Mid-Afternoon Market Update: Acuity Brands Falls On Downbeat Sales; Amarin Shares Jump

Toward the end of trading Tuesday, the Dow traded up 0.01% to 26,721.40 while the NASDAQ fell 0.05% to 8,087.20. The S&P also rose, gaining 0.06% to 2,966.21.

Leading and Lagging Sectors

Real estate shares rose 1.7% on Tuesday. Meanwhile, top gainers in the sector included Spirit Realty Capital, Inc. SRC, up 5%, and NexPoint Residential Trust, Inc. NXRT, up 5%.

In trading on Tuesday, energy shares fell 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

Amarin Corporation plc AMRN shares shot up 16% to $22.27 after the company raised its FY19 sales guidance.

Shares of Eros International Plc EROS got a boost, shooting up 15% to $1.73 after the company announced that outstanding interest payments of its Indian subsidiary have been paid off.

Ovid Therapeutics Inc. OVID shares were also up, gaining 15% to $2.65 after receiving Orphan Drug designation from the European Commission for OV101 for the treatment of Angelman syndrome.

Equities Trading DOWN

Acuity Brands, Inc. AYI shares tumbled 8% to $130.06 after the company reported worse-than-expected Q3 sales results.

Shares of Francesca's Holdings Corporation FRAN were down 12% to $4.64 after the company reported the resignation of CFO Kelly Dilts.

CyberOptics Corporation CYBE was down, falling 23% to $13.87 after the company lowered its Q2 revenue forecast.

Commodities

In commodity news, oil traded down 4.9% to $56.22, while gold traded up 1.5% to $1,410.50.

Silver traded up 0.4% Tuesday to $15.26, while copper fell 1% to $2.661.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.37%, the Spanish Ibex Index rose 0.18%, while Italy’s FTSE MIB Index gained 0.65%. Meanwhile, the German DAX gained 0.04%, and the French CAC 40 rose 0.16% while UK shares rose 0.82%.

Economics

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