Mid-Afternoon Market Update: Markets Trade In Choppy Session As Elizabeth Arden Shares Remain Down
Toward the end of trading Tuesday, the Dow traded up 0.10 percent to 16,711.03 while the NASDAQ dropped 0.27 percent to 4,132.23. The S&P also rose, gaining 0.02 percent to 1,897.14.
Leading and Lagging Sectors
In trading on Tuesday, healthcare shares were relative leaders, up on the day by about 0.26 percent. Top gainers in the sector included Idera Pharmaceuticals (NASDAQ: IDRA), Geron (NASDAQ: GERN), and Idenix Pharmaceuticals (NASDAQ: IDIX). Telecommunications services shares tumbled around 0.37 percent in Tuesday's trading.
On Monday, Elizabeth Arden (NASDAQ: RDEN) reported a wider fiscal-third-quarter loss and announced its plans to explore its 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 (NASDAQ: HALO) shares shot up 8.71 percent to $8.18 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 (NYSE: RAX) got a boost, shooting up 7.95 percent to $29.72 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.
GT Advanced Technology (NASDAQ: GTAT) was also on the rise, gaining 6.56 percent to $14.28 after the company following an initation at Dougherty at a Buy rating and $27 price target.
Equities Trading DOWN
Shares of DXP Enterprises (NASDAQ: DXPE) were 37.88 percent to $67.66 after the company reported its Q1 earnings of $0.75 per share on revenue of $348.50 million.
Elizabeth Arden (NASDAQ: RDEN) shares tumbled 21.13 percent to $28.10 after the company reported a wider fiscal-third-quarter loss and announced its plans to explore its strategic alternatives.
ExamWorks Group (NYSE: EXAM) was also down, falling 11.08 percent to $31.29 after the company priced its 3.096 million share secondary offering at $33.90.
In commodity news, oil traded up 1.15 percent to $101.75, while gold traded down 0.15 percent to $1,293.90.
Silver traded down 0.03 percent Tuesday to $19.54, while copper fell 0.64 percent to $3.13.
European shares were mostly higher today.
The eurozone's STOXX 600 gained 0.19 percent, the Spanish Ibex Index rose 0.10 percent, while Italy's FTSE MIB Index dropped 1.19 percent.
Meanwhile, the German DAX jumped 0.55 percent and the French CAC 40 surged 0.24 percent while UK shares rose 0.21 percent.
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.
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