Mid-Morning Market Update: Markets Gain; Elizabeth Arden To Explore Strategic Alternatives

Following the market opening Tuesday, the Dow traded up 0.18 percent to 16,725.84 while the NASDAQ gained 0.11 percent to 4,148.41. The S&P also rose, gaining 0.19 percent to 1,900.16.

Leading and Lagging Sectors
In trading on Tuesday, basic materials shares were relative leaders, up on the day by about 0.24 percent. Top gainers in the sector included DRDGOLD DRD, Thompson Creek Metals Company TC, and CF Industries Holdings CF. Telecommunications services shares tumbled around 0.36 percent in Tuesday's trading.

Top decliners in the sector included NQ Mobile NQ, down 9.2 percent, and Telecom Italia S.p.A. TI, off 4.6 percent.

Top Headline
On Monday, Elizabeth Arden RDEN reported a wider fiscal-third-quarter loss and announced its plans to explore strategic alternatives. Elizabeth Arden posted a quarterly loss of $26.4 million, or $0.89 per share, versus a year-ago loss of $1.3 million, or $0.04 per share. Its adjusted loss came in at $0.84 per share on revenue of $210.8 million. However, analysts were projecting the company to break even on revenue of $256.9 million. Elizabeth Arden has also hired Goldman Sachs to explore potential strategic alternatives.

Equities Trading UP
Halozyme Therapeutics HALO shares shot up 18.35 percent to $8.90 after the company reported a Q1 loss of $0.22 per share and reported that the Data Monitoring Committee now supported enrollment in its PEGPH20 study.

Shares of Rackspace Hosting RAX got a boost, shooting up 12.17 percent to $30.88 after the company reported better-than-expected first-quarter earnings. Rackspace reported its quarterly earnings of $0.18 per share on revenue of $421 million.

Keurig Green Mountain GMCR shares were also up, gaining 9.48 percent to $121.21 as Coca Cola KO raised its stake in the company to 16%.

Equities Trading DOWN
Shares of DXP Enterprises DXPE were 29.90 percent to $76.35 after the company reported its Q1 earnings of $0.75 per share on revenue of $348.50 million.

Elizabeth Arden RDEN shares tumbled 17.63 percent to $29.35 after the company reported a wider fiscal-third-quarter loss and announced its plans to explore its strategic alternatives.

INSYS Therapeutics INSY was down, falling 6.40 percent to $25.86 on Q1 results. INSYS Therapeutics reported its adjusted earnings of $0.41 per share on revenue of $41.60 million. However, analysts were expecting earnings of $0.28 per share on revenue of $45.63 million.

Commodities
In commodity news, oil traded up 0.87 percent to $101.47, while gold traded up 0.10 percent to $1,297.10.

Silver traded up 0.04 percent Tuesday to $19.55, while copper fell 0.27 percent to $3.14.

Eurozone
European shares were mostly higher today.

The eurozone's STOXX 600 gained 0.14 percent, the Spanish Ibex Index rose 0.13 percent, while Italy's FTSE MIB Index dropped 0.90 percent.

Meanwhile, the German DAX jumped 0.59 percent and the French CAC 40 surged 0.30 percent while UK shares rose 0.08 percent.

Economics
The ICSC-Goldman's same-store sales index declined 0.1% in the week ended Saturday versus the prior week.

The NFIB Small Business Optimism Index rose to 95.20 in April, versus a prior reading of 93.40. However, economists were expecting a reading of 94.50.

US retail sales increased 0.1% in April, versus a revised 1.5% rise in March. However, economists were expecting retail sales to gain 0.4% last month.

The import price index declined 0.4% in April, versus a revised 0.4% rise in March. However, economists were expecting a 0.3% gain in the index.

The export price index shrank 1.0% in April. The Johnson Redbook Retail Sales Index gained 1.1% in the first week of May versus April. US business inventories rose 0.40% in March, versus economists' expectations for a 0.40% gain.

The Treasury is set to auction 4-week bills.