Mid-Morning Market Update: Markets Surge; Tiffany Profit Beats Street View

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Following the market opening Wednesday, the Dow traded up 0.78 percent to 16,501.16 while the NASDAQ surged 0.60 percent to 4,121.36. The S&P also rose, gaining 0.58 percent to 1,883.63.
Leading and Lagging Sectors
Energy sector was the top gainer in the US market on Wednesday. Top gainers in the sector included Trina Solar
TSL
, Endeavour International
END
, and CGG
CGG
. In trading on Wednesday, utilities shares rose by just 0.01 percent. Top decliners in the sector included Pampa Energia SA
PAM
, down 1.7 percent, and TransAlta
TAC
, off 0.8 percent.
Top Headline
Tiffany & Co
TIF
reported a rise in its first-quarter earnings and raised its forecast. Tiffany's quarterly earnings surged to $126 million, or $0.97 per share, versus a year-ago profit of $84 million, or $0.65 per share. Its sales climbed 13% to $1.0 billion, while comparable store sales surged 11%. However, analysts were expecting earnings of $0.77 per share on sales of $954 million. Tiffany now expects FY15 earnings of $4.15 to $4.25 per share, versus a previous range of $4.05 to $4.15 per share. It also projects sales to increase in the high single digits.
Equities Trading UP
Trina Solar
TSL
shares shot up 16.36 percent to $12.06 after the company reported a Q1 profit of $0.37 per ADS on revenue of $444.80 million. Shares of MakeMyTrip
MMYT
got a boost, shooting up 10.04 percent to $23.01 after the company reported a Q4 loss of $0.07 per share on revenue of $60.90 million. Tiffany & Co
TIF
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shares were also up, gaining 8.87 percent to $96.06 after the company reported better-than-expected first-quarter earnings and raised its forecast.
Equities Trading DOWN
Shares of PetSmart
PETM
were 4.34 percent to $59.49 after the company reported Q1 earnings of $1.04 per share on revenue of $1.73 billion and lowered its FY14 earnings forecast. Intuit
INTU
shares tumbled 2.15 percent to $75.19 after the company issued a
downbeat forecast
for the fourth quarter. Intuit posted a profit of $984 million, or $3.39 per share on revenue of $2.39 billion in fiscal third quarter. Hormel Foods
HRL
was down, falling 2.93 percent to $47.11 after the company reported
weaker-than-expected
fiscal second-quarter earnings.
Commodities
In commodity news,
oil traded up 0.82 percent
to $103.17, while gold traded down 0.32 percent to $1,290.50. Silver traded down 0.10 percent Wednesday to $19.38, while copper fell 1.34 percent to $3.10.
Euro zone
European shares
were higher
today. The eurozone's STOXX 600 gained 0.42 percent, the Spanish Ibex Index rose 0.58 percent, while Italy's FTSE MIB Index gained 1.03 percent. Meanwhile, the German DAX climbed 0.44 percent and the French CAC 40 surged 0.17 percent while UK shares rose 0.02 percent.
Economics
The MBA reported that its index of mortgage application activity gained 0.9% in the week ended May 16. The Federal Open Market Committee will release minutes of its latest meeting at 2:00 p.m. ET.
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Posted In: EarningsNewsGuidanceEurozoneFuturesForexGlobalEcon #sEconomicsMarketsMoversTech
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