Mid-Day Market Update: G-III Apparel Surges Following Upbeat Earnings; Genesco Shares Slide

Midway through trading Tuesday, the Dow traded down 0.12 percent to 24,783.76 while the NASDAQ climbed 0.32 percent to 7,631.01. The S&P also rose, gaining 0.06 percent to 2,748.40.

Leading and Lagging Sectors

On Tuesday, the materials shares surged 0.69 percent. Meanwhile, top gainers in the sector included Taseko Mines Limited TGB up 6 percent, and Trilogy Metals Inc. TMQ up 5 percent.

In trading on Tuesday, consumer staples shares fell 0.40 percent.

Top Headline

Navistar International Corp NAV reported upbeat earnings for its second quarter and raised its FY18 sales outlook.

Navistar posted adjusted earnings of $0.55 per share on revenue of $2.42 billion. However, analysts were expecting earnings of $0.33 per share on revenue of $2.44 billion.

Navistar now expects FY18 sales of $9.75 billion to $10.25 billion, versus earlier forecast of $9.25 billion to $9.75 billion.

Equities Trading UP

AMERI Holdings, Inc. AMRH shares shot up 206 percent to $2.46 after the company announced a new partnership with a machine learning company called Bayestree Intelligence.

Shares of ENDRA Life Sciences Inc. NDRA got a boost, shooting up 55 percent to $2.78 after the company disclosed that it was granted third US patent for non-invasive fat assessment to support TAEU product targeting non-alcoholic fatty liver disease.

G-III Apparel Group, Ltd. GIII shares were also up, gaining 9 percent to $46.63 after the company reported better-than-expected results for its first quarter and raised its full-year guidance.

Equities Trading DOWN

Aegean Marine Petroleum Network Inc. ANW shares dropped 73 percent to $0.775 following Audit Committee findings indicating that $200 million of accounts receivable will need to be written off.

Shares of Tarena International, Inc. TEDU were down 23 percent to $7.3301 after reporting Q1 results.

Genesco Inc. GCO was down, falling around 15 percent to $38.22 following Q1 results. Genesco reported a Q1 loss of $2.3 million on revenue of $645 million.

Commodities

In commodity news, oil traded up 0.08 percent to $64.80 while gold traded down 0.04 percent to $1,296.80.

Silver traded up 0.09 percent Tuesday to $16.445, while copper rose 1.13 to $3.17.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 climbed 0.08 percent, the Spanish Ibex Index fell 0.18 percent, while Italy’s FTSE MIB Index fell 0.58 percent. Meanwhile the German DAX climbed 0.67 percent, and the French CAC 40 rose 0.28 percent while U.K. shares fell 0.59 percent.

Economics

The Markit services PMI gained to 56.80 for May, versus previous reading of 55.70. However, economists were projecting a reading of 55.70.

The ISM nonmanufacturing index rose to 58.60 in May, versus prior reading of 56.80. Economists expected a reading of 57.90.

Job openings increased to 6.7 million in April, compared to 6.63 million in March, the Labor Department reported.