Market Overview

Mid-Day Market Update: Sourcefire Surges On Acquisition News, STMicroelectronics Shares Fall

Mid-Day Market Update: Sourcefire Surges On Acquisition News, STMicroelectronics Shares Fall
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Midway through trading Tuesday, the Dow traded up 0.14 percent to 15,567.80 while the NASDAQ dropped 0.32 percent to 3,588.91. The S&P also fell, declining 0.12 percent to 1,693.52.

Top Headline
E.I. DuPont de Nemours & Co (NYSE: DD) reported a drop in its second-quarter net income.

DuPont's quarterly net profit fell to $1.03 billion, or $1.11 per share, from $1.17 billion, or $1.23 per share, in the year-earlier quarter. Its adjusted operating earnings came in at $1.28 per share.

Its revenue declined to $10 billion from $10.21 billion. However, analysts were projecting earnings of $1.27 per share on revenue of $10.04 billion.

Equities Trading UP
Sourcefire (NASDAQ: FIRE) shot up 27.74 percent to $75.47 after Cisco (NASDAQ: CSCO) announced its plans to acquire the company for $2.7 billion.

Shares of CapitalSource (NYSE: CSE) got a boost, shooting up 20.24 percent to $11.82 after the bank agreed to be bought by PacWest Bancorp (NASDAQ: PACW) for $2.29 billion in cash.

The Wendy's Company (NYSE: WEN) was also up, gaining 12.57 percent to $7.52 after the company posted a profit in the second quarter.

Equities Trading DOWN
Shares of STMicroelectronics NV (NYSE: STM) were down 9.50 percent to $8.86 after the company posted a Q2 loss.

Penn National Gaming (NASDAQ: PENN) was down, falling 7.30 percent to $50.04 on Q2 results.

Waters (NYSE: WAT) shares tumbled 5.82 percent to $99.27 after the company reported downbeat Q2 results.

Commodities
In commodity news, oil traded down 0.01 percent to $106.93, while gold traded down 0.24 percent to $1,334.10.

Silver traded down 1.12 percent Tuesday to $20.28, while copper rose 0.22 percent to $3.19.

Eurozone
European shares were mostly lower. The Spanish Ibex Index rose 1.41 percent and the Italian FTSE MIB Index dropped 0.05 percent. Meanwhile, the German DAX fell 0.22 percent and the French CAC 40 declined 0.43 percent while U.K. shares tumbled 0.14 percent.

Economics
The ICSC-Goldman Sachs store sales index increased 1.4% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index rose 0.9% for the first two weeks of July versus June.

US home prices climbed 0.7% in May versus the prior month, the Federal Housing Finance Agency reported. However, home prices increased 7.3% y/y.

The Richmond Fed manufacturing index declined to -11.00 in July, versus a prior reading of 8.00. However, economists were expecting a reading of 9.00.

The Treasury is set to auction 2-year notes.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s Best of Benzinga

 

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