Mid-Day Market Update: US Stocks Mostly Higher; Forest Laboratories Shares Jump On Actavis Deal

Best Medical Stocks To Watch Right Now

Related BZSUM Mid-Morning Market Update: Markets Mixed; Coca-Cola Posts Decline In Profit #PreMarket Primer: Tuesday, February 18: Big Merger Deals In The Works

Midway through trading Tuesday, the Dow traded up 0.05 percent to 16,162.86 while the NASDAQ gained 0.69 percent to 4,273.24. The S&P also rose, gaining 0.23 percent to 1,842.80.

Leading and Lagging Sectors
Tuesday morning, the healthcare sector proved to be a source of strength for the market. Healthcare stocks surged 1% in today's trading. Leading the sector was strength from Forest Laboratories (NYSE: FRX) and Chindex International (NASDAQ: CHDX) on acquisition news.

In trading on Tuesday, non-cyclical consumer goods & services shares were relative laggards, down on the day by 0.07%.

Top decliners in the sector included Fresh Del Monte Produce (NYSE: FDP), off 8.8%, and Coca-Cola Company (NYSE: KO), down 3.5%. Shares of Fresh Del Monte tumbled after the company reported weak quarterly earnings.

Top Headline
Coca-Cola Co (NYSE: KO) reported a drop in its fourth-quarter net profit. Coca-Cola's quarterly profit declined to $1.71 billion, or $0.38 per share, versus a year-ago profit of $1.87 billion, or $0.41 per share. Its adjusted -profit came in at $0.46 per share. Its revenue slipped to $11.04 billion versus $11.46 billion. However, analysts were projecting earnings of $0.46 per share on revenue of $11.31 billion.

Equities Trading UP
Forest Laboratories (NYSE: FRX) shot up 29.85 percent to $92.70 after Actavis (NYSE: ACT) announced its plans to buy Forest Labs for $25 billion. Analysts at Morgan Stanley upgraded Forest Labs from Equal-Weight to Overweight.

Shares of BlackBerry (NASDAQ: BBRY) got a boost, shooting up 5.40 percent to $9.47 on report of Loeb 10 million share stake. FBR Capital upgraded BlackBerry from Underperform to Market Perform.

Actavis plc (NYSE: ACT) was also up, gaining 7.36 percent to $206.00 on deal for Forest Laboratories (NYSE: FRX).

Equities Trading DOWN
Shares of Fresh Del Monte Produce (NYSE: FDP) were down 8.72 percent to $24.42 after the company reported downbeat quarterly earnings.

The Coca-Cola Company (NYSE: KO) shares tumbled 3.52 percent to $37.56 after the company reported a drop in its fourth-quarter net profit.

Waste Management (NYSE: WM) was down, falling 4.71 percent to $41.62 after the company reported weaker-than-expected Q4 results.

Commodities
In commodity news, oil traded up 1.14 percent to $101.49, while gold traded up 1.68 percent to $1,322.00.

Silver traded up 6.77 percent Tuesday to $21.78, while copper rose 1.14 percent to $3.29.

Eurozone
European shares were mixed today.

The Spanish Ibex Index fell 0.73 percent, while Italy's FTSE MIB Index rose 0.05 percent. Meanwhile, the German DAX gained 0.08 percent and the French CAC 40 tumbled 0.10 percent while U.K. shares rose 0.91 percent.

Economics
The Empire State manufacturing index fell to 4.48 in February, versus a prior reading of 12.51. However, economists were expecting a reading of 8.50.

The NAHB housing market index declined to 46.00 in February, from a prior reading of 56.00. However, economists were projecting a reading of 56.00.

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 #PreMarket Primer: Tuesday, February 18: Big Merger Deals In The Works Earnings Expectations For The Week Of February 17: Coca-Cola, Hewlett-Packard, Wal-Mart & More Earnings Scheduled For February 18, 2014 Options Outlook For The Week Of February 17: Time To Link Up With LinkedIn? UPDATE: Coca-Cola Posts Drop In Q4 Net Profit Genfit Announces FDA Grants Fast Track Designation to GFT505 in NASH Related Articles (BBRY + ACT) Mid-Day Market Update: US Stocks Mostly Higher; Forest Laboratories Shares Jump On Actavis Deal Third Point Files SEC 13F Mid-Morning Market Update: Markets Mixed; Coca-Cola Posts Decline In Profit Benzinga's Volume Movers Top Trending Tickers On StockTwits For February 18 Stocks Hitting 52-Week Highs Around the Web, We're Loving... Create an Account With Options House and Get 150 Free Trades! Pope Francis Rips 'Trickle-Down' Economics Wynn, MGM, Other Casino Giants Vying For U.S. Turf