Mid-Day Market Update: Markets Open Higher; Coca-Cola Profit Tops Views
Following the market opening Tuesday, the Dow traded up 0.35 percent to 17,790.73 while the NASDAQ climbed 0.43 percent to 4,746.13. The S&P also rose, gaining 0.37 percent to 2,054.27.
Leading and Lagging Sectors
In trading on Tuesday, technology shares were relative leaders, up on the day by about 0.76 percent. Meanwhile, top gainers in the sector included Amkor Technology, Inc. (NASDAQ: AMKR), up 13.3 percent, and Semiconductor Manufacturing International Corp. (NYSE: SMI), up 4.8 percent.
The Atlanta, Georgia-based company posted quarterly earnings of $770 million, or $0.17 per share, compared to $1.71 billion, or $0.38 per share, in the year-ago period. Excluding items, the company earned $0.44 per share.
Its revenue dropped 2 percent to $10.9 billion, while revenue, excluding currency, gained 4 percent. However, analysts were expecting earnings of $0.42 per share on revenue of $10.76 billion.
Equities Trading UP
Aéropostale, Inc. (NYSE: ARO) shares shot up 16.67 percent to $3.08 after the company raised its Q4 forecast. The company named David Dick as CFO and Marc Miller as COO.
Shares of Amkor Technology, Inc. (NASDAQ: AMKR) got a boost, shooting up 13.19 percent to $7.98 after the company reported better-than-expected Q4 results.
Martin Marietta Materials Inc. (NYSE: MLM) shares were also up, gaining 12.13 percent to $133.61 after the company reported better-than-expected quarterly results and authorized a new share repurchase program.
Equities Trading DOWN
Coupons.com Incorporated (NYSE: COUP) shares tumbled 29.98 percent to $10.16 after the company reported a Q4 loss of $0.02 per share on sales of $60 million. The company issued a weak revenue forecast and announced a $50 million buyback plan.
Shares of RetailMeNot, Inc. (NASDAQ: SALE) were down 9.70 percent to $13.97. RetailMeNot reported stronger-than-expected earnings for the fourth quarter, but issued a weak revenue forecast.
Dean Foods Company (NYSE: DF) was down, falling 12.46 percent to $15.81 after the company reported weaker-than-expected earnings for the fourth quarter.
In commodity news, oil traded down 0.70 percent to $52.49, while gold traded down 0.46 percent to $1,235.80.
Silver traded down 0.85 percent Tuesday to $16.93, while copper fell 1.09 percent to $2.55.
European shares were mostly higher. The Eurozone’s STOXX 600 rose 0.81 percent, the Spanish Ibex Index climbed 1.77 percent, while Italy’s FTSE MIB Index jumped 2.06 percent. Meanwhile, the German DAX surged 1.08 percent, and the French CAC 40 climbed 1.32 percent while UK shares fell 0.10 percent.
The Johnson Redbook Retail Sales Index gained 0.2 percent in the first week of February versus January.
The NFIB Small Business Optimism Index declined 2.5 points to 97.9 in January.
US wholesale inventories rose 0.10 percent in December, versus economists’ expectations for a 0.20 percent growth.
The Treasury is set to auction 4-week bills and 3-year notes.
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