Mid-Afternoon Market Update: Potash Companies Get Crushed as the Market Rises
Toward the end of trading Tuesday, the Dow traded up 0.14 percent to 15,543.09 while the NASDAQ surged 0.57 percent to 3,619.88. The S&P also rose, gaining 0.18 percent to 1,688.68.
Pfizer (NYSE: PFE) reported a surge in its second-quarter earnings.
Pfizer's quarterly profit surged to $14.1 billion, or $1.98 per share, from $3.25 billion, or $0.43 per share, in the year-ago period. Excluding one-time items, its adjusted earnings declined to $0.56 per share from $0.59 per share.
Its revenue fell 7.1% to $12.97 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $13.01 billion.
Equities Trading UP
Pitney Bowes (NYSE: PBI) traded up 14.30 percent to $16.82 toward the end of trading Tuesday after the company beat on earnings this morning.
Shares of Boyd Gaming (NYSE: BYD) got a boost, shooting up 18.24 percent to $12.84 after the company reported Q2 results.
Goodyear Tire & Rubber Co (NASDAQ: GT) was also up, gaining 9.24 percent to $18.61 after the company reported a strong rise in its second-quarter net income.
Equities Trading DOWN
The Mosaic Company (NYSE: MOS) were down 20.39 percent to $42.16 as OAO Uralkali forecast global prices will fall 25%.
Compass Minerals (NYSE: CMP) was also down, falling 18.46 percent ot $72.51 on the news of falling potash prices.
Shares of Xylem (NYSE: XYL) was down, falling 10.54 percent to $25.46 on downbeat Q2 earnings
In commodity news, oil traded down 1.37 percent to $103.12, while gold traded down 0.23 percent to $1,324.90.
Silver traded down 0.55 percent Tuesday to $19.76, while copper fell 2.12 percent to $3.04.
European shares were higher today. The Spanish Ibex Index surged 1.05 percent and the Italian FTSE MIB Index jumped 1.56 percent. Meanwhile, the German DAX rose 0.28 percent and the French CAC 40 gained 0.52 percent while U.K. shares rose 0.28 percent.
The ICSC-Goldman Sachs store sales index declined 1.6% for the week ending July 27, 2013.
The Johnson Redbook Retail Sales Index for the first three weeks of July climbed 0.8% versus June.
The S&P/Case-Shiller home price index gained 12.17% y/y in May, versus economists' expectations for a 12.4% rise.
The Conference Board's consumer confidence index dropped to 80.30 in July, from 82.10 in June. However, economists were expecting a reading of 81.30.
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