Markets Slip A Percent; Walgreens Falls

With 60 minutes left in the trading session on Tuesday, the Dow traded down 0.97 percent to 16,409.27 while the NASDAQ tumbled 0.91 percent to 4,343.95. The S&P also fell, dropping 1.08 percent to 1,918.07.

Leading and Lagging Sectors

In trading on Tuesday, industrials shares rose by 0.07 percent. Top gainers in the sector included Mueller Water Products MWA, Ducommun DCO, and The KEYW Holding KEYW.

Energy shares tumbled by 1.36 percent in today’s trading. Meanwhile, top losers in the sector included CARBO Ceramics CRR, down 14.19 percent, and Approach Resources AREX, off 13 percent.

Top Headline

US markets fell 1 percent around 01:30 PM EDT as traders responded to revived news from this morning.  Polish Journalist and Politician Sikorski said Russian united my be poised to pressure or invade the Ukraine.  Gold spiked and oil conitnued to fall.  

Wallgreens WAG fell after the company annouced a plant to buy 55 percent of Alliance Boots that it doesn't own.  Shares fell as the 5 billion Euro deal will be funded in all cash.

Coach COH reported stronger-than-expected fiscal fourth-quarter profit.

The New York-based company posted a quarterly profit of $75.3 million, or $0.27 per share, versus a year-ago profit of $221.3 million, or $0.78 per share. Excluding special items, Coach’s earnings fell to $0.59 per share from $0.89 per share.

Its sales slipped 7.1% to $1.14 billion. On a constant currency basis, sales fell 6%. However, analysts were estimating earnings of $0.53 per share on sales of $1.09 billion.

Equities Trading UP

Chegg CHGG shares shot up 20.88 percent to $7.12 on Q2 results. The company reported Q2 earnings of $0.00 per share on revenue of $64.50 million..

Shares of Mueller Water Products MWA got a boost, shooting up 12.42 percent to $8.77 after the company reported Q3 earnings of $0.11 per share on revenue of $318.50 million. Brean Capital upgraded the stock from Hold to Buy.

GT Advanced Technologies GTAT shares were also up, gaining 4.54 percent to $14.77 after the company issued a strong full-year 2014 adjusted profit forecast. It reported Q2 adjusted loss of $0.16 per share on sales of $58 million.

Equities Trading DOWN

Shares of RetailMeNot SALE were down 27.59 percent to $18.32 after the company reported Q2 earnings of $0.08 per share on revenue of $59.50 million. RBC Capital downgraded RetailMeNot from Outperform to Sector Perform and lowered the price target from $42.00 to $24.00.

Bloomin' Brands BLMN shares tumbled 23.62 percent to $15.13 after the company reported weaker-than-expected Q2 earnings and issued a downbeat Q3 forecast.

Monster Worldwide MWW was down, falling 14.73 percent to $5.64 on weak Q2 results and forecast.

Commodities

In commodity news, oil traded down 1.01 percent to $97.30, while gold traded up 0.27 percent to $1,292.40.

Silver traded down 1.74 percent Tuesday to $19.88, while copper fell 1.29 percent to $3.20.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.29 percent, the Spanish Ibex Index dropped 1.36 percent, while Italy’s FTSE MIB Index tumbled 1.62 percent. Meanwhile, the German DAX climbed 0.39 percent and the French CAC 40 jumped 0.35 percent while UK shares surged 0.09 percent.

Economics

The ICSC-Goldman Same Store Sales Index gained 0.2% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index declined 0.4% in the first four weeks of July versus June.

US factory orders rose 1.1% in June, versus economists’ expectations for a 0.6% gain.

The final reading of Markit PMI services index fell to 60.80 in July, versus a prior reading of 61. However, economists were expecting a reading of 60.80.

The ISM non-manufacturing index rose to 58.70 in July, versus a prior reading of 56. However, economists were expecting a reading of 56.10.

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Posted In: EarningsNewsGuidanceDowngradesEurozoneFuturesPrice TargetCommoditiesHotPre-Market OutlookMarketsAnalyst Ratings
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