Closing Update: Stocks Extend Gains for Another Session, Supported by New Batch of Positive Earnings


Shutterstock photo

Stocks again advanced Tuesday, overcoming somewhat disappointing data on housing and consumer attitudes following another batch of strong earnings results. Advances were broad-based, with eight of the 10 industry sectors in the S&P 500 finishing in the black, led by shares of financial companies. Materials and mining stocks brushed aside declining metal prices today to also post solid gains.

Consumer confidence declined slightly this month, the Conference Board said today, although public attitudes about the U.S. economy remain at their best levels in over six years. Worries over employment prospects and business conditions knocked the index 1.6 points off its March reading, coming in with a 82.3 score for April, with the number of people believing jobs are hard to get rising to 32.5% this month from 31.4% during March.

The S&P/Case-Shiller index issued today found home prices in the 20 largest U.S. cities were relatively stable during February compared to the prior month, rising 0.8%. Compared to year-ago levels, prices nationwide were up 12.9%, trailing a revised 13.7% annual gain reported in Janaury and narrowly lagging the market consensus looking for a 13% rise. Thirteen cities posted year-over-year declines.

Commodities were mixed. Crude oil for June delivery settled 21 cents higher at $101.05 per barrel while June natural gas was up 4 cents to $4.84 per 1 million BTU. June gold declined $2.80 to $1,296.20 per ounce while July silver slipped 8 cents to finish at $19.54 per ounce. July copper was off 2 cents, settling at $3.07 per share.

Here's where the U.S. markets stood at end-of-day:

Dow Jones Industrial Average up 86 points (+0.5%) at 16,535

S&P 500 up 9 points (+0.5%) at 1,878

Nasdaq Composite Index up 29 points (+0.7%) at 4,103


Hang Seng Index up 1.45%

Shanghai China Composite Index up 0.84%

FTSE 100 Index up 1.04%


(+) LMNX, Q1 EPS of $0.24, ex items, beats by $0.14 per share. Revenue grows 6.4% over year-ago levels to $56.6 million, topping Street view by around $1.15 mln. Re-affirms in-line Q2 revenue guidance.

(+) SGY, Encounters over 275 feet of net oil pay in three separate sections of its new deepwater Cardona South No. 5 well in the Mississippi Canyon of the Gulf of Mexico. SGY operates and owns a 65% stake in the new well.

(+) IRWD, Q1 net loss of $0.38 per share beats Capital IQ consensus by $0.04. Revenue soars 342.4% year over year to $14.6 mln, exceeding analyst estimates by around $6.57 mln.


(-) UCTT, Q1 adjusted earnings of $0.27 per share lags expectations by $0.02. Revenue climbs 43.5% over last year to $144.2 mln, beating estimates by about $6.77 mln. Lowers Q2 guidance. Roth downgrade to Neutral.

(-) COH, Reports Q3 net income of $0.68 per share, topping estimates by $0.07 per share. Revenue falls 7.4% year over year to $1.1 bln, lagging the Capital IQ consensus by around $20 mln.

(-) MERU, Q1 net loss of $0.23 per share was $0.04 wider than analyst projections. Revenue declines 16.6% from same quarter last year to $20.6 mln, missing Wall Street expectations by $1.42 mln. Product revenue drops 23.1% year over year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by