Mid-Afternoon Market Update: Acuity Brands Drops On Downbeat Results; GoPro Shares Surge

Closing out trading on Tuesday, the Dow traded up 0.87 percent to 16,973.74 while the NASDAQ surged 1.22 percent to 4,462.14. The S&P also rose, gaining 0.79 percent to 1,975.66.

Leading and Lagging Sectors

Technology shares gained around 1.13 percent in Tuesday’s trading. Top gainers in the sector included iGATE IGTE, up 7.7 percent, and Camtek CAMT, up 9.8 percent.

In trading on Tuesday, utilities shares were relative laggards, down on the day by about 0.18 percent. Top decliners in the sector included Calpine CPN, down 1.41 percent, and Exelon EXC, off 2.19 percent.

Top Headline

General Motors GM reported a 1% rise in its June sales.

GM’s June sales grew 1% to 267,461 vehicles. However, analysts were expecting a 6.3% drop in sales. This marks the best June for the automaker since 2007.

Equities Trading UP

Salix Pharmaceuticals SLXP shares shot up 12.54 percent to $138.82 as the company reported that endpoint was met in TARGET 3 study.

Shares of GoPro GPRO got a boost, shooting up 15.19 percent to $46.71  following an announcement by the Chicago Board Options Exchange (CBOE) that it will list options for GoPro starting Monday, July 7. GoPro shares jumped 13.39% on Monday.

Netflix NFLX shares were also up, gaining 6.04 percent to $467.23 after Goldman Sachs upgraded the stock from Neutral to Buy and lifted the target price from $380 to $590.

Equities Trading DOWN

Shares of Synageva BioPharma GEVA were down 14.42 percent to $89.69 after the company reported that Phase 3 study met primary endpoint and six secondary endpoints across multiple disease-related abnormalities. Citigroup initiated coverage on Synageva BioPharma with a Neutral rating.

Acuity Brands AYI shares tumbled 14.44 percent to $118.25 after the company reported weaker-than-expected third-quarter results.

Western Gas Equity Partners LP WGP was down, falling 2.81 percent to $60.94 as the company priced 5 million units at $60.19 per unit.

Commodities

In commodity news, oil traded down 0.40 percent to $104.95, while gold traded up 0.48 percent to $1,328.30.

Silver traded up 0.45 percent Tuesday to $21.15, while copper rose 0.02 percent to $3.20.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.85 percent, the Spanish IBEX Index gained 0.77 percent, while Italy’s FTSE MIB Index surged 1.32 percent. Meanwhile, the German DAX climbed 0.71 percent and the French CAC 40 jumped 0.87 percent while UK shares climbed 0.83 percent.

Economics

The ICSC–Goldman Sachs store sales index gained 1% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index declined 1.7% in the first four weeks of June versus May.

The final reading of Markit PMI manufacturing index fell to 57.30 in June, versus a preliminary reading of 57.50. However, economists were expecting a reading of 57.50.

The ISM manufacturing composite index fell to 55.30 in June, versus a prior reading of 55.40. However, economists were expecting a reading of 55.90.

US construction spending rose 0.10% in May, versus economists’ expectations for a 0.50% gain.