Mid-Day Market Update: Sanmina Surges Following Q2 Beat; Valeritas Shares Slide

Midway through trading Tuesday, the Dow traded down 0.14 percent to 24,415.55 while the NASDAQ declined 0.45 percent to 7,096.40. The S&P also fell, dropping 0.02 percent to 2,669.72.

Leading and Lagging Sectors

On Tuesday, the telecommunication services shares climbed 1.33 percent. Meanwhile, top gainers in the sector included Intelsat S.A. I, up 6 percent, and Frontier Communications Corporation FTR, up 2 percent.

In trading on Tuesday, basic materials shares fell 0.95 percent.

Top Headline

The Coca-Cola Co KO reported upbeat results for its first quarter.

The company said it earned 47 cents per share in the first quarter on revenue of $7.6 billion versus expectations of 46 cents per share and $7.3 billion.

Equities Trading UP

Sanmina Corporation SANM shares shot up 21 percent to $33.45 as the company reported stronger-than-expected earnings for its second quarter on Monday.

Shares of EVINE Live Inc. EVLV got a boost, shooting up 37 percent to $1.1094. The pay-TV home shopping company was named as a potential acquisition target by TechCrunch. According to the publication, Amazon.com, Inc. AMZN is exploring ways of marketing its products and services to consumers beyond the internet.

Santander Consumer USA Holdings Inc. SC shares were also up, gaining 16 percent to $18.275 following upbeat quarterly earnings.

Equities Trading DOWN

Valeritas Holdings, Inc. VLRX shares dropped 29 percent to $1.80. Valeritas priced its 13.7 million share offering at $1.75 per share.

Shares of Casa Systems, Inc. CASA were down 13 percent to $25.79 after announcing a 7.35 million share common stock offering.

Epizyme, Inc. EPZM was down, falling around 15 percent to $12.95. Epizyme announced Monday after the close that the FDA issued a partial clinical hold on the U.S. enrollment of new patients in tazemetostat clinical trials.

Commodities

In commodity news, oil traded up 0.55 percent to $69.02 while gold traded up 0.57 percent to $1,331.50.

Silver traded up 0.91 percent Tuesday to $16.81, while copper rose 1.20 percent to $3.169.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.20 percent, the Spanish Ibex Index fell 0.65 percent, while Italy’s FTSE MIB Index climbed 0.06 percent. Meanwhile the German DAX fell 0.38 percent, and the French CAC 40 slipped 0.23 percent while U.K. shares rose 0.30 percent.

Economics

The Johnson Redbook Retail Sales Index rose 0.3 percent during the first two weeks in April versus March.

The S&P CoreLogic Case-Shiller Home Price Index gained 6.8 percent year-over-year for February.

Sales of newly-constructed homes rose 4 percent to an annual rate of 694,000 in March.

The Conference Board’s consumer sentiment index rose to 128.70 for April, versus prior reading of 127.70. Economists projected a reading of 126.00.

The Richmond Fed manufacturing index declined to -3.00 in April, versus prior reading of 15.00.

The Treasury will auction 2-year notes at 1:00 p.m. ET.