Mid-Afternoon Market Update: Dick's Sporting Goods Falls on Poor Earnings While Goodrich Petroleum Rises on Little News
Toward the end of trading Tuesday, the Dow traded up 0.26 percent to 15,049.93 while the NASDAQ surged 0.82 percent to 3,618.62. The S&P also rose, gaining 0.63 percent to 1,656.27.
The Home Depot (NYSE: HD) reported a 17.2% gain in its fiscal second-quarter net earnings. 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 9.39 percent to $43.67 after the company reported better-than-expected second-quarter earnings. Analysts at Wedbush upgraded the stock from Neutral to Outperform.
Goodrich Petroleum (NYSE: GDP) was up as well, gaining 10.31 percent to $23.00, as shares rallied on strong technicals in the face of an oil downturn.
Equities Trading DOWN
Shares of Dick's Sporting Goods (NYSE: DKS) fell on Tuesday's session after the company missed on its earnings report before the market open.
In commodity news, oil traded down 2.04 percent to $104.92, while gold traded up 0.55 percent to $1,373.70. Silver traded down 0.43 percent Tuesday to $23.17, while copper rose 0.07 percent to $3.33.
European shares were lower today. The Spanish Ibex Index tumbled 1.93 percent, while Italy's FTSE MIB Index dropped 1.28%. Meanwhile, the German DAX declined 0.90 percent and the French CAC 40 dipped 1.48 percent while U.K. shares fell 0.46 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.
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