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

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.

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 95.55 percent to $18.91 after the company announced the effectiveness of its

reverse stock split. Shares of Akorn

got a boost, shooting up 11.25 percent to $18.29 after the company announced its plans to

for $640 million. Hi-Tech Pharmacal Co

was also up, gaining 22.49 percent to $43.13 after Akorn announced its

the company.

Shares of Accretive Health

were down 3.32 percent to $9.61 after analysts at Oppenheimer downgraded the stock from Outperform to Perform. Sanderson Farms

shares tumbled 5.23 percent to $66.14 on Q3 results. Regis

was down, falling 3.21 percent to $16.61 after the company reported

fourth-quarter results.

In commodity news,

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.

European shares

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.

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.