Mid-Afternoon Market Update: Markets Recover Slightly as Coal Shows Strength

Toward the end of trading Tuesday, the Dow traded flat at 16,245.16 while the NASDAQ gained 0.70 percent to 4,108.50. The S&P also rose, surging 0.26 percent to 1,849.00.

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 MYE, Teck Resources TCK, Cliffs Natural Resources CLF and Seabridge Gold, SA. Healthcare shares gained by just 0.02 percent in the US market today. Top losers in the sector included The Spectranetics SPNC, off 10.5 percent, and MEI Pharma MEIP, down 5.9 percent.

Top Headline
On Monday, A. Schulman 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 ALKS shares shot up 2.68 percent to $42.20 on release of positive topline results from pivotal Phase 3 study of aripiprazole lauroxil.

BofI Holding BOFI shares climbed 10.12% to $80.87. BofI Holding is expected to announce its Q3 results on May 6, 2014.

Alpha Natural Resources ANR was also on the rise, gaining 7.69 percent to $4.89 after the company on widespread sector strength during Tuesday's session.

Equities Trading DOWN

Shares of Gigamon GIMO were down 32.23 percent to $17.75 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 SPNC shares tumbled 11.07 percent to $23.22 after the company lowered its FY14 earnings forecast and announced preliminary Q1 results.

Rovi Corporation ROVI dropped as well, falling 12.85 percent to $20.27 after the company lost a patent fight to Amazon in an Arizona appellate court.

Commodities
In commodity news, oil traded up 2.11 percent to $102.56, while gold traded up 0.82 percent to $1,309.00.

Silver traded up 0.71 percent Tuesday to $20.02, while copper rose 0.96 percent to $3.05.

Eurozone
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.

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.