Market Overview

Mid-Morning Market Update: Markets Go Red; Tiffany Q2 Net Profit Surges 16%

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Markets Edge Lower; Tiffany Profit Beats Estimates

Following the market opening Tuesday, the Dow traded down 0.59 percent to 14,859.02 while the NASDAQ tumbled 1.00 percent to 3,620.98. The S&P also fell, dropping 0.86 percent to 1,642.50.

Top Headline
Tiffany & Co (NYSE: TIF) reported a 16% rise in its fiscal second-quarter net income.

Tiffany's quarterly earnings surged to $106.8 million, or $0.83 per share, from $91.8 million, or $0.72 per share, in the year-ago period.

Its revenue rose 4% to $925.9 million from $886.6 million. However, analysts were expecting earnings of $0.74 per share on revenue of $941.5 million.

Tiffany now projects FY13 earnings of $3.50 to $3.60 per share, versus its earlier forecast of $3.43 to $3.53 per share. However, analysts were expecting earnings of $3.54 per share.

Equities Trading UP
Dean Foods Company (NYSE: DF) shot up 97 percent to $19.05 after the company announced the effectiveness of its 1-for-2 reverse stock split.

Shares of Akorn (NASDAQ: AKRX) got a boost, shooting up 12.65 percent to $18.52 after the company announced its plans to acquire Hi-Tech Pharmacal (NASDAQ: HITK) for $640 million.

Movado Group (NYSE: MOV) was also up, gaining 5.89 percent to $40.24 after the company reported upbeat Q2 results and lifted its FY14 outlook

Equities Trading DOWN
Shares of Accretive Health (NYSE: AH) were down 4.33 percent to $9.51 after analysts at Oppenheimer downgraded the stock from Outperform to Perform.

J. C. Penney Company (NYSE: JCP) shares tumbled 0.90 percent to $13.23 after hedge fund manager William Ackman announced his plans to sell his entire stake, or 39 million shares, of the company.

Regis (NYSE: RGS) was down, falling 3.29 percent to $16.59 after the company reported weaker-than-expected fourth-quarter results.

Commodities
In commodity news, oil traded up 2.50 percent to $108.57, while gold traded up 1.68 percent to $1,416.50.

Silver traded up 2.04 percent Tuesday to $24.55, while copper rose 1.04 percent to $3.36.

Eurozone
European shares were lower today. The Spanish Ibex Index dropped 2.49 percent, while Italy's FTSE MIB Index tumbled 2.39%. Meanwhile, the German DAX fell 2.08 percent and the French CAC 40 declined 2.13 percent while U.K. shares dropped 0.85 percent.

Economics
The ICSC-Goldman Sachs store sales index gained 0.2% in the week ended August 24, 2013 versus the earlier week.

The Johnson Redbook Retail Sales Index increased 0.3% in the first three weeks of August versus July.

The S&P/Case-Shiller home price index rose 2.2% in June.

The Richmond Fed manufacturing index rose to 14 in August, versus negative 11 in July.

The Conference Board's consumer confidence index surged to 81.50 in August. However, economists were expecting a reading of 79.00.

The Treasury is set to auction 4-week and 2-year notes.

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

 

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