Mid-Morning Market Update: Markets Edge Lower; Greenbrier Misses Q3 Expectations

Following the market opening Tuesday, the Dow traded down 0.13% to 26683.15 while the NASDAQ fell 0.05% to 8086.76. The S&P also fell, dropping 0.01% to 2,964.02.

Leading and Lagging Sectors

Real estate shares rose 0.9% on Tuesday. Meanwhile, top gainers in the sector included Spirit Realty Capital, Inc. SRC, up 4%, and Public Storage PSA, up 2%.

In trading on Tuesday, energy shares fell 1.2%.

Top Headline

Greenbrier Companies, Inc. GBX reported downbeat results for its third quarter and issued weak Q4 forecast.

Greenbrier reported adjusted third-quarter earnings of 89 cents per share, which missed the analyst consensus estimate of 95 cents. The company reported quarterly sales of $856.2 million, which missed the analyst consensus estimate of $862.45 million.

Greenbrier said it expects Q4 earnings of $1.30 to $1.50 per share on sales of $1.0 billion. Analysts project earnings of $1.89 per share on sales of $1.1 billion.

Equities Trading UP

Ovid Therapeutics Inc OVID shares shot up 18% to $2.72 after receiving Orphan Drug designation from the European Commission for OV101 for the treatment of Angelman syndrome.

Shares of Dova Pharmaceuticals, Inc. DOVA got a boost, shooting up 13% to $16.19. Evercore ISI Group upgraded Dova Pharmaceuticals from In-Line to Outperform.

Bio-Path Holdings Inc BPTH shares were also up, gaining 13% to $15.43 after patent site USPTO showed the company received a patent entitled "P-ethoxy nucleic acids for liposomal formulation."

Equities Trading DOWN

Acuity Brands, Inc. AYI shares tumbled 13% to $123.25 after the company reported worse-than-expected Q3 sales results.

Shares of Greenbrier Companies, Inc. GBX were down 12% to $27.12 after the company reported downbeat results for its third quarter and issued weak Q4 forecast.

GTT Communications, Inc. GTT was down, falling 10% to $16.96. KeyBanc downgraded GTT Communications from Overweight to Sector Weight.

Commodities

In commodity news, oil traded down 0.5% to $58.82, while gold traded up 0.3% to $1,393.80.

Silver traded down 0.4% Tuesday to $15.13, while copper fell 0.8% to $2.6665.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index fell 0.1%, while Italy’s FTSE MIB Index gained 0.6%. Meanwhile, the German DAX slipped 0.1%, and the French CAC 40 rose 0.1% while UK shares rose 0.5%.

Economics

The Johnson Redbook Retail Sales Index fell 2.4% during the first four weeks of June versus May.

Cleveland Federal Reserve Bank President Loretta Mester will speak in London, England at 11:00 a.m. ET.