Mid-Morning Market Update: Markets Go Red; Tiffany Q2 Net Profit Surges 16%
Following the market opening Tuesday, the Dow traded down 0.59 percent to 14,859.02 while the NASDAQ tumbled 1.00 percent to 3,620.98. The S&P also fell, dropping 0.86 percent to 1,642.50.
Tiffany's quarterly earnings surged to $106.8 million, or $0.83 per share, from $91.8 million, or $0.72 per share, in the year-ago period.
Its revenue rose 4% to $925.9 million from $886.6 million. However, analysts were expecting earnings of $0.74 per share on revenue of $941.5 million.
Tiffany now projects FY13 earnings of $3.50 to $3.60 per share, versus its earlier forecast of $3.43 to $3.53 per share. However, analysts were expecting earnings of $3.54 per share.
Movado Group (NYSE: MOV) was also up, gaining 5.89 percent to $40.24 after the company reported upbeat Q2 results and lifted its FY14 outlook
Equities Trading DOWN
Shares of Accretive Health (NYSE: AH) were down 4.33 percent to $9.51 after analysts at Oppenheimer downgraded the stock from Outperform to Perform.
J. C. Penney Company (NYSE: JCP) shares tumbled 0.90 percent to $13.23 after hedge fund manager William Ackman announced his plans to sell his entire stake, or 39 million shares, of the company.
In commodity news, oil traded up 2.50 percent to $108.57, while gold traded up 1.68 percent to $1,416.50.
Silver traded up 2.04 percent Tuesday to $24.55, while copper rose 1.04 percent to $3.36.
European shares were lower today. The Spanish Ibex Index dropped 2.49 percent, while Italy's FTSE MIB Index tumbled 2.39%. Meanwhile, the German DAX fell 2.08 percent and the French CAC 40 declined 2.13 percent while U.K. shares dropped 0.85 percent.
The ICSC-Goldman Sachs store sales index gained 0.2% in the week ended August 24, 2013 versus the earlier week.
The Johnson Redbook Retail Sales Index increased 0.3% in the first three weeks of August versus July.
The S&P/Case-Shiller home price index rose 2.2% in June.
The Richmond Fed manufacturing index rose to 14 in August, versus negative 11 in July.
The Conference Board's consumer confidence index surged to 81.50 in August. However, economists were expecting a reading of 79.00.
The Treasury is set to auction 4-week and 2-year notes.
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