Market Overview

Mid-Morning Market Update: Markets Mixed; A. Schulman Lifts Profit Outlook

Mid-Morning Market Update: Markets Mixed; A. Schulman Lifts Profit Outlook
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Following the market opening Tuesday, the Dow traded down 0.14 percent to 16,222.53 while the NASDAQ gained 0.14 percent to 4,085.65. The S&P also fell, dropping 0.06 percent to 1,843.99.

Leading and Lagging Sectors
In trading on Tuesday, basic materials shares were relative leaders, up on the day by about 0.88 percent. Among the leading sector stocks, gains came from AK Steel Holding (NYSE: AKS), Teck Resources (NYSE: TCK), Cliffs Natural Resources (NYSE: CLF) and Vale SA (NYSE: VALE). Healthcare sector was the leading decliner in the US market today.

Top losers in the sector included The Spectranetics (NASDAQ: SPNC), off 11.6 percent, and Idenix Pharmaceuticals (NASDAQ: IDIX), down 4 percent.

Top Headline
On Monday, A. Schulman (NASDAQ: SHLM) reported an upbeat fiscal second-quarter profit and lifted its full-year earnings forecast. Its quarterly net income dropped to $6.8 million, or $0.23 per share, versus $11.8 million, or $0.40 per share, in the year-ago period. Its adjusted profit from continuing operations came in at $0.39 per share, beating analysts' estimates of $0.33 per share. A. Schulman's total revenue climbed 13% to $588.5 million.The company expected full-year earnings of $2.23 to $2.28 per share, versus analysts' estimates of $2.16 per share.

Equities Trading UP
Alkermes plc (NASDAQ: ALKS) shares shot up 7.06 percent to $44.00 on release of positive topline results from pivotal Phase 3 study of aripiprazole lauroxil.

Shares of BofI Holding (NASDAQ: BOFI) got a boost, shooting up 8.55 percent to $79.72. BofI Holding is expected to announce its Q3 results on May 6, 2014.

A. Schulman (NASDAQ: SHLM) shares were also up, gaining 3.08 percent to $37.44 after the company reported an upbeat fiscal second-quarter profit and lifted its full-year earnings forecast. The company expected earnings of $2.23 to $2.28 per share, versus analysts' estimates of $2.16 per share.

Equities Trading DOWN
Shares of Gigamon (NYSE: GIMO) were down 29.47 percent to $18.48 after the company lowered its revenue outlook for the latest quarter. Gigamon projected revenue of $31 million to $31.5 million, versus its earlier forecast of $34 million to $35 million.

The Spectranetics (NASDAQ: SPNC) shares tumbled 8.85 percent to $23.80 after the company lowered its FY14 earnings forecast and announced preliminary Q1 results.

Nordic American Tankers (NYSE: NAT) was down, falling 9.83 percent to $8.53 after the company upsized offering by 2 million shares and priced 12 million shares at $8.62 per share.

Commodities
In commodity news, oil traded up 0.59 percent to $101.03, while gold traded up 0.88 percent to $1,309.70.

Silver traded up 0.82 percent Tuesday to $20.07, while copper fell 0.12 percent to $3.04.

Eurozone
European shares were lower today.

The Spanish Ibex Index fell 1.69 percent, while Italy's FTSE MIB Index dropped 1.70 percent.

Meanwhile, the German DAX tumbled 0.86 percent and the French CAC 40 slipped 0.61 percent while U.K. shares declined 0.89 percent.

Economics
The NFIB Small Business Optimism Index rose to 93.40 in March, versus a prior reading of 91.40. However, economists were expecting a reading of 92.50.

The ICSC-Goldman same-store sales index gained 1.5% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index declined 0.5% for the five weeks of March versus February.

The Treasury is set to auction 4-week bills and 3-year notes.

Posted-In: Earnings News Guidance Eurozone Futures Forex Global Econ #s

 

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