Midway through trading Tuesday, the Dow traded down 0.60
percent to 14,846.49 while the NASDAQ declined 1.70 percent to
3,706.11. The S&P also fell, dropping 0.80 percent to
Top Headline Wolverine World Wide (NYSE:
) reported a
in its third-quarter earnings and raised its adjusted earnings
outlook for the year.
Wolverine now projects adjusted earnings of $2.73 to $2.83,
versus its earlier forecast of $2.60 to $2.75 per share. The
company narrowed its revenue view to $2.71 billion to $2.73
billion, versus $2.7 billion to $2.775 billion.
Wolverine's quarterly profit rose to $54.4 million, or $1.08
per share, from $32.7 million, or $0.66 per share, in the
year-ago period. Excluding one-time items, it earned $1.16 per
share, from $0.72 per share. Its revenue climbed to $716.7
million from $353.1 million. However, analysts were expecting
earnings of $1.03 per share on revenue of $713 million.
Equities Trading UP Amira Nature Foods (NYSE:
) shot up 10.59 percent to $14.61. Jefferies raised its price
target on the stock from $14 to $21.
Shares of J. C. Penney Company (NYSE:
) got a boost, shooting up 4.28 percent to $8.04 after the
company posted an increase in its
in September versus August. Analysts at Sterne Agee downgraded
the stock from Buy to Neutral..
) was also up, gaining 4.63 percent to $62.11. TPG-Axon
Management reported a 5.1% stake in Outerwall. Yesterday, Jana
Partners disclosed a 13.5% stake in the company.
Equities Trading DOWN Shares of Xerox (NYSE:
) were down 2.26 percent to $10.16 after the company reported
that the SEC is probing some accounting practices at Affiliated
) shares tumbled 10.63 percent to $21.27 after the company
concurrent public offerings
of common shares and convertible senior notes.
Clean Energy Fuels (NASDAQ:
) was down, falling 8.31 percent to $11.91 after Piper Jaffray
reiterated the stock with an Underweight rating and lowered the
price target from $9.50 to $4.50.
Commodities In commodity news,
oil traded up 0.61 percent
to $103.66, while gold traded down 0.10 percent to $1,323.80.
Silver traded up 0.04 percent Tuesday to $22.40, while copper
fell 0.20 percent to $3.29.
Eurozone European shares
today. The Spanish Ibex Index fell 0.67 percent, while Italy's
FTSE MIB Index declined 0.29 percent. Meanwhile, the German DAX
fell 0.42 percent and the French CAC 40 declined 0.77 percent
while U.K. shares dropped 1.11 percent.
Economics The NFIB small-business optimism index declined to
93.9, versus a revised 94.1 in August.
The ICSC-Goldman Sachs store sales index dropped 0.1% for the
week ended Saturday versus the previous week.
The Johnson Redbook Retail Sales Index fell 0.5% in September
The Treasury is set to auction 3-year notes.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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