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Mid-Afternoon Market Update: Markets Look to be Closing Higher For the 19th Strait Tuesday

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Mid-Afternoon Market Update: Markets Look to be Closing Higher For the 19th Strait Tuesday

Toward the end of trading Tuesday, the Dow traded up 0.47 percent to 15,407.31, while the NASDAQ rose 0.28 percent to 3,506.98. The S&P was also up, gaining 0.30 percent to 1,671.54.

Top Headline
Home Depot (NYSE: HD) reported an 18.5% increase in its Q1 earnings and lifted its 2013 earnings forecast.

Home Depot's quarterly profit surged to $1.2 billion, or $0.83 per share, versus $1 billion, or $0.68 per share, in the year-ago quarter.

Its net sales climbed 7.4% to $19.1 billion from $17.8 billion, while comparable-store sales rose 4.3%. However, analysts were estimating earnings of $0.76 per share on revenue of $18.53 billion. Home Depot now projects 2013 EPS to rise around 17% to $3.52.

Equities Trading UP
Saks (NYSE: SKS) has been on the rise all day, gaining 9.94 percent to $13.50 after the company reported first quarter results in line with expectations while releasing some strong guidance.

Shares of Opentable (NASDAQ: OPEN) were up as well, rising 8.62 percent to $69.64 following the merger between GrubHub and Seamless.

Monro Muffler Brake (NASDAQ: MNRO) got a boost, shooting up 8.25 percent to $47.75 on some strong Q4 results

Equities Trading DOWN
iGATE (NASDAQ: IGTE) was down, falling 10.12 percent to $14.74, after the company terminated the employment of CEO Phaneesh Murthy.

Carnival plc (NYSE: CUK) shares tumbled 5.45 percent to $34.87 after the company lowered its earnings forecast.

Beazer Homes USA (NYSE: BZH) was down 3.10 percent to $22.03 after analysts at Sterne Agee downgraded the stock from “buy” to “neutral.”

Commodities
In commodity news, oil traded down 0.87 percent to $96.07, while gold dropped 0.75 percent to $1,373.80.

Silver traded down 1.05 percent Tuesday to $22.35, while copper fell 0.65 percent to $3.34.

Eurozone
European shares were mostly lower overnight as investors prepare for key Federal Reserve comments on Wednesday. The Spanish Ibex Index fell 0.87 percent and the Italian FTSE MIB Index dropped 0.45 percent. Meanwhile, the German DAX fell 0.11 percent and the French CAC 40 rose 0.05 percent while U.K. shares added 0.42 percent.

Economics
The ICSC/Goldman Sachs Retail Chain Store Sales Index rose 0.2% in the week ended Saturday versus the previous week.

National chain store sales climbed 0.5% in the first two weeks of May versus April, according to the latest Redbook survey data.

New York Federal Reserve Bank President William Dudley is set to speak today.

 

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