Market Overview

After-Close Market Update: US Stocks Edge Higher; Walter Energy Shares Drop On Downbeat Results

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At the end of trading Tuesday, the Dow traded up 0.15 percent to 18,046.42, while the NASDAQ rose 0.11 percent to 4,899.27. The S&P also rose, gaining 0.15 percent to 2,100.25.

Leading And Lagging Sectors

In trading on Tuesday, energy shares were relative leaders, up on the day by about 0.55 percent. Meanwhile, top gainers in the sector included Goodrich Petroleum Corp. (NYSE: GDP) and FX Energy Inc. (NASDAQ: FXEN).

Utilities shares fell by 0.30 percent on Tuesday. Top losers in the sector included NRG Energy, Inc. (NYSE: NRG), down over 2 percent, and AES Corporation (NYSE: AES).

Top Headline

Goodyear Tire & Rubber Co. (NYSE: GT) reported better-than-expected fourth-quarter earnings.

The Akron, Ohio-based company posted quarterly net income of $2.13 billion, or $7.68 per share up from $228 million or $0.84 per share, in the year-ago period. Excluding certain significant items, Goodyear earned $0.59 per share.

Its sales declined to $4.36 billion from $4.79 billion. However, analysts were expecting earnings of $0.58 per share on revenue of $4.37 billion.

Equities Trading UP

Kandi Technologies Group, Inc. (NASDAQ: KNDI) shares shot up over 14 percent after the company said the Securities and Exchange Commission won't take enforcement action in connection with a probe disclosed by Kandi last March.

Shares of Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) also got a boost following the resignation of CEO Frits D. van Paasschen and the appointment of Adam Aron to Interim CEO.

Waste Management, Inc. (NYSE: WM) shares were also up nearly 6 percent after the company reported better-than-expected earnings for the fourth quarter.

Equities Trading DOWN

Helix Energy Solutions Group, Inc. (NYSE: HLX) shares tumbled almost 14 percent after the company reported downbeat Q4 results.

Shares of Walter Energy, Inc. (NYSE: WLT) were down over 6 percent after the company reported a wider-than-expected Q4 loss, while CoStar Group Inc. (NASDAQ: CSGP) fell after the company issued weak Q1 and FY15 earnings guidance.

Commodities

In commodity news, oil traded up 0.83 percent to $53.22, while gold traded down 1.55 percent to $1,208.10.
Silver traded down 5 percent Tuesday to $16.43, while copper fell 0.86 percent to $2.58.

Euro zone

European shares ended mostly higher. The eurozone’s STOXX 600 rose 0.12 percent, the Spanish Ibex Index jumped 0.08 percent, while Italy’s FTSE MIB Index gained 0.47 percent. Meanwhile, the German DAX slipped 0.25 percent, and the French CAC 40 rose 0.04 percent while UK shares rose 0.60 percent.

Economics

The Empire State manufacturing index declined to 7.78 in February, versus a prior reading of 9.95. However, economists were expecting a reading of 8.00.

The NAHB housing market index declined to 55.00 in February, versus a prior reading of 57.00. However, economists were expecting a reading of 58.00.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Top Stories Economics

 

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