Market Overview

I think you’ll love what you hear,
what you’ll see and the opportunities
that will be set before you.
- Jon Najarian
GET TICKETS

Markets Mostly Flat; Flowers Foods Profit Misses Estimates

Share:
Markets Mostly Flat; Flowers Foods Profit Misses Estimates

Following the market opening Tuesday, the Dow traded down 0.03 percent to 16,565.87 while the NASDAQ surged 0.03 percent to 4,402.67. The S&P also fell, dropping 0.01 percent to 1,936.77.

Leading and Lagging Sectors

On Tuesday, the financial sector proved to be a source of strength for the market. Leading the sector was strength from Fortegra Financial (NYSE: FRF) and LCNB (NASDAQ: LCNB).

In trading on Tuesday, energy shares were relative laggards, down on the day by about 0.35 percent. Meanwhile, top decliners in the sector included Resolute Energy (NYSE: REN), down 5.9 percent, and Alpha Natural Resources (NYSE: ANR), off 3.3 percent.

Top Headline

Flowers Foods (NYSE: FLO) reported downbeat second-quarter results.

The Thomasville, Georgia-based company posted quarterly net income of $42.1 million, or $0.20 per share, down from $46.5 million, or $0.22 per share, in the year-ago period. Its adjusted profit declined to $45 million, or $0.21 per share, versus $50.1 million, or $0.24 per share.

Its sales slipped 2.3% to $877.4 million from $898.2 million. However, analysts were expecting earnings of $0.24 per share on revenue of $940.83 million.

Equities Trading UP

Intercept Pharmaceuticals (NASDAQ: ICPT) shares shot up 29.88 percent to $308.06 following the release of the company's Q2 earnings report and business update. Leerink Swann upgraded Intercept from Market Perform to Outperform and raised the price target from $270.00 to $445.00.

Shares of Dealertrack Technologies (NASDAQ: TRAK) got a boost, shooting up 12.97 percent to $44.15 on upbeat Q2 results.

INSYS Therapeutics (NASDAQ: INSY) shares were also up, gaining 12.39 percent to $34.19 after the company reported upbeat quarterly results.

Equities Trading DOWN

Shares of Nuance Communications (NASDAQ: NUAN) were down 10.66 percent to $16.17 after the company reported downbeat FQ3 revenue and issued a weak FQ4 forecast.

51job (NASDAQ: JOBS) shares tumbled 5.49 percent to $36.15 on Q2 results.

Flowers Foods (NYSE: FLO) was down, falling 4.65 percent to $19.08 after the company reported downbeat second-quarter results.

Commodities

In commodity news, oil traded down 0.77 percent to $97.32, while gold traded up 0.43 percent to $1,316.20.

Silver traded down 0.05 percent Tuesday to $20.09, while copper fell 0.03 percent to $3.17.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.04 percent, the Spanish Ibex Index gained 0.59 percent, while Italy’s FTSE MIB Index surged 0.73 percent. Meanwhile, the German DAX fell 0.65 percent and the French CAC 40 dipped 0.57 percent while UK shares declined 0.12 percent.

Economics

The NFIB Small Business Optimism Index increased 0.7 points to 95.7 in July.

The ICSC-Goldman Store Sales Index fell 1.4% in the week ended Saturday versus the earlier week.

Job openings climbed to 4.67 million in June, versus 4.58 million in May, according to the US Department of Labor. The number of separations increased to 4.55 million in June versus 4.53 million in May.

The Treasury is set to auction 4-week bills and 3-year notes.

Posted-In: Earnings News Upgrades Eurozone Futures Commodities Econ #s Markets

 

Related Articles (ANR + BZSUM)

View Comments and Join the Discussion!

Worst Performing Industries For August 12, 2014

UPDATE: Jefferies Upgrades Skullcandy, Inc. to Hold, Raises PT to $8.00