unusual Put Volumes Around the Web, We're Loving... Lightspeed Trading Presents: Thunder and Tubleweeds: Trading Techniques for the New Market Enviroment Pope Francis Rips 'Trickle-Down' Economics Come See How the Pro's Trade in this Exclusive Webinar Wynn, MGM, Other Casino Giants Vying For U.S. Turf