Mid-Morning Market Update: Markets Open Higher, Home Depot Profit Beats Estimates
Following the market opening Tuesday, the Dow traded up 0.36 percent to 15,390.13, while the NASDAQ rose 0.17 percent to 3,502.38. The S&P was also up, gaining 0.30 percent to 1,671.30.
Home Depot (NYSE: HD) reported an 18.5% increase in its Q1 earnings and lifted its 2013 earnings forecast.
Home Depot's quarterly profit surged to $1.2 billion, or $0.83 per share, versus $1 billion, or $0.68 per share, in the year-ago quarter.
Its net sales climbed 7.4% to $19.1 billion from $17.8 billion, while comparable-store sales rose 4.3%. However, analysts were estimating earnings of $0.76 per share on revenue of $18.53 billion. Home Depot now projects 2013 EPS to rise around 17% to $3.52.
Equities Trading UP
Yingli Green Energy Holding Co (NYSE: YGE) shot up, gaining 42.90 percent to $4.43, after the company announced preliminary Q1 financial results.
Navios Maritime Holdings (NYSE: NM) was also up 10.18 percent to $5.52, after the company reported upbeat Q1 results.
Monro Muffler Brake (NASDAQ: MNRO) got a boost, shooting up 11.09 percent to $49.00 on Q4 results
Equities Trading DOWN
iGATE(NASDAQ: IGTE) was down, falling 10.55 percent to $14.67, after the company terminated the employment of CEO Phaneesh Murthy.
Carnival plc (NYSE: CUK) shares tumbled 6.56 percent to $34.46 after the company lowered its earnings forecast.
Kosmos Energy (NYSE: KOS) was down 6.38 percent to $11.16 after the company announced results from Sipo-1 exploration well.
In commodity news, oil traded down 027 percent to $96.45, while gold dropped 1.31 percent to $1,365.90.
Silver traded down 1.45 percent Tuesday to $22.26, while copper rose 0.18 percent to $3.37.
European shares were mixed overnight as investors prepare for key Federal Reserve comments on Wednesday. The Spanish Ibex Index fell 0.60 percent and the Italian FTSE MIB Index dropped 0.21 percent. Meanwhile, the German DAX rose 0.03 percent and the French CAC 40 rose 0.20 percent while U.K. shares added 0.29 percent.
The ICSC/Goldman Sachs Retail Chain Store Sales Index rose 0.2% in the week ended Saturday versus the previous week.
National chain store sales climbed 0.5% in the first two weeks of May versus April, according to the latest Redbook survey data.
St. Louis Fed President James Bullard and New York Federal Reserve Bank President William Dudley are set to speak today.
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