Mid-Day Market Update: Dow Rises 100 Points; Urban Outfitters Shares Slide On Weak Sales
Midway through trading Tuesday, the Dow traded up 0.61 percent to 17,588.78 while the NASDAQ climbed 0.71 percent to 5,020.01. The S&P also rose, gaining 0.59 percent to 2,065.27.
Leading and Lagging Sectors
In trading on Tuesday, cyclical consumer goods & services shares rose by 1.22 percent. Top gainers in the sector included Tuesday Morning Corporation (NASDAQ: TUES ), up 13 percent, and Kirkland's, Inc. (NASDAQ: KIRK ), up 8 percent.
Utilities shares dipped by 0.50 percent in Tuesday's trading. Meanwhile, top losers in the sector included Black Hills Corp (NYSE: BKH ), down 10 percent, and TransAlta Corporation ( USA ) (NYSE: TAC ), off 3 percent.
Wal-Mart Stores, Inc. (NYSE: WMT ) reported better-than-expected earnings for the third quarter on Tuesday.
The Bentonville, Arkansas-based company posted quarterly net earnings of $3.3 billion, or $1.03 per share, compared to $3.71 billion, or $1.15 per share, in the year-ago period. The latest quarter earnings benefited by around $0.04 per share from an adjustment for certain leases.
Its total revenue slipped to $117.41 billion from $119 billion. Excluding the impact of foreign currency movements, Wal-Mart's total revenue climbed 2.8 percent to $122.4 billion. However, analysts were expecting earnings of $0.98 per share on revenue of $117.79 billion.
Equities Trading UP
Eros International plc (NYSE: EROS ) shares shot up 12 percent to $8.41. Eros International reported Q2 earnings of $0.123 per share on revenue of $98.791 million.
Shares of Nuance Communications Inc. (NASDAQ: NUAN ) got a boost, shooting up 17 percent to $19.98 after the company reported stronger-than-expected earnings for its fiscal fourth quarter.
TJX Companies Inc (NYSE: TJX ) shares were also up, gaining 5 percent to $68.71 after the company reported upbeat results for the third quarter.
Equities Trading DOWN
Osiris Therapeutics, Inc. (NASDAQ: OSIR ) shares tumbled 18 percent to $11.48. Brean Capital downgraded Osiris Therapeutics from Hold to Sell, while establishing a price target of $8.
Shares of Dicks Sporting Goods Inc (NYSE: DKS ) were down 11 percent to $36.36 after the company reported weaker-than-expected earnings for the third quarter and issued a weak forecast.
Urban Outfitters, Inc. (NASDAQ: URBN ) was down, falling 8 percent to $20.84 after the company reported downbeat sales for the third quarter. However, the company reported in-line quarterly earnings.
In commodity news, oil traded down 2.01 percent to $40.90, while gold traded down 1.60 percent to $1,066.30.
Silver traded down 0.86 percent Tuesday to $14.10, while copper fell 0.54 percent to $2.11.
European shares were higher today. The eurozone's STOXX 600 rose 2.49 percent, the Spanish Ibex Index gained 2.36 percent, while Italy's FTSE MIB Index climbed 2.28 percent. Meanwhile, the German DAX gained 2.41 percent, and the French CAC 40 jumped 2.77 percent, while U.K. shares rose 1.85 percent.
The consumer price index increased 0.2 percent in October, versus economists' expectations for a 0.2 percent growth.
US industrial production slipped 0.2 percent in October, versus economists' expectations for a 0.1 percent drop.
The NAHB housing market index declined to a reading of 62 in November. However, economists were expecting a reading of 64 for the month.
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