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Market Overview

Mid-Day Market Update: DSW Surges After Q2 Beat; Momo Shares Plummet

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Midway through trading Tuesday, the Dow traded up 0.63 percent to 21,839.58 while the NASDAQ climbed 1.01 percent to 6,275.59. The S&P also rose, gaining 0.68 percent to 2,444.83.

Leading and Lagging Sectors

On Tuesday, the technology shares climbed by 1.08 percent. Meanwhile, top gainers in the sector included Bitauto Hldg Ltd (ADR) (NYSE: BITA), up 6 percent, and Daktronics, Inc. (NASDAQ: DAKT), up 6 percent.

In trading on Tuesday, utilities shares rose by just 0.13 percent. Meanwhile, top losers in the sector included Atlantic Power Corp (NYSE: AT), down 1 percent, and RGC Resources Inc. (NASDAQ: RGCO) down 2 percent.

Top Headline

Toll Brothers Inc (NYSE: TOL) reported stronger-than-expected profit for its third quarter, while revenue missed estimates

Toll Brothers posted quarterly earnings of $0.87 per share on revenue of $1.502 billion. However, analysts were expecting earnings of $0.69 per share on revenue of $1.51 billion.

Equities Trading UP

Centrais Eletricas Brasileiras SA (ADR) (NYSE: EBR) shares shot up 39 percent to $6.17 after the Brazil’s government proposed privatizing the company.

Shares of Kirkland's, Inc. (NASDAQ: KIRK) got a boost, shooting up 22 percent to $10.24 after the company posted better-than-expected quarterly results.

DSW Inc. (NYSE: DSW) shares were also up, gaining 21 percent to $19.05 after the company reported better-than-expected Q2 earnings.

Equities Trading DOWN

Tarena International Inc(ADR) (NASDAQ: TEDU) shares dropped 22 percent to $14.45. Tarena International reported Q2 earnings of RMB$1.00 per share on sales of RMB$455.83 million. Nomura downgraded Tarena from Buy to Neutral.

Shares of Momo Inc (ADR) (NASDAQ: MOMO) were down 18 percent to $37.05. Momo reported Q2 earnings of $0.35 per ADS on revenue of $312.22 million.

American Woodmark Corporation (NASDAQ: AMWD) was down, falling around 11 percent to $83.65 as the company posted downbeat quarterly results.

Commodities

In commodity news, oil traded up 0.32 percent to $47.52 while gold traded down 0.35 percent to $1,292.10.

Silver traded down 0.41 percent Tuesday to $16.945, while copper rose 0.13 percent to $3.0055.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.79 percent, the Spanish Ibex Index rose 0.46 percent, while Italy’s FTSE MIB Index declined 0.15 percent. Meanwhile the German DAX climbed 1.29 percent, and the French CAC 40 gained 0.91 percent while U.K. shares rose 0.85 percent.

Economics

The Johnson Redbook Retail Sales Index declined 0.2 percent during the first three weeks in August versus July.

The FHFA house price index rose 6.5 percent year-over-year for June.

The Richmond Fed's manufacturing index came in at 14.00 for August, versus previous reading of 14.00. Economists expected a reading of 12.00.

The Treasury is set to auction 4-week bills at 1:00 p.m. ET.

 

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