Midway through trading Tuesday, the Dow traded down 0.41
percent to 16,107.73 while the NASDAQ tumbled 1.34 percent to
3,968.97. The S&P also fell, dropping 0.45 percent to
Leading and Lagging Sectors Utilities stocks gained Tuesday,
with PPL (NYSE:
) leading advancers. Meanwhile, gainers in the sector included
), with shares up 1.3 percent, and Consolidated Edison (NYSE:
), with shares up 1.4 percent.
In trading on Tuesday, basic materials shares were relative
laggards, down on the day by about 1.73 percent. Top decliners in
the sector included Sinopec Shanghai Petrochemical Co (NYSE:
), off 6.1 percent, and Vale SA (NYSE:
), down 6.2 percent.
Top Headline Johnson & Johnson (NYSE:
first-quarter earnings and lifted its full-year earnings
forecast. Johnson & Johnson's quarterly profit rose to $4.73
billion, or $1.64 per share, from a year-ago profit of $3.5
billion, or $1.22 per share. Its sales climbed to $18.1 billion
versus $17.5 billion. On an adjusted basis, Johnson & Johnson
earned $1.54 per share.
However, analysts were expecting earnings of $1.48 per share
on sales of $18 billion. Johnson & Johnson now projects
full-year earnings of $5.80 to $5.90 per share, versus its
earlier forecast of $5.75 to $5.85 per share. However, analysts
expected earnings of $5.82 per share.
Equities Trading UP Versartis (NASDAQ:
) shares shot up 5.62 percent to $25.94. Citigroup initiated
coverage on Versartis with a Buy rating and a $60.00 price
Shares of The
) got a boost, shooting up 1.34 percent to $25.64 after the
reported a 58% gain
in its first-quarter profit. Charles Schwab's quarterly profit
surged to $326 million, or $0.24 per share, versus a year-ago
profit of $206 million, or $0.15 per share.
Potash Corp. of Saskatchewan (NYSE:
) shares were also up, gaining 1.33 percent to $34.34 on Globe
and Mail report of potential bid from BHP Billiton (NYSE:
Equities Trading DOWN Shares of Pep Boys - Manny, Moe &
) were down 14.79 percent to $10.20 on Q4 results. The company
posted a fourth-quarter loss of $3.3 million, or $0.06 per share,
versus a year-ago loss of $14.5 million, or $0.27 per share. Its
revenue slipped to $495.7 million versus $530.8 million.
The Brink's Company (NYSE:
) shares tumbled 11.08 percent to $25.41 after the company
reported that it will report Venezuela results at SICA II
) was down, falling 6.89 percent to $28.37 after the company
plans to buy
Progressive Finance Holdings for $700 million in cash and lowered
its Q1 guidance.
Commodities In commodity news,
oil traded down 0.10 percent
to $103.95, while gold traded down 1.76 percent to $1,304.20.
Silver traded down 2.30 percent Tuesday to $19.55, while
copper fell 1.83 percent to $2.98.
Eurozone European shares
The Spanish Ibex Index fell 0.83 percent, while Italy's FTSE
MIB Index dropped 2.33 percent.
Meanwhile, the German DAX fell 1.80 percent and the French CAC
40 slipped 0.89 percent while U.K. shares declined 0.70
Economics The ICSC-Goldman same-store sales index declined
0.3% in the week ended Saturday versus the prior week.
US consumer prices climbed 0.2% in March, while the core CPI
also gained 0.2%. However, economists were projecting the overall
CPI to rise 0.1% and the core index to gain 0.1% in the
The Johnson Redbook Retail Sales Index fell 1% in the first
week of April versus March.
The Empire State manufacturing index fell to 1.29 in April,
versus a prior reading of 5.61. However, economists were
expecting a reading of 8.00.
The NAHB housing market index rose to a reading of 47 in
April, versus 46 in March. However, economists were projecting a
reading of 50.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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