Mid-Morning Market Update: Markets Edge Lower; American Eagle Issues Weak Profit Forecast

By
A A A

Following the market opening Tuesday, the Dow traded down 0.11 percent to 16,400.19 while the NASDAQ tumbled 0.01 percent to 4,334.13. The S&P also fell, dropping 0.10 percent to 1,875.25.

Leading and Lagging Sectors Tech stocks gained by 0.03 percent in Tuesday's trading. Top gainers in the sector included Vitesse Semiconductor (NASDAQ: VTSS ), with shares up 5.2 percent and Fusion-io (NYSE: FIO ), with shares up 3.2 percent. In trading on Tuesday, energy shares were relative laggards, down on the day by about 0.46 percent.

Among the sector stocks, Tesco (NASDAQ: TESO ) was down more than 5.5 percent, while Linn Energy LLC (NASDAQ: LINE ) tumbled around 3.7 percent.

Top Headline American Eagle Outfitters (NYSE: AEO ) reported a drop in its fiscal fourth-quarter profit and issued a weak profit outlook. American Eagle's quarterly profit declined to $10.5 million, or $0.05 per share, versus a year-ago profit of $94.8 million, or $0.47 per share. Its sales slipped 7% to $1.04 billion versus $1.12 billion, while comparable sales dropped 7%. Excluding special items, its adjusted profit came in at $0.27 per share, versus analysts' estimates of $0.26 per share. American Eagle expects Q1 per-share earnings to break even, versus analysts' estimates of $0.13 per share.

Equities Trading UP Boyd Gaming (NYSE: BYD ) shot up 16.08 percent to $13.70 after hedge fund Elliot Associates disclosed a 4.99% stake in the company.

Shares of FuelCell Energy (NASDAQ: FCEL ) got a boost, shooting up 18.57 percent to $4.66 after the company reported Q1 results. FuelCell posted its quarterly net income of $0.02 per share on revenue of $24.2 million.

J. C. Penney Company (NYSE: JCP ) was also up, gaining 7.81 percent to $9.08 after Citigroup upgraded the stock from Neutral to Buy.

Equities Trading DOWN Shares of Myriad Genetics (NASDAQ: MYGN ) were down 8.74 percent to $34.45 as the company failed to block Ambry Genetics. US Court denied the company's motion to block competitor genetic tests.

Urban Outfitters (NASDAQ: URBN ) shares tumbled 5.89 percent to $35.30 after the company reported fourth-quarter results. Nomura cut the price target on the stock from $42.00 to $39.00.

Vipshop Holdings (NYSE: VIPS ) was down, falling 4.15 percent to $151.90 after the company proposed to offer $400 million of its convertible senior notes due 2019. Goldman Sachs downgraded the stock from Buy to Neutral and lifted the price target from $84.20 to $185.00.

Commodities In commodity news, oil traded up 0.02 percent to $101.14, while gold traded up 0.65 percent to $1,350.20.

Silver traded up 1.51 percent Tuesday to $21.23, while copper rose 0.36 percent to $3.04.

Eurozone European shares were mostly lower today.

The Spanish Ibex Index fell 0.08 percent, while Italy's FTSE MIB Index climbed 0.19 percent.

Meanwhile, the German DAX gained 0.26 percent and the French CAC 40 declined 0.27 percent while U.K. shares fell 0.14 percent.

Economics The ICSC-Goldman same-store sales index rose 1.3% in the week ended Saturday.

The NFIB Small Business Optimism Index fell 2.7 points to 91.4 in February.

The Johnson Redbook Retail Sales Index gained 2.5% y/y in the first week of March.

US wholesale inventories rose 0.60% in January, versus economists' expectations for a 0.40% gain.

US wholesale sales declined 1.9% in the month.

Job openings increased 3.97 million in January, from 3.91 million in December, according to the US Department of Labor. However, economists were expecting a rise of 4.01 million.

The Treasury is set to auction 4-week bills and 3-year notes.

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Free Trading Education - Check out the free events taking place on Marketfy this week. Spaces are limited. Sign up today.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Economy , Futures , International

Referenced Stocks: FIO , FCEL , LINE , MYGN , TESO

Benzinga


More from Benzinga:

Related Videos

Stocks

Referenced

Most Active by Volume

45,202,286
  • $100.39 ▼ 1.22%
43,317,057
  • $16.72 ▼ 0.12%
40,464,350
  • $42.46 ▼ 0.21%
39,008,952
  • $13.73 ▲ 29.65%
37,429,547
  • $17.665 ▲ 6.80%
26,024,765
  • $75.85 ▲ 1.70%
22,665,978
  • $6.74 ▼ 2.88%
21,891,349
  • $99.3059 ▲ 0.80%
As of 9/16/2014, 01:34 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com