Mid-Day Market Update: US Stocks Edge Higher; Valspar Shares Decline On Downbeat Results
Midway through trading Tuesday, the Dow traded up 0.15 percent to 15,442.26 while the NASDAQ surged 0.10 percent to 3,673.57. The S&P also rose, gaining 0.16 percent to 1,692.17.
Yesterday, Yum! Brands (NYSE: YUM) reported a 13 percent fall in its July same-store sales in China. Yum's same-store sales fell 10 percent in June. However, analysts were expecting a 7.1 percent drop in July same-restaurant sales in China. Analysts at Buckingham Research downgraded the stock from Buy to Neutral.
Equities Trading UP
Avanir Pharmaceuticals (NASDAQ: AVNR) shot up 3.56 percent to $4.66 after the company announced an agreement with Merck & Co (NYSE: MRK) to co-promote Merck's type 2 diabetes therapies. Shares of NQ Mobile (NYSE: NQ) got a boost, shooting up 15.21 percent to $18.32 after the company reported upbeat Q2 results and issued strong revenue forecast. Osiris Therapeutics (NASDAQ: OSIR) was also up, gaining 115.76 percent to $23.00 after the company reported strong efficacy for Grafix to treat diabetic foot ulcers.
Equities Trading DOWN
Shares of Orbitz Worldwide (NYSE: OWW) were down 12.31 percent to $10.30 after the company reported that PAR Capital Management has sold 8.1 million of its 24.6 million shares of Orbitz Worldwide stock. Valspar (NYSE: VAL) shares tumbled 7.80 percent to $65.25 after the company reported downbeat Q3 results. InterOil (NYSE: IOC) was down, falling 9.99 percent to $75.59 after the company reported wider-than-expected Q2 loss.
In commodity news, oil traded down 0.33 percent to $105.76, while gold traded down 1.06 percent to $1,320.00. Silver traded up 0.01 percent Tuesday to $21.34, while copper rose 0.15 percent to $3.31.
European shares were higher on upbeat ZEW survey. The Spanish Ibex Index gained 0.47 percent and the Italian FTSE MIB Index rose 0.68 percent. Meanwhile, the German DAX gained 0.68 percent and the French CAC 40 rose 0.51 percent while U.K. shares gained 0.57 percent.
The NFIB small-business optimism index gained 0.6 points to 94.1 in July. The ICSC/Goldman Sachs Retail Chain Store Sales Index dropped 0.2 percent in the latest week ended Saturday versus the previous week. US retail sales rose 0.2 percent in July, versus economists' expectations for a 0.3 percent increase. US imports increased 0.2 percent in July, versus economists' estimates of a 0.8 percent rise. The Johnson Redbook Retail Sales Index rose 3.7 percent y/y in the first week of August. US business inventories came in flat in June. However, economists were expecting inventories to increase 0.2 percent in June.
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