Mid-Afternoon Market Update: Crude Oil Up 1.5%; Tableau Software Shares Climb Following News Of New CEO

 


Toward the end of trading Tuesday, the Dow traded up 0.17 percent to 18,561.75 while the NASDAQ climbed 0.37 percent to 5,263.86. The S&P also rose, gaining 0.28 percent to 2,188.81.

Leading and Lagging Sectors

Tuesday afternoon, basic materials shares gained by 1.2 percent. Meanwhile, top gainers in the sector included Valhi, Inc. VHI, and Fibria Celulose SA (ADR) FBR.

In trading on Tuesday, telecommunications services shares rose by just 0.09 percent. Meanwhile, top losers in the sector included NQ Mobile Inc (ADR) NQ, down 3 percent, and China Telecom Corporation Limited (ADR) CHA, down 2.5 percent.

Top Headline

Best Buy Co Inc BBY reported stronger-than-expected results for its second quarter on Tuesday.

The retailer reported GAAP EPS from continuing operations of $0.56 representing an increase of 22 percent from $0.46 in the same period last year. Its adjusted EPS from continuing operations were $0.57, up 16 percent from $0.49 in the year-ago quarter. Best Buy generated revenue of $8.53 billion and came in higher than the analysts' predictions of $8.4 billion.

Going forward, the retailer expects adjusted EPS to be $0.43-$0.47 on revenue of $8.8-$8.9 billion for the third quarter. The company sees domestic comparable store sales to witness 1 percent growth. Street analysts' are looking for an EPS of $0.45 on revenue of $8.77 billion.

Equities Trading UP

Daktronics, Inc. DAKT shares shot up 18 percent to $8.19 following Q1 results. Daktronics reported quarterly earnings of $0.13 per share on revenue of $157.1 million.

Shares of Tableau Software Inc DATA got a boost, shooting up 12 percent to $61.45 after appointing Amazon.com, Inc.'s AMZN former executive Adam Selipsky as its new CEO.

Best Buy Co Inc BBY shares were also up, gaining 19 percent to $38.99 after the company reported stronger-than-expected results for its second quarter on Tuesday.


Equities Trading DOWN

Sophiris Bio Inc SPHS shares dropped 33 percent to $3.91. Sophiris Bio priced 6.5 million shares and warrants for gross proceeds of $26 million.

Shares of Zoe's Kitchen Inc ZOES were down 18 percent to $30.44. Zoe's Kitchen reported in-line earnings for the second quarter, but revenue missed analysts’ estimates. The company also trimmed its 2016 revenue outlook.

Biostar Pharmaceuticals Inc BSPM was down, falling around 32 percent to $2.75 following Q2 results. Biostar Pharmaceuticals reported a quarterly net loss of $6.9 million on revenue of $0.6 million.


Commodities


In commodity news, oil traded up 1.50 percent to $48.12 while gold traded up 0.12 percent to $1,345.00.

Silver traded up 0.17 percent Tuesday to $19.03, while copper fell 1.16 percent to $2.13.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.93 percent, the Spanish Ibex Index gained 1.33 percent, while Italy’s FTSE MIB Index gained 2.5 percent. Meanwhile the German DAX climbed 0.94 percent, and the French CAC 40 rose 0.72 percent, while U.K. shares rose 0.59 percent.

Economics

The Johnson Redbook Retail Sales Index dropped 0.4 percent during the third week of August versus July.

The flash reading of the Markit manufacturing PMI slipped to 52.10 for August, versus a July reading of 52.90. However, economists were expecting a reading of 52.70.

New-home sales surged 12.4 percent to an annual rate of 654,000 in July. Economists were projecting a 580,000 pace for the month.

The Richmond Fed's manufacturing index dropped to -11.00 in August, versus a previous reading of 10.00. Economists estimated a reading of 6.00.

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Posted In: EarningsNewsGuidanceEurozoneCommoditiesGlobalIntraday UpdateMarketsMoversMid-Afternoon Market Update
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