Market Overview

Mid-Morning Market Update: Markets Open Lower; Procter & Gamble Tops Q4 Estimates


Following the market opening Tuesday, the Dow traded down 0.28% to 27146.26 while the NASDAQ fell 0.49% to 8252.83. The S&P also fell, dropping 0.40% to 3,008.75.

Leading and Lagging Sectors

Real estate shares climbed 0.7% on Tuesday. Meanwhile, top gainers in the sector included QTS Realty Trust Inc (NYSE: QTS), up 6%, and Alexandria Real Estate Equities Inc (NYSE: ARE), up 4%.

In trading on Tuesday, information technology shares fell 0.7%.

Top Headline

Procter & Gamble Co (NYSE: PG) reported better-than-expected Q4 results.

Procter & Gamble reported fourth-quarter earnings of $1.10 per share, which beat the analyst consensus estimate of $1.05. The company reported quarterly sales of $17.1 billion, which beat the analyst consensus estimate of $16.86 billion.

Equities Trading UP

LSB Industries, Inc. (NYSE: LXU) shares shot up 25% to $4.9650 after the company reported Q2 results.

Shares of RingCentral, Inc. (NYSE: RNG) got a boost, shooting up 15% to $144.65 after the company reported better-than-expected Q2 results and raised FY19 guidance.

U.S. Silica Holdings, Inc. (NYSE: SLCA) shares were also up, gaining 14% to $11.73 after reporting upbeat Q2 results.

Equities Trading DOWN

McDermott International, Inc. (NYSE: MDR) shares tumbled 38% to $6.21 after the company reported downbeat results for its second quarter and issued FY19 sales guidance below analyst estimates.

Shares of Granite Construction Incorporated (NYSE: GVA) were down 23% to $34.09 after reporting preliminary results for its second quarter. Granite reported preliminary Q2 EPS of $(2.10)-$(2.05) and sales of $785 million to $790 million.

SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) was down, falling 20% to $47.51 after the company issued Q3 and FY19 sales guidance below analyst estimates. DA Davidson also downgraded the company's stock from Buy to Neutral.


In commodity news, oil traded up 0.8% to $57.32, while gold traded up 0.6% to $1,428.70.

Silver traded up 0.4% Tuesday to $16.505, while copper fell 1% to $2.69.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.1%, the Spanish Ibex Index fell 1.7%, while Italy’s FTSE MIB Index dropped 1.7%. Meanwhile, the German DAX slipped 1.9%, and the French CAC 40 fell 1.3% while UK shares fell 0.2%.


The Federal Open Market Committee will begin its two-day policy meeting today.

U.S. personal income rose 0.4% for June, while consumer spending increased 0.3% last month.

The S&P Corelogic Case-Shiller home price index increased 2.4% year-over-year in May, versus a 2.5% rise in the prior month.

The Conference Board consumer confidence index rose to 135.7 in July, versus previous reading of 124.3.

The pending home sales index rose 2.8% for June.

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


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