Mid-Afternoon Market Update: DSW Rises as the NASDAQ Gets Crushed

Toward the end of trading Tuesday, the Dow traded down 0.97 percent to 14,782.69 while the NASDAQ tumbled 2.10 percent to 3,581.44. The S&P also fell, dropping 1.50 percent to 1,631.39.

Top Headline
Tiffany & Co TIF reported a 16% rise in its fiscal second-quarter net income. 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 UP

DSW DSW traded up Tuesday, gaining 7.62 percent to 87.52 after the company reported strong earnings before the market open this morning.

Shares of Akorn AKRX got a boost, shooting up 10.28 percent to $18.13 after the company announced its plans to acquire Hi-Tech Pharmacal HITK for $640 million.

Hi-Tech Pharmacal Co HITK was also up, gaining 22.24 percent to $43.04 after Akorn announced its plans to buy the company.

Equities Trading DOWN
Shares of Orexigen Therapeutics OREX fell 8.01 percent to $6.66 after the company announced it was preparing a new drug application this morning.

SunEdison SUNE was also down, falling 7.45 percent to $7.34 after LDK Solar missed by a mile on its earnings report this morning.

Regis RGS was down, falling 3.23 percent to $16.61 after the company reported weaker-than-expected fourth-quarter results.

Commodities
In commodity news, oil traded up 2.99 percent to $108.91, while gold traded up 1.64 percent to $1,416.00. Silver traded up 1.01 percent Tuesday to $24.56, while copper rose 0.14 percent to $3.33.

Eurozone
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.

Economics
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.