Mid-Afternoon Market Update: Silver Turns Red as Walter Energy Rallies
Toward the end of trading Tuesday, the Dow traded up 0.90 percent to 14,791.25 while the NASDAQ gained 0.93 percent to 3,351.25. The S&P rose, surging 1.15 percent to 1,591.47.
Walgreen Co (NYSE: WAG) reported downbeat fiscal third-quarter earnings.
Walgreen's quarterly profit surged to $624 million, or $0.65 per share, from $537 million, or $0.62 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $0.85 per share.
Its revenue rose 3.2% to $18.31 billion, while same-store sales climbed 1.4%. However, analysts were expecting earnings of $0.91 per share on revenue of $18.43 billion. Walgreen's gross margin widened to 28.5% from 28.2%.
Equities Trading UP
Impax Laboratories (NASDAQ: IPXL) shot up 6.09 percent to $19.00 after the company announced the retirement of its President and Chief Executive Officer Dr. Larry Hsu.
Walter Energy (NYSE: WLT) got a nice relief rally towards the end of the session Tuesday, gaining 6.51 percent to $11.30 as the markets saw a significant rally on the session.
Shares of Pandora (NYSE: P) were up as well, gaining 7.40 percent to $16.25 after the company following a bullish not from Canaccord Genuity this morning.
Equities Trading DOWN
Shares of Demand Media (NYSE: DMD) were down 22.77 percent to $6.30 after the company reported that it has bought Society6 for around $94 million in cash and stock. The company also cut its revenue forecast for the second quarter.
Barnes & Noble (NYSE: BKS) was down, falling 16.94 percent to $15.63 after the company posted a wider fiscal fourth-quarter loss.
American Vanguard (NYSE: AVD) was also down, dropping 16.19 percent to $23.08 following some poor guidance before the market open Tuesday.
In commodity news, oil traded up 0.19 percent to $95.36, while gold traded down 0.05 percent to $1,276.20.
Silver traded down 0.44 percent Tuesday to $19.60, while copper rose 1.17 percent to $3.06.
European shares were mostly higher today as officials from both the Bank of England and the European Central Bank reiterated that easy-money policy will be around for some time.
The Spanish Ibex Index rose 0.64 percent and the Italian FTSE MIB Index declined 0.37 percent. Meanwhile, the German DAX rose 1.55 percent and the French CAC 40 jumped 1.51 percent while U.K. shares surged 1.21 percent.
The ICSC/Goldman Sachs Store Sales Index surged 1.1% in the latest week ended Saturday versus the earlier week.
US durable-goods orders rose 3.6% in May, versus economists' expectations for a 3.8% gain.
The Johnson Redbook Retail Sales Index for the first three weeks of June declined 0.5% versus May.
The S&P/Case-Shiller home price index surged 2.5% in April. However, home prices surged 12.1% y/y in April.
The Richmond Fed Manufacturing Index rose to 8.00 in June, versus a prior reading of -2.00. However, economists were expecting a reading of 2.00.
The Conference Board's consumer confidence index surged to 81.4 in June, versus 74.3 in May. However, economists were projecting a reading of 74.0.
Sales of new homes surged 2.1% to an annual rate of 476,000 in May, versus 466,000 in April. However, economists were expecting an annual rate of 464,000 in May. The Treasury is expected to auction 2-year notes.
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