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
Leading and Lagging Sectors Tech stocks gained by 0.03 percent
in Tuesday's trading. Top gainers in the sector included Vitesse
), with shares up 5.2 percent and Fusion-io (NYSE:
), with shares up 3.2 percent. In trading on Tuesday, energy
shares were relative laggards, down on the day by about 0.46
Among the sector stocks, Tesco (NASDAQ:
) was down more than 5.5 percent, while Linn Energy LLC (NASDAQ:
) tumbled around 3.7 percent.
Top Headline American Eagle Outfitters (NYSE:
) 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
Equities Trading UP Boyd Gaming (NYSE:
) 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:
) 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:
) 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:
) 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:
) shares tumbled 5.89 percent to $35.30 after the company
results. Nomura cut the price target on the stock from $42.00 to
Vipshop Holdings (NYSE:
) 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
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
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
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
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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