Mid-Morning Market Update: Markets Gain, Children's Place Issues Weak Outlook
Following the market opening Tuesday, the Dow traded up 0.57 percent to 14,530.23 while the NASDAQ gained 0.39 percent to 3,250.05. The S&P also rose, gaining 0.50 percent to 1,559.45.
Children's Place Retail Stores (NASDAQ: PLCE) issued a downbeat first-quarter view. Children's Place expected Q1 profit of $0.60 to $0.65 per share and full-year profit of $2.90 to $3.10 per share. However, analysts were expecting a profit of $1.20 per share for the first quarter and $3.52 per share for the year. Equities Trading UP
BroadSoft (NASDAQ: BSFT) shot up 7.85 percent to $29.00 after analysts at Raymond James upgraded the stock from “underperform” to "market perform." Shares of Sonic (NASDAQ: SONC) got a boost, shooting up 6.56 percent to $12.50 after reported a rise in its said fiscal second-quarter profit. RF Micro Devices (NASDAQ: RFMD) was also up, gaining 6.62 percent to $5.2350 after analysts at Oppenheimer upgraded the stock from “perform” to “outperform.” Equities Trading DOWN
Calumet Specialty Products Partners LP (NASDAQ: CLMT) shares tumbled 4.40 percent to $37.38 after the company priced common unit offering. AuRico Gold (NYSE: AUQ) was also down, falling 4.22 percent to $6.36 after the company reported Q4 results.
Shares of Children's Place Retail Stores (NASDAQ: PLCE) were down 2.20 percent to $44.98 issued a downbeat first-quarter view.
In commodity news, oil traded up 1.04 percent to $95.80, while gold traded down 0.50 percent to $1,598.40. Silver traded down 0.19 percent Tuesday to $28.76, while copper rose 0.75 percent to $3.47.
European shares were mostly higher overnight, reversing the strong weakness from Monday. The Spanish Ibex Index tumbled 1.57 percent and the Italian FTSE MIB Index dropped 0.50 percent. The STOXX Europe 600 Index gained 0.06 percent, London's FTSE 100 Index rose 0.12 percent, French CAC 40 Index surged 0.76 percent and German DAX 30 index climbed 0.19 percent. Economics
Orders for durable goods rose 5.7% in February. However, economists were expecting orders to rise 4.6%. The ICSC-Goldman Sachs Retail Chain Store Sales Index dropped 1.7% in the recent week ended Saturday versus the week before. The Johnson Redbook Retail Sales Index for the first three weeks of March rose 2.8% year-over-year. The S&P/Case-Shiller 20-city composite index for January rose to 8.1% year-over-year. Consumer confidence declined to a reading of 59.7 in March, versus 68.0 in February. However, economists were expecting a reading of 66.5. Sales of new homes dropped 4.6% to an annual rate of 411,000 in February, versus a revised 431,000 in January. Economists had projected new home sales to fall to 417,000. The Richmond Fed Manufacturing Index dropped to a reading of 3.00 in March, versus a prior reading of 6.00. Economists were expecting a reading of 6.00. The Treasury is set to auction 4-week bills and 2-year notes.
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