Afternoon Market Update (LM, CML, COP)

Shares of Legg Mason Inc (NYSE: LM) moved down after the company posted upbeat quarterly earnings but reported fixed-income product outflows at $8 billion with equity outflows at $4.4 billion. Ticonderoga Securities analyst Douglas Sipkin said, "Bottom line is that it still seems as though Legg Mason has a ways to go before sustainable inflow trends are realized."

Shares of Compellent Technologies Inc (NYSE: CML) surged about 18% after the company reported better-than-expected Q3 earnings and issued upbeat projections for the current period. Analysts at Piper Jaffray upgraded CML to “overweight” based on strong results. The analysts predicted that “the company can continue to grow at above-market rates while increasing the flow through to the bottom line."

Shares of natural gas and oil producers dropped, while shares of oil service continued to move up. Shares of ConocoPhillips (NYSE: COP) declined about 2.4% after the company reported Q3 results. The NYSE Arca Natural Gas Index (XNG) moved down about 1.62%, while the NYSE Arca Oil Index (XOI) fell about 1.79%. The Philadelphia Oil Service Index (OSX) rose about 0.30%.

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