Mid-Day Market Update: Fossil Gains On Q1 Results, Aruba Networks Falls
Midway through trading Tuesday, the Dow traded up 0.24 percent to 15,004.71 while the NASDAQ dropped 0.12 percent to 3,389.07. The S&P rose, gaining 0.20 percent to 1,620.75.
Emerson Electric Co (NYSE: EMR) reported a 2.9% rise in its fiscal second-quarter earnings and cut its full-year view.
Emerson Electric now projects earnings of $3.48 to $3.58 per share or the year on sales growth of 1.5% to 2.5%. In February, the company expects earnings of $3.53 to $3.63 per share on sales growth of 2% to 5%.
Emerson Electric's quarterly profit surged to $561 million, or $0.77 per share, from $545 million, or $0.74 per share, in the year-ago period. Its revenue climbed 0.7% to $5.96 billion. However, analysts were expecting earnings of $0.78 per share on revenue of $6.03 billion.
Equities Trading UP
Santarus (NASDAQ: SNTS) shot up 11.02 percent to $20.95 on Q1 earnings.
Shares of Mercadolibre (NASDAQ: MELI) got a boost, shooting up 17.94 percent to $122.60 after the company reported strong Q1 sales.
Fossil (NASDAQ: FOSL) was also up, gaining 7.65 percent to $106.53 after the company reported a 24% rise in its Q1 earnings.
Equities Trading DOWN
Aruba Networks (NASDAQ: ARUN) was down, falling 21.77 percent to $17.25 on weak forecast.
Shares of Akorn (NASDAQ: AKRX) were down 10.83 percent to $13.51 on downbeat Q1 earnings.
First Solar (NASDAQ: FSLR) shares tumbled 9.48 percent to $43.17 on Q1 results.
In commodity news, oil traded down 0.61 percent to $95.57, while gold traded down 1.57 percent to $1,445.00.
Silver traded down 1.06 percent Tuesday to $23.70, while copper fell 0.24 percent to $3.30.
European shares rose following the stronger than expected bank earnings from around the continent. The Spanish Ibex Index gained 0.47 percent while the Italian FTSE MIB Index rose 1.54 percent. Meanwhile, the German DAX surged 0.86 percent while the French CAC 40 climbed 0.37 percent and U.K. shares rose 0.55 percent.
The ICSC-Goldman comparable store sales index declined 1% in the week ended Saturday versus the prior week.
The Redbook index fell 2.5% month-over--month in the week ended April 28.
Data on consumer credit for March will be released at 3:00 p.m. ET.
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