Mid-Morning Market Update: Markets Open Higher; Emerson Electric Earnings Beat Estimates

Following the market opening Tuesday, the Dow traded up 0.62 percent to 25,660.18 while the NASDAQ climbed 0.31 percent to 7,883.94. The S&P also rose, gaining 0.36 percent to 2,860.65.

Leading and Lagging Sectors

Tuesday morning, the energy shares climbed 0.98 percent. Meanwhile, top gainers in the sector included Renewable Energy Group, Inc. (NASDAQ: REGI ) up 17 percent, and Basic Energy Services, Inc. (NYSE: BAS ) up 7 percent.

In trading on Tuesday, utilities shares fell 0.85 percent.

Top Headline

Emerson Electric Co. (NYSE: EMR ) reported better-than-expected results for its third quarter.

Earnings came in at $0.88 per share, beating market estimates of $0.86 per share. Sales came in at $4.5 billion, beating estimates of $4.46 billion. Emerson Electric expects FY18 GAAP earnings of $3.30 to $3.40 per share.

Equities Trading UP

Orchids Paper Products Company (NYSE: TIS ) shares shot up 45 percent to $3.168 after the company reported amendment to its credit agreement.

Shares of Vericel Corporation (NASDAQ: VCEL ) got a boost, shooting up 26 percent to $12.90 after the company beat Q2 sales estimates and raised 2018 sales guidance.

On Deck Capital Inc (NYSE: ONDK ) shares were also up, gaining 28 percent to $8.70 after the company posted upbeat Q2 results and raised its FY18 guidance.

Equities Trading DOWN

Bellerophon Therapeutics, Inc. (NASDAQ: BLPH ) shares dropped 76 percent to $0.5410. The Data Monitoring Committee has recommended that the Phase 3 INOvation-1 study evaluating INOpulse should be stopped for futility.

Shares of Gemphire Therapeutics Inc. (NASDAQ: GEMP ) were down 47 percent to $3.91. Gemphire Therapeutics announced the FDA has sought data from a sub-chronic toxicology study to support lifting of the partial clinical hold imposed on its gemcabene with respect to clinical trials of duration over six months. The agency also deemed the end-of-Phase 2 meeting and the subsequent initiation of Phase 3 trials investigating gemcabene in dyslipidemia indications and long-term safety exposure trials needed for registration will not take place until the partial hold is lifted.

Spark Therapeutics, Inc. (NASDAQ: ONCE ) was down, falling around 30 percent to $54.03 after the company reported Q2 financial results and recent business progress.


In commodity news, oil traded up 1.07 percent to $69.75 while gold traded up 0.45 percent to $1,223.20.

Silver traded up 0.96 percent Tuesday to $15.495, while copper rose 0.90 to $2.756.


European shares were higher today. The eurozone's STOXX 600 climbed 0.58 percent, the Spanish Ibex Index rose 0.63 percent, while Italy's FTSE MIB Index gained 1.25 percent. Meanwhile the German DAX climbed 0.76 percent, and the French CAC 40 rose 0.85 percent while U.K. shares rose 0.94 percent.


The Johnson Redbook Retail Sales Index rose 0.9 percent during the first four weeks of July versus June.

The Treasury is set to auction 4-week bills at 11:30 a.m. ET.

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Data on consumer credit for June will be released at 3:00 p.m. ET.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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

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