Market Overview

Mid-Day Market Update: Hi-Tech Pharmacal Rises On Acquisition News; Sanderson Farms Shares Fall

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Midway through trading Tuesday, the Dow traded down 0.76 percent to 14,832.69 while the NASDAQ tumbled 1.48 percent to 3,603.44. The S&P also fell, dropping 1.11 percent to 1,638.39.

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 95.55 percent to $18.91 after the company announced the effectiveness of its 1-for-2 reverse stock split.

Shares of Akorn (NASDAQ: AKRX) got a boost, shooting up 11.25 percent to $18.29 after the company announced its plans to acquire Hi-Tech Pharmacal (NASDAQ: HITK) for $640 million.

Hi-Tech Pharmacal Co (NASDAQ: HITK) was also up, gaining 22.49 percent to $43.13 after Akorn announced its plans to buy the company.

Equities Trading DOWN
Shares of Accretive Health (NYSE: AH) were down 3.32 percent to $9.61 after analysts at Oppenheimer downgraded the stock from Outperform to Perform.

Sanderson Farms (NASDAQ: SAFM) shares tumbled 5.23 percent to $66.14 on Q3 results.

Regis (NYSE: RGS) was down, falling 3.21 percent to $16.61 after the company reported weaker-than-expected fourth-quarter results.

Commodities
In commodity news, oil traded up 2.80 percent to $108.89, while gold traded up 1.85 percent to $1,418.90.

Silver traded up 2.54 percent Tuesday to $24.67, while copper rose 0.39 percent to $3.34.

Eurozone
European shares were lower today. The Spanish Ibex Index dropped 2.96 percent, while Italy's FTSE MIB Index tumbled 2.34%. Meanwhile, the German DAX fell 2.28 percent and the French CAC 40 declined 2.42 percent while U.K. shares dropped 0.79 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.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s Economics Hot Intraday Update Markets Movers Tech

 

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