Market Overview

Mid-Day Market Update: Staples Shares Slip On Weak Earnings

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Midway through trading Wednesday, the Dow traded down 0.42 percent to 14,939.53 while the NASDAQ declined 0.29 percent to 3,603.02. The S&P also fell, dropping 0.41 percent to 1,645.66.

Top Headline
Lowe's Companies (NYSE: LOW) reported a 26% rise in its fiscal second quarter earnings and lifted its forecast for the year.

Lowe's quarterly profit surged to $941 million, or $0.88 per share, from $747 million, or $0.64 per share, in the year-earlier period.

Its net sales climbed 10% to $15.71 billion. However, analysts were expecting earnings of $0.79 per share on revenue of $15.07 billion.

Lowe's now projects full-year earnings of $2.10 per share on sales growth of 5%. The company had earlier expected earnings of $2.05 per share on sales growth of 4%.

Equities Trading UP
Incyte (NASDAQ: INCY) shot up 28.15 percent to $34.60 on positive top-line results of Phase II proof-of-concept trial of ruxolitinib.

Shares of Lowe's Companies (NYSE: LOW) got a boost, shooting up 4.65 percent to $46.13 after the company reported a 26% rise in its fiscal second quarter earnings and lifted its forecast for the year.

Trina Solar (NYSE: TSL) was also up, gaining 12.92 percent to $8.83 after Cowen & Company upgraded the stock from Market Perform to Outperform.

Equities Trading DOWN
Shares of Staples (NASDAQ: SPLS) were down 13.60 percent to $14.55 after the company reported weaker-than-expected second-quarter earnings.

American Eagle Outfitters (NYSE: AEO) shares tumbled 9.83 percent to $14.77 after the company issued a weak profit view for the current quarter.

Target (NYSE: TGT) was down, falling 3.89 percent to $65.31 after the company reported a drop in its second-quarter profit.

Commodities
In commodity news, oil traded down 0.52 percent to $104.56, while gold traded down 0.34 percent to $1,367.90.

Silver traded down 0.51 percent Wednesday to $23.00, while copper fell 1.20 percent to $3.30.

Eurozone
European shares were lower today. The Spanish Ibex Index tumbled 0.48 percent, while Italy's FTSE MIB Index dropped 0.72%. Meanwhile, the German DAX declined 0.18 percent and the French CAC 40 dipped 0.34 percent while U.K. shares fell 0.97 percent.

Economics
The Mortgage Bankers Association reported that its index of mortgage application activity declined 4.6% in the week ended August 16.

US existing-home sales climbed 6.5% to an annual rate of 5.39 million. However, economists were estimating a sales rate of 5.21 million.

Crude oil supplies declined 1.4 million barrels for the week ended Aug. 16, the US Energy Information Administration reported. However, analysts were expecting a 1 million-barrel drop.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

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

 

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