Mid-Morning Market Update: Markets Open Lower; Dollar Tree Posts Q2 Loss

Following the market opening Tuesday, the Dow traded down 2.42 percent to 16,127.57 while the NASDAQ declined 1.99 percent to 4,681.35. The S&P also fell, dropping 2.29 percent to 1,926.95.

Top Headline

Dollar Tree, Inc. DLTR reported a loss for its fiscal second quarter and issued a weak sales forecast.

The Chesapeake, Virginia-based company posted a quarterly net loss of $98 million, or $0.46 per share, versus a year-ago profit of $121.5 million, or $0.59 per share. Excluding non-recurring items, the company’s adjusted earnings came in at $0.25 per share. Excluding all acquisition-related costs and share changes, adjusted earnings for the Dollar Tree segment came in at $0.67 per share.

Its sales climbed 48.3 percent year-over-year to $3.01 billion from $2.03 billion. However, analysts were expecting earnings of $0.62 per share on revenue of $3.04 billion.

Equities Trading UP

Trevena Inc TRVN shares shot up 45 percent to $8.68 after the company announced positive results from its Phase 2b study of TRV130 in Acute Postoperative Pain.

Shares of RR Media Ltd RRM got a boost, shooting up 28 percent to $8.25 following Globes report of a potential $250 million offer from SES.

Matrix Service Co MTRX shares were also up, gaining 11 percent to $22.16 after the company reported better-than-expected Q4 earnings.

Equities Trading DOWN

Science Applications International Corp SAIC shares tumbled 6 percent to $45.66. Science Applications reported better-than-expected earnings for its fiscal second quarter, but the company’s sales missed analysts’ estimates.

Shares of Dollar Tree, Inc. DLTR were down 8 percent to $70.48 after the company reported results for its fiscal second quarter and issued a weak sales forecast. The company posted a quarterly net loss of $98 million, or $0.46 per share, versus a year-ago profit of $121.5 million, or $0.59 per share.

Qiwi PLC QIWI was down, falling 6 percent to $24.53. Qiwi reported Q2 adjusted net profit of RUB 1,033 million ($18.6 million), or RUB 18.40 per share and adjusted net revenue of RUB 2,525 million ($45.5 million).

Commodities

In commodity news, oil traded down 3.68 percent to $47.39, while gold traded up 1.11 percent to $1,145.10.

Silver traded up 0.64 percent Tuesday to $14.68, while copper fell 1.05 percent to $2.31.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 2.89 percent, the Spanish Ibex Index fell 2.67 percent, while Italy’s FTSE MIB Index dropped 2.28 percent. Meanwhile, the German DAX slipped 2.86 percent, and the French CAC 40 dropped 2.81 percent, while U.K. shares fell 3 percent.

Economics

The Markit manufacturing PMI gained to 53.00 in August, versus a previous reading of 52.90. However, economists were projecting a reading of 52.90.

US construction spending rose 0.70 percent in July, versus economists’ expectations for a 0.60 percent growth.

The ISM manufacturing PMI slipped to 51.10 in August, versus a prior reading of 52.70. However, economists were expecting a reading of 52.60.

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Posted In: EarningsNewsGuidanceEurozoneFuturesCommoditiesFDAGlobalEconomicsIntraday UpdateMarkets
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