Mid-Afternoon Market Update: Dow Down 75 Points; Ardelyx Shares Slide

Toward the end of trading Tuesday, the Dow traded down 0.30 percent to 24,938.42 while the NASDAQ climbed 0.07 percent to 7,399.55. The S&P also rose, gaining 0.06 percent to 2,734.52.

Leading and Lagging Sectors

Tuesday afternoon, the financial shares surged 1.13 percent. Meanwhile, top gainers in the sector included Guaranty Bancorp (NASDAQ:GBNK), up 6 percent, and Itaú Unibanco Holding S.A. (NYSE:ITUB) up 4 percent.

In trading on Tuesday, industrial shares fell 0.60 percent.

Top Headline

AutoZone, Inc. (NYSE:AZO) reported better-than-expected earnings for its fiscal third quarter.

AutoZone posted Q3 earnings of $13.42 per share on sales of $2.66 billion. Analysts expected earnings of $13.01 per share on sales of $2.72 billion.

Equities Trading UP

Regional Health Properties, Inc. (NYSE:RHE) shares shot up 23 percent to $0.3131.

Shares of America's Car-Mart, Inc. (NASDAQ:CRMT) got a boost, shooting up 17 percent to $63.76 after reporting upbeat Q4 results.

Precipio, Inc. (NASDAQ:PRPO) shares were also up, gaining 18 percent to $0.4944 after the nano-cap specialty diagnostics company said it saw an acceleration of sales in its Pathology services in April. The company now expects to see a sequential double digit quarterly sales growth.

Equities Trading DOWN

Ardelyx, Inc. (NASDAQ:ARDX) shares dropped 17 percent to $4.675 after announcing a $50 million common stock offering.

Shares of Dycom Industries, Inc. (NYSE:DY) were down 17 percent to $96.24 after the company reported weaker-than-expected results for its third quarter and lowered its FY19 outlook.

ADOMANI, Inc. (NASDAQ:ADOM) was down, falling around 21 percent to $1.3425 after seeing strong upward movement Friday And Monday on heavy volume and no news.

Commodities

In commodity news, oil traded down 0.06 percent to $72.20 while gold traded up 0.08 percent to $1,291.90.

Silver traded up 0.24 percent Tuesday to $16.56, while copper rose 0.94 to $3.1275.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.27 percent, the Spanish Ibex Index rose 0.72 percent, while Italy’s FTSE MIB Index gained 0.54 percent. Meanwhile the German DAX rose 0.71 percent, and the French CAC 40 rose 0.05 percent while U.K. shares rose 0.23 percent.

Economics

The Richmond Fed manufacturing index rose to 16.00 in May, versus prior reading of -3.00. Economists expected a reading of 9.00.