Mid-Morning Market Update: Markets Edge Lower; Wolverine Posts Upbeat Profit
Following the market opening Tuesday, the Dow traded down 0.18 percent to 14,908.81 while the NASDAQ declined 0.08 percent to 3,767.49. The S&P also fell, dropping 0.11 percent to 1,674.22.
Wolverine World Wide (NYSE: WWW) reported a 66% rise in its third-quarter earnings and raised its adjusted earnings outlook for the year.
Wolverine now projects adjusted earnings of $2.73 to $2.83, versus its earlier forecast of $2.60 to $2.75 per share. The company narrowed its revenue view to $2.71 billion to $2.73 billion, versus $2.7 billion to $2.775 billion.
Wolverine's quarterly profit rose to $54.4 million, or $1.08 per share, from $32.7 million, or $0.66 per share, in the year-ago period. Excluding one-time items, it earned $1.16 per share, from $0.72 per share. Its revenue climbed to $716.7 million from $353.1 million. However, analysts were expecting earnings of $1.03 per share on revenue of $713 million.
Equities Trading UP
Amira Nature Foods (NYSE: ANFI) shot up 8.97 percent to $14.40. Jefferies raised its price target on the stock from $14 to $21.
Shares of J. C. Penney Company (NYSE: JCP) got a boost, shooting up 2.59 percent to $7.91 after the company posted an increase in its same-store sales in September versus August. Analysts at Sterne Agee downgraded the stock from Buy to Neutral..
Equities Trading DOWN
Shares of Xerox (NYSE: XRX) were down 1.44 percent to $10.25 after the company reported that the SEC is probing some accounting practices at Affiliated Computer Services.
Clean Energy Fuels (NASDAQ: CLNE) was down, falling 5 percent to $12.34 after Piper Jaffray reiterated the stock with an Underweight rating and lowered the price target from $9.50 to $4.50.
In commodity news, oil traded up 0.72 percent to $103.77, while gold traded down 0.17 percent to $1,322.90.
Silver traded up 0.06 percent Tuesday to $22.40, while copper rose 0.67 percent to $3.32.
European shares were mostly lower today. The Spanish Ibex Index fell 0.29 percent, while Italy's FTSE MIB Index surged 0.10 percent. Meanwhile, the German DAX fell 0.05 percent and the French CAC 40 declined 0.21 percent while U.K. shares dropped 0.69 percent.
The NFIB small-business optimism index declined to 93.9, versus a revised 94.1 in August.
The ICSC-Goldman Sachs store sales index dropped 0.1% for the week ended Saturday versus the previous week.
The Johnson Redbook Retail Sales Index fell 0.5% in September versus August.
The Treasury is set to auction 4-week bills and 3-year notes.
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