Following the market opening Tuesday, the Dow traded down 0.32
percent to 15,370.03 while the NASDAQ declined 0.43 percent to
3,654.24. The S&P fell, dropping 0.20 percent to
Top Headline Yesterday, Yum! Brands (NYSE:
) reported a 13 percent fall in its July same-store sales in
China. Yum's same-store sales fell 10 percent in June. However,
analysts were expecting a 7.1 percent drop in July
same-restaurant sales in China. Analysts at Buckingham Research
downgraded the stock from Buy to Neutral.
Equities Trading UPAvanir Pharmaceuticals (NASDAQ:
) shot up 8.92 percent to $4.9014 after the company announced an
agreement with Merck & Co
) to co-promote Merck's type 2 diabetes therapies. Shares of NQ
) got a boost, shooting up 12.58 percent to $17.90 after the
company reported upbeat Q2 results and issued strong revenue
forecast. Osiris Therapeutics (NASDAQ:
) was also up, gaining 72.70 percent to $18.41 after the company
strong efficacy for Grafix
to treat diabetic foot ulcers.
Equities Trading DOWN Shares of Orbitz Worldwide (NYSE:
) were down 11.58 percent to $10.38 after the company reported
that PAR Capital Management has sold 8.1 million of its 24.6
million shares of Orbitz Worldwide stock. Valspar (NYSE:
) shares tumbled 7.39 percent to $65.54 after the company
reported downbeat Q3 results. Rose Rock Midstream (NYSE:
) was down, falling 4.51 percent to $33.23 after the company
announced the pricing of public offering of common units.
Commodities In commodity news,
oil traded down 0.14 percent
to $105.96, while gold traded down 0.15 percent to $1,332.20.
Silver traded up 0.85 percent Tuesday to $21.52, while copper
rose 0.18 percent to $3.31.
Eurozone European shares were
higher on upbeat ZEW survey.
The Spanish Ibex Index gained 0.38 percent and the Italian FTSE
MIB Index rose 0.62 percent. Meanwhile, the German DAX gained
0.70 percent and the French CAC 40 rose 0.38 percent while U.K.
shares gained 0.45 percent.
Economics The NFIB small-business optimism index gained 0.6
points to 94.1 in July. The ICSC/Goldman Sachs Retail Chain Store
Sales Index dropped 0.2 percent in the latest week ended Saturday
versus the previous week. US retail sales rose 0.2 percent in
July, versus economists' expectations for a 0.3 percent increase.
US imports increased 0.2 percent in July, versus economists'
estimates of a 0.8 percent rise. The Johnson Redbook Retail Sales
Index rose 3.7 percent y/y in the first week of August. US
business inventories came in flat in June. However, economists
were expecting inventories to increase 0.2 percent in June. The
Fed's Dennis Lockhart is expected to speak and the Treasury will
auction 4-week bills.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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