Mid-Day Market Update: Tuesday's Movers, China Markets Tumble Further And More
China’s Shanghai Composite has been extremely volatile this summer. After the Composite sunk nearly 8.5 percent on Monday, it continued to decline 1.68 percent on Tuesday. The Composite is still up 14.84 year-to-date and 71.29 percent in the past year.
Talks to complete the Greece bailout between Greece and its creditors will resume Tuesday, almost a week later than originally planned. The new bailout, worth up to $95 billion, needs to be approved and completed by both the Greek Parliament and lawmakers in Germany and possibly elsewhere by mid-August, according to the Wall Street Journal. The major factor is whether the struggling Greece will have to pass more rounds of politically painful austerity measures; such as increased tax and pension cuts.
Earnings season has heated up as BP Plc (NYSE: BP) reported a $6.3 billion loss in Q2 of 2015. BP specified the decline was mainly due to the falling oil prices along with massive charges to settle the spill in the Gulf of Mexico amounting to $10 billion pre-tax. CEO Bob Dudley stated that the oil price slump is not yet over.
The Dow Jones Industrial Index moved up 0.51 percent, the S&P 500 Index rose 0.58 percent, the NASDAQ Composite increased 0.27 percent, and the US Dollar Index remained stagnant in Tuesday’s mid-day session.
NTELOS Holdings Corp (NASDAQ: NTLS) skyrocketed 25 percent after the provider of digital wireless communications services posted a Q2 profit. The company reported $1.6 million in profits or $0.07 per share, versus analyst expectations of a loss of $0.16 per share. NTELOS had sales of ~$108.32 million, in line with expectations.
KEMET Corporation (NYSE: KEM) soared 18 percent after the manufacturer reported Q1 earnings. The company reported earnings of $0.01 per share versus an expected loss of $0.02 per share, though it specified that sales fell 11.9 percent year-over-year to $187.6 million.
SUPERVALU Inc. (NYSE: SVU) was lifted 19 percent after the wholesale distributor reported better-than-expected earnings. The company reported an earnings per share of $0.23 versus the projected $0.20 per share, and sales of $5.407 billion versus an expected $5.454 billion.
IPG Photonics Corporation (NASDAQ: IPGP) rose 14 percent after the fiber laser developer/manufacturer reported earnings of $1.15 per share, $0.04 more than expected on sales of $235.1 million, up 22.3 percent year-over-year.
Cadence Design Systems Inc (NASDAQ: CDNS) was up 10 percent after the system-designs developer reported earnings of $0.27 per share versus analyst projections of $0.24 on sales of $415.88 million (up 9.8 percent year-over-year) versus a projected $416.36 million.
Baidu Inc (NASDAQ: BIDU) dwindled 17 percent after the Chinese-search company reported disappointing guidance. It reported in-line Q2 revenues of $2.673 billion and an earnings beat of $1.81 per share. The company announced weak guidance for Q3 revenues in the range of $2.931-$2.997 billion versus analyst expectations of $3.03 billion.
Smith Micro Software, Inc. (NASDAQ: SMSI) declined 11 percent after the software solutions provider reported in line loss of $0.01 per share, but reported revenues of $9.4 million versus expected $9.8 million.
Amkor Technology, Inc. (NASDAQ: AMKR) was down 16 percent after the outsourced semiconductor provider posted a Q2 loss. The company reported earnings of $0.08 per share, down from the expected $0.11 per share. Amkor also announced sales of $736.72 million, a 4 percent decrease year-over-year.
CommVault Systems, Inc. (NASDAQ: CVLT) sunk 11 percent after the software applications provider reported a Q1 loss. The company reported a $0.12 earnings per share versus the expected $0.24, alongside sales of $139.12 million versus expected sales of $147.63 million.
Radware Ltd. (NASDAQ: RDWR) tumbled 10 percent after the applications provider reported earnings of $0.23 per share versus analyst expectations of $0.24 and reported revenues of $56.03 million versus projected $59.40 million.
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