Mid-Afternoon Market Update: Markets Turn Back; Noodles & Company Continues to Rally
Toward the end of trading Tuesday, the Dow traded down 0.60 percent to 15,884.12 while the NASDAQ reversed, falling 0.44 percent to 3,419.07. The S&P fell, dropping 0.37 percent to 1,609.56.
Constellation Brands (NYSE: STZ) reported a drop in its first-quarter profit.
Constellation's quarterly profit declined to $52.9 million, or $0.27 per share, versus $72.0 million, or $0.38 per share, in the year-ago period. Its adjusted earnings came in at $0.38 per share.
Its revenue surged to $673.4 million from $634.8 million. However, analysts were projecting earnings of $0.40 per share on revenue of $673.0 million. Constellation now expects 2014 full-year earnings of $2.32 to $2.62 per share.
Equities Trading UP
American Greetings (NYSE: AM) gained 4.97 percent to $19.00 after the company's founding family lifted its offer price to take the company private.
Shares of Noodles & Company (NASDAQ: NDLS) continued to rise toward the end of trading, gaining 24.59 percent to $47.93 as the company rides momentum from its successful IPO.
Equities Trading DOWN
Shares of Linn Energy LLC (NASDAQ: LINE) were down 17.98 percent to $27.34 on JP Morgan downgrade and announcement of informal SEC inquiry.
The Greenbrier Companies (NYSE: GBX) was also down, falling 5.74 percent to $22.34 after the company's earnings call disappointed traders this morning.
Achillion Pharmaceuticals (NASDAQ: ACHN) shares tumbled 24.88 percent to $6.28 after an FDA study on the company's drug Sovarprevir was placed on hold.
In commodity news, oil traded up 1.63 percent to $99.59, while gold traded down 0.45 percent to $1,246.10.
Silver traded down 0.97 percent Tuesday to $19.45, while copper fell 0.46 percent to $3.14.
European shares were lower today. The U.K. Construction PMI rose slightly less than expected in June to 51.0 vs. the forecast of 51.1 but rose from May's 50.8. Yesterday, the more broad Manufacturing PMI gained to a strong 52.5 from an upwardly revised May figure of 51.5 on expectations of a reading of 51.5.
The Spanish Ibex Index fell 0.28 percent and the Italian FTSE MIB Index dropped 0.73 percent. Meanwhile, the German DAX tumbled 0.98 percent and the French CAC 40 fell 0.66 percent while U.K. shares declined 0.15 percent.
The ICSC-Goldman Sachs store sales index rose 0.6% in the week ended Saturday versus the earlier week.
The Johnson Redbook Retail Sales Index fell 0.5% in the first four weeks of June versus May. US factory orders surged 2.10% in May. However, economists were projecting orders to gain 2% in May.
New York Fed President William Dudley and Fed Governor Jeremy Stein are expected to speak.
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