Markets Open Lower; Coach Posts Upbeat Profit
Following the market opening Tuesday, the Dow traded down 0.32 percent to 16,515.59 while the NASDAQ tumbled 0.40 percent to 4,366.59. The S&P also fell, dropping 0.40 percent to 1,931.17.
Leading and Lagging Sectors
In trading on Tuesday, non-cyclical consumer goods & services shares dropped by just 0.18 percent. Top gainers in the sector included Whole Foods Market (NASDAQ: WFM ), Archer Daniels Midland Company (NYSE: ADM ), and MGP Ingredients (NASDAQ: MGPI ).
Energy shares tumbled by 1.12 percent in today's trading. Meanwhile, top losers in the sector included Cobalt International Energy (NYSE: CIE ), down 11.9 percent, and Approach Resources (NASDAQ: AREX ), off 11.1 percent.
The New York-based company posted a quarterly profit of $75.3 million, or $0.27 per share, versus a year-ago profit of $221.3 million, or $0.78 per share. Excluding special items, Coach's earnings fell to $0.59 per share from $0.89 per share.
Its sales slipped 7.1% to $1.14 billion. On a constant currency basis, sales fell 6%. However, analysts were estimating earnings of $0.53 per share on sales of $1.09 billion.
Equities Trading UP
Chegg (NYSE: CHGG ) shares shot up 25.04 percent to $7.37 on Q2 results. The company reported Q2 earnings of $0.00 per share on revenue of $64.50 million..
Shares of Mueller Water Products (NYSE: MWA ) got a boost, shooting up 10.88 percent to $8.66 after the company reported Q3 earnings of $0.11 per share on revenue of $318.50 million. Brean Capital upgraded the stock from Hold to Buy.
GT Advanced Technologies (NASDAQ: GTAT ) shares were also up, gaining 5.53 percent to $14.91 after the company issued a strong full-year 2014 adjusted profit forecast. It reported Q2 adjusted loss of $0.16 per share on sales of $58 million.
Equities Trading DOWN
Shares of RetailMeNot (NASDAQ: SALE ) were down 26.34 percent to $18.64 after the company reported Q2 earnings of $0.08 per share on revenue of $59.50 million. RBC Capital downgraded RetailMeNot from Outperform to Sector Perform and lowered the price target from $42.00 to $24.00.
Bloomin' Brands (NASDAQ: BLMN ) shares tumbled 15.85 percent to $16.67 after the company reported weaker-than-expected Q2 earnings and issued a downbeat Q3 forecast.
Monster Worldwide (NYSE: MWW ) was down, falling 13.44 percent to $5.73 on weak Q2 results and forecast.
In commodity news, oil traded down 0.34 percent to $97.96, while gold traded down 0.10 percent to $1,287.60.
Silver traded down 0.98 percent Tuesday to $20.04, while copper fell 1.19 percent to $3.21.
European shares were mostly higher today. The eurozone's STOXX 600 rose 0.23 percent, the Spanish Ibex Index dropped 1.54 percent, while Italy's FTSE MIB Index tumbled 1.80 percent. Meanwhile, the German DAX climbed 0.39 percent and the French CAC 40 jumped 0.41 percent while UK shares surged 0.19 percent.
The ICSC-Goldman Same Store Sales Index gained 0.2% in the week ended Saturday versus the earlier week.
The Johnson Redbook Retail Sales Index declined 0.4% in the first four weeks of July versus June.
US factory orders rose 1.1% in June, versus economists' expectations for a 0.6% gain.
The final reading of Markit PMI services index fell to 60.80 in July, versus a prior reading of 61. However, economists were expecting a reading of 60.80.
The ISM non-manufacturing index rose to 58.70 in July, versus a prior reading of 56. However, economists were expecting a reading of 56.10.
The Treasury is set to auction 4-week bills.
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