Mid-Day Market Update: US Stocks Gain; Gigamon Shares Dip On Lower Forecast
Midway through trading Tuesday, the Dow traded up 0.22 percent to 16,281.16 while the NASDAQ gained 0.73 percent to 4,109.50. The S&P also rose, surging 0.32 percent to 1,851.00.
Leading and Lagging Sectors
In trading on Tuesday, basic materials shares were relative leaders, up on the day by about 1.23 percent. Among the leading sector stocks, gains came from Myers Industries (NYSE: MYE), Teck Resources (NYSE: TCK), Cliffs Natural Resources (NYSE: CLF) and Seabridge Gold, (NYSE: SA). Healthcare shares gained by just 0.02 percent in the US market today.
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.
Shares of BofI Holding (NASDAQ: BOFI) got a boost, shooting up 8.59 percent to $79.75. BofI Holding (NASDAQ: BOFI) shares climbed 10.12% to $80.87. BofI Holding is expected to announce its Q3 results on May 6, 2014.
A. Schulman (NASDAQ: SHLM) shares were also up, gaining 1.46 percent to $36.85 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 32.37 percent to $17.72 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 10.95 percent to $23.25 after the company lowered its FY14 earnings forecast and announced preliminary Q1 results.
In commodity news, oil traded up 0.83 percent to $101.27, while gold traded up 0.75 percent to $1,308.00.
Silver traded up 0.74 percent Tuesday to $20.06, while copper fell 0.41 percent to $3.05.
European shares were lower today.
The Spanish Ibex Index fell 1.19 percent, while Italy's FTSE MIB Index dropped 1.46 percent.
Meanwhile, the German DAX tumbled 0.21 percent and the French CAC 40 slipped 0.25 percent while U.K. shares declined 0.49 percent.
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.
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