Market Overview

Mid-Afternoon Market Update: DSW Rises as the NASDAQ Gets Crushed

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Toward the end of trading Tuesday, the Dow traded down 0.97 percent to 14,782.69 while the NASDAQ tumbled 2.10 percent to 3,581.44. The S&P also fell, dropping 1.50 percent to 1,631.39.

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

DSW (NYSE: DSW) traded up Tuesday, gaining 7.62 percent to 87.52 after the company reported strong earnings before the market open this morning.

Shares of Akorn (NASDAQ: AKRX) got a boost, shooting up 10.28 percent to $18.13 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 22.24 percent to $43.04 after Akorn announced its plans to buy the company.

Equities Trading DOWN
Shares of Orexigen Therapeutics (NASDAQ: OREX) fell 8.01 percent to $6.66 after the company announced it was preparing a new drug application this morning.

SunEdison (NYSE: SUNE) was also down, falling 7.45 percent to $7.34 after LDK Solar missed by a mile on its earnings report this morning.

Regis (NYSE: RGS) was down, falling 3.23 percent to $16.61 after the company reported weaker-than-expected fourth-quarter results.

Commodities
In commodity news, oil traded up 2.99 percent to $108.91, while gold traded up 1.64 percent to $1,416.00. Silver traded up 1.01 percent Tuesday to $24.56, while copper rose 0.14 percent to $3.33.

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

 

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