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Mid-Morning Market Update: Markets Rise, Pfizer Posts Higher Profit

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Mid-Morning Market Update: Markets Rise, Pfizer Posts Higher Profit

Following the market opening Tuesday, the Dow traded up 0.31 percent to 15,569.97 while the NASDAQ surged 0.44 percent to 3,615.10. The S&P also rose, gaining 0.35 percent to 1,691.14.

Top Headline
Pfizer (NYSE: PFE) reported a surge in its second-quarter earnings.

Pfizer's quarterly profit surged to $14.1 billion, or $1.98 per share, from $3.25 billion, or $0.43 per share, in the year-ago period. Excluding one-time items, its adjusted earnings declined to $0.56 per share from $0.59 per share.

Its revenue fell 7.1% to $12.97 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $13.01 billion.

Equities Trading UP
Alcatel-Lucent SA (NYSE: ALU) shot up 10.68 percent to $2.43 on Q2 results.

Shares of Herbalife (NYSE: HLF) got a boost, shooting up 7.48 percent to $65.10 after the company reported an 8.5% rise in its second-quarter profit and lifted its full-year forecast.

Goodyear Tire & Rubber Co (NASDAQ: GT) was also up, gaining 12.50 percent to $19.17 after the company reported a strong rise in its second-quarter net income.

Equities Trading DOWN
The Mosaic Company (NYSE: MOS) were down 23.98 percent to $40.26 as OAO Uralkali forecast global prices will fall 25%.

Coach (NYSE: COH) shares tumbled 9.54 percent to $52.33 after the company reported weak FQ4 sales.

Shares of Xylem (NYSE: XYL) was down, falling 15.57 percent to $24.03 on downbeat Q2 earnings

Commodities
In commodity news, oil traded down 0.64 percent to $103.88, while gold traded down 0.27 percent to $1,326.00.

Silver traded down 0.52 percent Tuesday to $19.76, while copper fell 1.42 percent to $3.06.

Eurozone
European shares were higher today. The Spanish Ibex Index surged 0.66 percent and the Italian FTSE MIB Index jumped 0.92 percent. Meanwhile, the German DAX rose 0.24 percent and the French CAC 40 gained 0.59 percent while U.K. shares rose 0.26 percent.

Economics
The ICSC-Goldman Sachs store sales index declined 1.6% for the week ending July 27, 2013.

The Johnson Redbook Retail Sales Index for the first three weeks of July climbed 0.8% versus June.

The S&P/Case-Shiller home price index gained 12.17% y/y in May, versus economists' expectations for a 12.4% rise.

The Conference Board's consumer confidence index dropped to 80.30 in July, from 82.10 in June. However, economists were expecting a reading of 81.30.

The Treasury is also expected to auction 4-week bills.

 

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