Mid-Morning Market Update: Markets Open Lower; Dicks Sporting Goods Profit Misses Estimates

Following the market opening Tuesday, the Dow traded down 0.66 percent to 16,961.16 while the NASDAQ declined 0.80 percent to 4,670.56. The S&P also fell, dropping 0.80 percent to 1,985.77. Leading and Lagging Sectors On Tuesday, utilities shares fell by just 0.25 percent. Top gainers in the sector included American Midstream Partners LP AMID, CPFL Energia S.A. (ADR) CPL, and New Jersey Resources Corp NJR. In trading on Tuesday, basic materials shares dipped by 2.50 percent. Meanwhile, top losers in the sector included Fibria Celulose SA (ADR) FBR, down 10 percent, and Cliffs Natural Resources Inc CLF, down 11 percent. Top Headline Dicks Sporting Goods Inc DKS reported weaker-than-expected earnings for the fourth quarter. Dick's reported quarterly net income of $128.99 million, or $1.13 per share, versus $155.54 million, or $1.30 per share, in the year-ago period. Its sales gained around 3.7 percent to $2.24 billion. Analysts were expecting earnings of $1.15 per share on revenue of $2.28 billion. The company expects Q1 earnings of $0.48 to $0.50 per share, versus analysts' estimates of $0.54 per share. Equities Trading UP Sunedison Inc SUNE shares shot up 23 percent to $2.33 as Vivint Solar Inc VSLR announced the termination of merger agreement with Sunedison. Shares of Jones Energy Inc JONE got a boost, shooting up 18 percent to $3.21 after the company reported better-than-expected Q4 earnings. Town Sports International Holdings, Inc. CLUB shares were also up, gaining 36 percent to $1.59. Town Sports reported Q4 earnings of $3.47 per share on revenue of $100.84 million. Equities Trading DOWN Performance Sports Group Ltd PSG shares dropped 51 percent to $4.22 after the company lowered its full-year earnings forecast. Shares of Neff Corp NEFF were down 20 percent to $5.32 after the company reported downbeat Q4 earnings. Tangoe Inc TNGO was down, falling around 20 percent to $6.18 after the company reported that it will restate financials for the years 2013 and 2014, all quarters therein, and the first 3 quarters of 2015. Commodities In commodity news, oil traded up 0.53 percent to $38.10, while gold traded up 0.78 percent to $1,273.90. Silver traded down 0.15 percent Tuesday to $15.61, while copper fell 1.64 percent to $2.25. Eurozone European shares were mostly lower today. The eurozone's STOXX 600 fell 0.53 percent, the Spanish Ibex Index rose 0.27 percent, while Italy's FTSE MIB Index gained 0.37 percent. Meanwhile, the German DAX slipped 0.42 percent, and the French CAC 40 declined 0.50 percent, while U.K. shares fell 0.38 percent. Economics The NFIB small-business optimism index declined 1 point to 92.9 in February. However, economists were expecting a reading of 93.7.