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

Following the

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.

Tiffany & Co

reported a

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.

Dean Foods Company

shot up 97 percent to $19.05 after the company announced the effectiveness of its

reverse stock split. Shares of Akorn

got a boost, shooting up 12.65 percent to $18.52 after the company announced its plans to

for $640 million. Movado Group

was also up, gaining 5.89 percent to $40.24 after the company reported upbeat Q2 results and lifted its FY14 outlook

Shares of Accretive Health

were down 4.33 percent to $9.51 after analysts at Oppenheimer downgraded the stock from Outperform to Perform. J. C. Penney Company

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

was down, falling 3.29 percent to $16.59 after the company reported

fourth-quarter results.

In commodity news,

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.

European shares

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.

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.