With the final hour of trading underway for Tuesday, the Dow
traded flat at 0.02 percent to 17,058.15 while the NASDAQ tumbled
0.55 percent to 4,416.05. The S&P also fell, dropping 0.69
percent to 1,973.81.
Leading and Lagging Sectors
Tuesday morning, the basic materials sector proved to be a
source of strength for the market. Leading the sector was
strength from Rockwood Holdings (NYSE:
) and Companhia Siderurgica Nacional (NYSE:
In trading on Tuesday, energy shares were relative laggards,
down on the day by about 0.26 percent. Top decliners in the
sector included Miller Energy Resources (NYSE:
), down 7.08 percent, and Oasis Petroleum (NYSE:
), off 3.49 percent.
The Goldman Sachs Group (NYSE:
Goldman Sachs posted its quarterly earnings of $2.04 billion,
or $4.10 per share, up 9% from $1.93 billion, or $3.70 per share,
in the year-ago period.
Its total revenue rose 6% to $9.13 billion from $8.61 billion.
However, analysts were projecting earnings of $3.05 per share on
revenue of $7.97 billion.
Equities Trading UP
Rockwood Holdings (NYSE:
) shares shot up 11.11 percent to $83.96 after Albemarle (NYSE:
) announced its
plans to acquire
Rockwood in a cash and stock transaction valued at around $6.2
Shares of Plug Power (NASDAQ:
) got a boost, shooting up 17.22 percent to $4.90 following
Monday's initiation at FBR with a Outperform rating.
JPMorgan Chase & Co (NYSE:
) shares were also up, gaining 3.75 percent to $58.40 after the
Equities Trading DOWN
Shares of Lorillard (NYSE:
) were down 9.79 percent to $60.64 after Reynolds American (NYSE:
agreed to acquire
Lorillard in a cash-and-stock transaction valued at $27.4
billion, including the assumption of net debt.
) shares tumbled 9.78 percent to $30.25 after the company lowered
its Q2 forecast.
Johnson & Johnson (NYSE:
) was down, falling 1.92 percent to $103.34 on Q2 results.
Johnson & Johnson
reported a rise
in its second-quarter earnings and lifted its profit forecast for
the full year.
In commodity news, to $99.91, while gold traded down 0.70
percent to $1,294.80.
Silver traded down 0.62 percent Tuesday to $20.78, while
copper fell 0.05 percent to $3.25.
European shares today.
The eurozone's STOXX 600 fell 0.40 percent, the Spanish IBEX
Index dropped 1.23 percent, while Italy's FTSE MIB Index declined
Meanwhile, the German DAX fell 0.65 percent and the French CAC
40 dropped 1.03 percent while UK shares dropped 0.53 percent.
The ICSC-Goldman Store Sales gained 0.1% in the week ended
Saturday versus the earlier week.
US retail sales gained 0.2% in June, versus economists'
expectations for a 0.6% rise.
The import price index rose 0.1% in June, versus economists'
expectations for a 0.4% gain. US export price index declined 0.4%
The Empire State manufacturing index surged to 25.60 in July,
versus a prior reading of 19.28. However, economists were
expecting a reading of 17.00.
US business inventories rose 0.50% in May, versus economists'
expectations for a 0.60% gain.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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