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Mid-Afternoon Market Update: Dick's Sporting Goods Falls on Poor Earnings While Goodrich Petroleum Rises on Little News

Mid-Afternoon Market Update: Dick's Sporting Goods Falls on Poor Earnings While Goodrich Petroleum Rises on Little News
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Toward the end of trading Tuesday, the Dow traded up 0.26 percent to 15,049.93 while the NASDAQ surged 0.82 percent to 3,618.62. The S&P also rose, gaining 0.63 percent to 1,656.27.

Top Headline
The Home Depot (NYSE: HD) reported a 17.2% gain in its fiscal second-quarter net earnings. Home Depot's quarterly earnings surged to $1.8 billion, or $1.24 per share, from $1.53 billion, or $1.01 per share, in the year-ago period. Its total sales rose 9.5% to $22.52 billion, while same-store sales gained 10.7%.

However, analysts were estimating earnings of $1.22 per share on sales of $21.83 billion. Home Depot raised its fiscal 2013 earnings forecast to $3.60 per share.

Equities Trading UP
Best Buy Co (NYSE: BBY) shot up 11.45 percent to $34.24 after the company reported upbeat fiscal second-quarter earnings.

Shares of Urban Outfitters (NASDAQ: URBN) got a boost, shooting up 9.39 percent to $43.67 after the company reported better-than-expected second-quarter earnings. Analysts at Wedbush upgraded the stock from Neutral to Outperform.

Goodrich Petroleum (NYSE: GDP) was up as well, gaining 10.31 percent to $23.00, as shares rallied on strong technicals in the face of an oil downturn.

Equities Trading DOWN
Shares of Dick's Sporting Goods (NYSE: DKS) fell on Tuesday's session after the company missed on its earnings report before the market open.

Barnes & Noble (NYSE: BKS) shares tumbled 12.25 percent to $14.63 after the company reported a wider fiscal first-quarter loss.

Zillow (NASDAQ: Z) was down, falling 4.95 percent to $80.50 after the company priced offering of 5,023,486 shares of its Class A common stock at $82.00 per share.

In commodity news, oil traded down 2.04 percent to $104.92, while gold traded up 0.55 percent to $1,373.70. Silver traded down 0.43 percent Tuesday to $23.17, while copper rose 0.07 percent to $3.33.


European shares were lower today. The Spanish Ibex Index tumbled 1.93 percent, while Italy's FTSE MIB Index dropped 1.28%. Meanwhile, the German DAX declined 0.90 percent and the French CAC 40 dipped 1.48 percent while U.K. shares fell 0.46 percent.

The ICSC/Goldman Sachs Chain Store Sales Index dropped 1.9% in the week ended Saturday versus the previous week. The Chicago Fed National Activity Index rose to -0.15 in July, from -0.23 in June. The Johnson Redbook Retail Sales Index rose 0.2% for the first two weeks in August versus July.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s


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