Mid-Morning Market Update: Markets Mixed; Home Depot Posts Higher Earnings
Following the market opening Tuesday, the Dow traded down 0.12 percent to 14,993.31 while the NASDAQ surged 0.28 percent to 3,599.16. The S&P also rose, gaining 0.01 percent to 1,646.26.
Home Depot's quarterly earnings surged to $1.8 billion, or $1.24 per share, from $1.53 billion, or $1.01 per share, in the year-ago period.
Its total sales rose 9.5% to $22.52 billion, while same-store sales gained 10.7%. However, analysts were estimating earnings of $1.22 per share on sales of $21.83 billion. Home Depot raised its fiscal 2013 earnings forecast to $3.60 per share.
Shares of Urban Outfitters (NASDAQ: URBN) got a boost, shooting up 9.44 percent to $43.69 after the company reported better-than-expected second-quarter earnings. Analysts at Wedbush upgraded the stock from Neutral to Outperform.
Equities Trading DOWN
Shares of LightInTheBox Holding Co (NYSE: LITB) were down 38.51 percent to $11.85 after the company issued weak third-quarter revenue forecast. Analysts at Credit Suisse downgraded the stock from Neutral to Underperform.
In commodity news, oil traded down 1.43 percent to $105.57, while gold traded up 0.04 percent to $1,366.30.
Silver traded down 0.71 percent Tuesday to $23.05, while copper fell 0.06 percent to $3.33.
European shares were lower today. The Spanish Ibex Index tumbled 2.11 percent, while Italy's FTSE MIB Index dropped 1.50%. Meanwhile, the German DAX declined 1.02 percent and the French CAC 40 dipped 1.42 percent while U.K. shares fell 0.51 percent.
The ICSC/Goldman Sachs Chain Store Sales Index dropped 1.9% in the week ended Saturday versus the previous week.
The Chicago Fed National Activity Index rose to -0.15 in July, from -0.23 in June.
The Johnson Redbook Retail Sales Index rose 0.2% for the first two weeks in August versus July.
The Treasury is set to auction 4- and 52-week bills.
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