Mid-Morning Market Update: Markets Surge, Emerson Electric Lowers View
Following the market opening Tuesday, the Dow traded up 0.27 percent to 15,009.59 while the NASDAQ surged 0.19 percent to 3,399.26. The S&P also rose, gaining 0.32 percent to 1,622.64.
Emerson Electric Co (NYSE: EMR) reported a 2.9% rise in its fiscal second-quarter earnings and cut its full-year view.
Emerson Electric now projects earnings of $3.48 to $3.58 per share or the year on sales growth of 1.5% to 2.5%. In February, the company expects earnings of $3.53 to $3.63 per share on sales growth of 2% to 5%.
Emerson Electric's quarterly profit surged to $561 million, or $0.77 per share, from $545 million, or $0.74 per share, in the year-ago period. Its revenue climbed 0.7% to $5.96 billion. However, analysts were expecting earnings of $0.78 per share on revenue of $6.03 billion.
Equities Trading UP
Santarus (NASDAQ: SNTS) shot up 10.81 percent to $20.91 on Q1 earnings.
Shares of Himax Technologies (NASDAQ: HIMX) got a boost, shooting up 6.83 percent to $6.41 after the company reported upbeat Q1 results.
Fossil (NASDAQ: FOSL) was also up, gaining 9.02 percent to $107.89 after the company reported a 24% rise in its Q1 earnings.
Equities Trading DOWN
Aruba Networks (NASDAQ: ARUN) was down, falling 19.46 percent to $17.76 on weak forecast.
Shares of Akorn (NASDAQ: AKRX) were down 10.56 percent to $13.55 on downbeat Q1 earnings.
Ruckus Wireless (NASDAQ: RKUS) shares tumbled 20.16 percent to $15.17 after the company reported downbeat Q1 results.
In commodity news, oil traded down 0.41 percent to $95.77, while gold traded down 1.16 percent to $1,450.90.
Silver traded down 1.82 percent Tuesday to $23.52, while copper fell 1.03 percent to $3.28.
European shares rose following the stronger than expected bank earnings from around the continent. The Spanish Ibex Index gained 0.78 percent while the Italian FTSE MIB Index rose 1.56 percent. Meanwhile, the German DAX surged 0.93 percent while the French CAC 40 climbed 0.80 percent and U.K. shares rose 0.43 percent.
The ICSC-Goldman comparable store sales index declined 1% in the week ended Saturday versus the prior week.
The Redbook index fell 2.5% month-over--month in the week ended April 28.
The Treasury is set to auction 4-week and 3-year notes.
Data on consumer credit for March will be released at 3:00 p.m. ET.
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