Mid-Afternoon Market Update: S&P Looks To Close At All-Time High As Analogic Takes A Hit On Preliminary Results
Toward the end of trading Tuesday, the Dow traded up 0.45 percent to 16,681.76 while the NASDAQ surged 1.05 percent to 4,229.94. The S&P also rose, gaining 0.57 percent to 1,911.51.
Leading and Lagging Sectors
Financial sector was the top gainer in the US market on Tuesday. Meanwhile, top gainers in the sector included Citizens (NYSE: CIA), up 6.4 percent, and State Auto Financial (NASDAQ: STFC), up 4.7 percent. In trading on Tuesday, energy shares were relative laggards, down on the day by about 0.34 percent.
Pilgrim's Pride (NASDAQ: PPC) offered to buy Hillshire Brands (NYSE: HSH) in an all-cash transaction valued at $6.4 billion. Pilgrim's Pride will offer $45 per share in cash, representing a 24% premium to Hillshire's closing price of $36.23 on Friday.
Shares of Arrowhead Research (NASDAQ: ARWR) were also on the rise, gaining 11.94 percent to $12.75 despite little in the way of headlines on the name.
Equities Trading DOWN
Shares of Analogic (NASDAQ: ALOG) were 11.79 percent to $67.85 after the company issued a downbeat Q3 forecast and lowered its FY14 revenue outlook.
Cardtronics (NASDAQ: CATM) was down as well, falling 9.91 percent to $28.90 after the company was mentioned cautiously by Kerrisdale Capital in a piece on Seeking Alpha.
In commodity news, oil traded down 0.22 percent to $104.12, while gold traded down 1.90 percent to $1,267.10.
Silver traded down 1.54 percent Tuesday to $19.14, while copper rose 0.17 percent to $3.17.
European shares were mostly higher today.
The eurozone's STOXX 600 gained 0.22 percent, the Spanish Ibex Index rose 0.20 percent, while Italy's FTSE MIB Index declined 0.42 percent.
Meanwhile, the German DAX climbed 0.47 percent and the French CAC 40 surged 0.06 percent while UK shares rose 0.38 percent.
US durable goods-orders rose 0.8% in April, versus economists' expectations for a 0.8% drop.
The FHFA house price index rose 0.70% in March, versus economists' expectations for a 0.50% gain.
The S&P/Case-Shiller home price index increased 0.9% in March. However, home prices rose 12.4% y/y in March.
The flash reading of Markit PMI services index rose to 58.40 in May, versus a prior reading of 55.00.
The Conference Board's consumer confidence index rose to 83.00 in May, versus a prior reading of 82.30. However, economists were expecting a reading of 83.00.
The Richmond Fed manufacturing index came in at 7.00 in May, versus a previous reading of 7.00. However, economists were estimating a reading of 8.00.
The Dallas Fed general business activity index fell to 8.00 in May, versus a prior reading of 11.70. However, economists were projecting a reading of 9.50.
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