Market Overview

Mid-Morning Market Update: Markets Open Higher; CarMax Tops Q2 Expectations


Following the market opening Tuesday, the Dow traded up 0.24% to 27013.51 while the NASDAQ rose 0.3% to 8136.79. The S&P also rose, gaining 0.35% to 3002.38.

Leading and Lagging Sectors

Information technology shares climbed 1% on Tuesday. Meanwhile, top gainers in the sector included Bel Fuse Inc (NASDAQ: BELFA), up 8%, and Information Services Group, Inc. (NASDAQ: BELFA), up 3%.

In trading on Tuesday, energy shares fell 0.6%.

Top Headline

CarMax, Inc (NYSE: KMX) reported better-than-expected results for its second quarter.

CarMax reported quarterly earnings of $1.4 per share on revenue of $5.2 billion. However, analysts were expecting earnings of $1.33 per share on sales of $5.06 billion.

Equities Trading UP

AIM ImmunoTech Inc. (NYSE: AIM) shares shot up 21% to $2.0775 after the company announced its Ampligen received clearance from the FDA for exportation to Argentina to treat severe chronic fatigue syndrome. The company also announced a second Department of Defense award value at $8.32 million.

Shares of Cellcom Israel Ltd. (NYSE: CEL) got a boost, shooting up 21% to $2.50 after reporting a restructuring plan.

New Age Beverages Corporation (NASDAQ: NBEV) shares were also up, gaining 15% to $3.2132 after the company announced the approval by the Japanese Narcotics Control Division and the Japanese Ministry of Health for New Age's CBD products in Japan..

Equities Trading DOWN

NIO Inc. (NYSE: NIO) shares tumbled 26% to $2.02 after the company reported worse-than-expected Q2 EPS results and issued Q3 sales guidance below analyst estimates. The company also reported Q2 ES8 deliveries down from last quarter and is aiming to reduce the global headcount from 9,900 to 7,800 by the end of Q3.

Shares of BlackBerry Limited (NYSE: BB) were down 17% to $6.22 after the company reported worse-than-expected Q2 sales results.

Neogen Corporation (NASDAQ: NEOG) was down, falling 12% to $65.90 after the company reported Q1 EPS and sales results down from last year.


In commodity news, oil traded down 0.9% to $58.09, while gold traded down 0.3% to $1,527.40.

Silver traded down 0.7% Tuesday to $18.585, while copper rose 0.1% to $2.6145.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index rose 0.4%, while Italy’s FTSE MIB Index climbed 0.2%. Meanwhile, the German DAX gained 0.1%, and the French CAC 40 gained 0.3% while UK shares fell 0.2%.


The Johnson Redbook Retail Sales Index fell 1.1% during the first three weeks of September versus August.

The S&P Corelogic Case-Shiller home price index increased 2% year-over-year in July, versus a revised 2.2% gain in the prior month.

The FHFA house price index rose 0.4% from a month earlier for July, compared to a 0.2% rise in the prior month.

The Conference Board consumer confidence index dropped to 125.1 in September, versus prior reading of 135.1.

The Treasury is set to auction 2-year notes at 1:00 p.m. ET.


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