Mid-Day Market Update: Express Gains On Upbeat Results; Smith & Wesson Shares Dip

Midway through trading Wednesday, the Dow traded up 0.08 percent to 17,120.74 while the NASDAQ climbed 0.04 percent to 4,572.49. The S&P also rose, gaining 0.03 percent to 2,000.68.

Leading and Lagging Sectors

Telecommunications services shares rose by 0.78 percent on Wednesday. Meanwhile, top gainers in the sector included Internet Gold Golden Lines IGLD, up 6.7 percent, and TIM Participacoes SA TSU, up 6.3 percent.

In trading on Wednesday, industrials shares were relative laggards, down on the day by about 0.06 percent. Top decliners in the sector included Smith & Wesson Holding SWHC, down 13.5 percent, and Titan Machinery TITN, off 6.9 percent.

Top Headline

Tiffany & Co TIF reported better-than-expected earnings for the second quarter and raised its FY14 forecast.

The based company posted quarterly net earnings of $124 million, or $0.96 per share, up from $107 million, or $0.83 per share, in the year-ago period.

Its sales surged to $992.9 million versus $925.9 million. However, analysts were expecting earnings of $0.85 per share on revenue of $987.86 million.

Equities Trading UP

Express EXPR shares shot up 12.34 percent to $16.39 after the company reported stronger-than-expected second quarter results and raised its FY earnings forecast.

Shares of Aruba Networks ARUN got a boost, shooting up 4.40 percent to $21.13 on stronger-than-expected quarterly results. UBS upgraded Aruba from Neutral to Buy and raised the price target from $21.00 to $25.00.

The Michaels Companies MIK shares were also up, gaining 8.03 percent to $16.36 after the company reported upbeat fiscal second-quarter results.

Equities Trading DOWN

Shares of Smith & Wesson Holding SWHC were down 13.85 percent to $11.29 after the company lowered its full-year guidance. However, the company reported in-line earnings for the fiscal first quarter.

Yingli Green Energy Holding Co YGE shares tumbled 6.18 percent to $3.34 after the company reported downbeat profit for the second quarter.

Chico's FAS CHS was down, falling 3 percent to $15.54 after the company reported downbeat fiscal second-quarter profit.

Commodities

In commodity news, oil traded down 0.18 percent to $93.69, while gold traded down 0.16 percent to $1,283.10.

Silver traded down 0.10 percent Wednesday to $19.44, while copper fell 0.45 percent to $3.20.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.08 percent, the Spanish Ibex Index climbed 0.01 percent, while Italy’s FTSE MIB Index surged 0.57 percent. Meanwhile, the German DAX fell 0.20 percent and the French CAC 40 surged 0.01 percent while UK shares dropped 0.07 percent.

Economics

The MBA reported that its index of mortgage application activity gained 2.80% in the week ended August 22.

US oil supplies fell 2.1 million barrels in the week ended August 22, the Energy Information Administration reported. Gasoline supplies dropped 1 million barrel, while distillates stockpiles gained 1.3 million barrels.