Midway through trading Tuesday, the Dow traded down 0.65
percent to 15,511.03 while the NASDAQ declined 0.77 percent to
3,664.66. The S&P also fell, dropping 0.60 percent to
Top HeadlineFossil (NASDAQ:
) reported an 18% rise in its second-quarter earnings and lifted
its full-year earnings forecast. Fossil now expects full-year
earnings of $6.15 to $6.35 per share, versus its May forecast of
$6 to $6.26 per share. It now projects net sales to rise between
11 and 12 percent, versus its earlier view of 10 to 11 percent
growth. Fossil's quarterly profit surged to $67.7 million, or
$1.15 per share, from $57.3 million, or $0.92 per share, in the
year-ago period. Its sales rose 11 percent to $706.2 million. The
company in May expected earnings of $0.89 to $0.94 per share on 8
to 9 percent sales growth.
Equities Trading UPFossil (NASDAQ:
) shot up 19.64 percent to $127.89 after the company reported an
18 percent rise in its second-quarter
and lifted its full-year earnings forecast. Shares of GT Advanced
) got a boost, shooting up 12.93 percent to $5.85 after the
company reported upbeat Q2 earnings. Volcano (NASDAQ:
) was also up, gaining 6.16 percent to $21.89 on Q2 results.
Canaccord Genuity upgraded the stock
from Hold to Buy.
Equities Trading DOWN Shares of American Eagle Outfitters
) were down 15.74 percent to $16.83 after the company
cut its Q2 earnings forecast.
McDermott International (NYSE:
) shares tumbled 19.42 percent to $7.04 on
The company announced the resignation of its COO John McCormack.
Checkpoint Systems (NYSE:
) was down, falling 13.85 percent to $15.32 after the company
reported Q2 results.
Commodities In commodity news,
oil traded down 1.17 percent
to $105.31, while gold traded down 1.26 percent to $1,286.00.
Silver traded down 0.86 percent Tuesday to $19.55, while copper
rose 0.14 percent to $3.17.
Eurozone European shares were The Italian economy shrunk less
than expected in the second quarter new data showed as the first
estimate of Q2 GDP was reported as a contraction of 0.2 percent.
British industrial production rose sharply in June, climbing 1.1
percent compared to the forecast of 0.6 percent. The Spanish Ibex
Index dropped 0.31 percent and the Italian FTSE MIB Index
declined 0.44 percent. Meanwhile, the German DAX tumbled 1.26
percent and the French CAC 40 fell 0.43 percent while U.K. shares
declined 0.29 percent.
Economics The US trade deficit narrowed by 22.4 percent to
$34.2 billion in June. However, economists were expecting the
deficit to decline to $43 billion in June. The ICSC-Goldman
same-store sales index increased 0.3 percent in the latest week
ended Saturday from the previous week. The Johnson Redbook Retail
Sales Index rose 1 percent for the first four weeks of July
versus June. US job openings surged to 3.94 million in June, from
3.91 million in May. The Treasury is scheduled to auction 3-year
notes and STRIPS.
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