Market Overview

Mid-Day Market Update: Sonic Slides On Cautious Forecast; Green Dot Shares Jump

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Midway through trading Tuesday, the Dow traded up 0.08 percent to 18,133.46 while the NASDAQ fell 0.07 percent to 5,150.19. The S&P also fell, dropping 0.02 percent to 2,122.45.

Leading and Lagging Sectors

Telecommunications services shares rose by 1.16 percent on Tuesday. Meanwhile, top gainers in the sector included Partner Communications Company Ltd (ADR) (NASDAQ: PTNR), up 4 percent, and Internet Initiative Japan Inc. (ADR) (NASDAQ: IIJI), up 4 percent.

In trading on Tuesday, utilities shares slipped by 0.82 percent. Meanwhile, top losers in the sector included Companhia Energetica Minas Gerais (ADR) (NYSE: CIG), down 2 percent, and CenterPoint Energy, Inc. (NYSE: CNP), off 2 percent.

Top Headline

BlackBerry Ltd (NASDAQ: BBRY) reported weaker-than-expected results for its fiscal first quarter.

The Waterloo, Canada-based company reported quarterly net income of $68 million, or $0.13 per basic share, versus a year-ago profit of $23 million, or $0.04 per basic share. The company’s loss per diluted share came in at $0.10 per share, compared to a loss of $0.37 per share. Excluding non-recurring items, BlackBerry lost $0.05 per share.

Its revenue slipped to $658 million from $966 million. However, analysts were expecting a loss of $0.03 per share on revenue of $679.06 million. Its software and technology licensing revenue jumped 150 percent to $137 million.

Equities Trading UP

Green Dot Corporation (NYSE: GDOT) shares shot up 35 percent to $20.64. The company authorized a plan to buyback up to $150 million of its common stock and said it will continue to serve as the issuing bank for the Walmart prepaid debit cards.

Shares of Darden Restaurants, Inc. (NYSE: DRI) got a boost, shooting up 3 percent to $71.10 following strong earnings report and potential REIT separation.

BIND Therapeutics Inc (NASDAQ: BIND) shares were also up, gaining 4 percent to $6.07 after the company reported the FDA authorization of first-in-human clinical trial with AstraZeneca's Aurora B Kinase inhibitor Accurin AZD2811.

Equities Trading DOWN

Sonic Corporation (NASDAQ: SONC) shares tumbled 11 percent to $30.37. Sonic reported in-line earnings for its fiscal third quarter. However, the company issued a cautious forecast for FY2015 earnings.

Shares of GasLog Partners LP (NYSE: GLOP) were down 8 percent to $23.08 after the company priced its 7.5 million share public offering at $23.90 per unit.

NN, Inc. (NASDAQ: NNBR) was down, falling 9 percent to $23.48 after the company announced a public offering of 6 million shares of its common stock.


In commodity news, oil traded up 0.86 percent to $60.90, while gold traded down 0.54 percent to $1,177.70.

Silver traded down 2.24 percent Tuesday to $15.78, while copper rose 2.08 percent to $2.62.


European shares were higher today. The eurozone’s STOXX 600 rose 1.28 percent, the Spanish Ibex Index jumped 0.42 percent, while Italy’s FTSE MIB Index gained 0.37 percent. Meanwhile, the German DAX jumped 0.71 percent, and the French CAC 40 rose 1.40 percent while UK shares gained 0.27 percent.


U.S. durable-goods orders slipped 1.8 percent in May, versus economists’ expectations for a 1.5 percent drop.

Sales of new U.S. homes rose 2.2 percent to an annual rate of 546,000 in May. However, economists were projecting a sales rate of 525,000.

US manufacturing PMI slipped to 53.40 in June, versus a prior reading of 54.00. Economists were expecting a reading of 54.20.

The Richmond Fed manufacturing index climbed to 6.00 in June, versus a previous reading of 1.00. Economists projected a reading of 3.00.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Offerings Buybacks


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