Market Overview

Mid-Afternoon Market Update: Crude Oil Down 2.5%; American Woodmark Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded down 1.52 percent to 24,376.02 while the NASDAQ declined 0.54 percent to 7,393.52. The S&P also fell, dropping 1.12 percent to 2,690.80.

Leading and Lagging Sectors

Tuesday afternoon, the real estate shares surged 0.32 percent. Meanwhile, top gainers in the sector included Pennsylvania Real Estate Investment Trust (NYSE: PEI), up 4 percent, and Education Realty Trust, Inc. (NYSE: EDR) up 3 percent.

In trading on Tuesday, financial shares fell 2.96 percent.

Top Headline

Booz Allen Hamilton Holding Corporation (NYSE: BAH) reported better-than-expected earnings for its fourth quarter.

Booz Allen posted adjusted earnings of $0.52 per share on revenue of $1.64 billion. However, analysts were expecting earnings of $0.46 per share on revenue of $1.67 billion.

Booz Allen Hamilton expects FY19 adjusted earnings of $2.35 to $2.50 per share on sales growth of 6 percent to 8 percent.

 

Equities Trading UP

My Size, Inc. (NASDAQ: MYSZ) shares shot up 13 percent to $1.1351 after the company received a Notice of Allowance from the USPTO for measurement technology patent.

Shares of American Woodmark Corporation (NASDAQ: AMWD) got a boost, shooting up 14 percent to $100.60 after the company reported upbeat Q4 results.

Axovant Sciences Ltd. (NASDAQ: AXON) shares were also up, gaining 32 percent to $1.60. Axovant announced strengthening of management team and completion of organization restructuring which "enhanced capabilities in research and business development" and reduced internal headcount by 43 percent.

Equities Trading DOWN

Roadrunner Transportation Systems, Inc. (NYSE: RRTS) shares dropped 15 percent to $1.8598. Office Depot, Inc. (NASDAQ: ODP) will replace Roadrunner Transportation Systems in the S&P SmallCap 600 on Monday, June 4.

Shares of Fibrocell Science, Inc. (NASDAQ: FCSC) were down 10 percent to $2.58. Fibrocell reported a $6.0 million registered direct offering priced at-the-market.

Akers Biosciences, Inc. (NASDAQ: AKER) was down, falling around 33 percent to $0.3946 after the company withdrew marketing application for PIFA Chlamydia test device upon recommendation from the FDA.

Commodities

In commodity news, oil traded down 2.5 percent to $66.18 while gold traded down 0.12 percent to $1,307.40.

Silver traded down 0.73 percent Tuesday to $16.425, while copper fell 0.24 to $3.07.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 tumbled 1.37 percent, the Spanish Ibex Index fell 2.49 percent, while Italy’s FTSE MIB Index declined 2.65 percent. Meanwhile the German DAX dipped 1.53 percent, and the French CAC 40 slipped 1.29 percent while U.K. shares fell 1.26 percent.

Economics

The S&P CoreLogic Case-Shiller home price index increased 6.8 percent year-over-year for March.

The Conference Board’s consumer confidence index climbed to 128 in May, versus a revised reading of 125.6 in April.

The Dallas Fed manufacturing business index rose to 26.80 for May, versus prior reading of 21.80. Economists expected a reading of 23.30.

Posted-In: Mid-Afternoon Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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