Mid-Day Market Update: Hi-Tech Pharmacal Rises On Acquisition News; Sanderson Farms Shares Fall
Midway through trading Tuesday, the Dow traded down 0.76 percent to 14,832.69 while the NASDAQ tumbled 1.48 percent to 3,603.44. The S&P also fell, dropping 1.11 percent to 1,638.39.
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.
Equities Trading DOWN
Shares of Accretive Health (NYSE: AH) were down 3.32 percent to $9.61 after analysts at Oppenheimer downgraded the stock from Outperform to Perform.
Sanderson Farms (NASDAQ: SAFM) shares tumbled 5.23 percent to $66.14 on Q3 results.
In commodity news, oil traded up 2.80 percent to $108.89, while gold traded up 1.85 percent to $1,418.90.
Silver traded up 2.54 percent Tuesday to $24.67, while copper rose 0.39 percent to $3.34.
European shares were lower today. The Spanish Ibex Index dropped 2.96 percent, while Italy's FTSE MIB Index tumbled 2.34%. Meanwhile, the German DAX fell 2.28 percent and the French CAC 40 declined 2.42 percent while U.K. shares dropped 0.79 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.
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