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Market Overview

Mid-Morning Market Update: Markets Rise; JPMorgan Earnings Beat Views

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Following the market opening Tuesday, the Dow traded up 0.10 percent to 17,994.98 while the NASDAQ climbed 0.31 percent to 5,087.13. The S&P also rose, gaining 0.21 percent to 2,103.90.

Leading and Lagging Sectors

Healthcare shares jumped by 0.43 percent on Tuesday. Meanwhile, top gainers in the sector included Simulations Plus, Inc. (NASDAQ: SLP), up 6 percent, and Cytokinetics, Inc. (NASDAQ: CYTK), up 5 percent.

In trading on Tuesday, basic materials shares slipped by 0.28 percent. Meanwhile, top losers in the sector included Gerdau SA (ADR) (NYSE: GGB), down 5 percent, and Aluminum Corp. of China Limited (ADR) (NYSE: ACH), off 4 percent.

Top Headline

JPMorgan Chase & Co. (NYSE: JPM) reported stronger-than-expected earnings for its second quarter on Tuesday.

The New York-based bank reported a quarterly profit of $6.29 billion, or $1.54 per share, versus a year-ago profit of $5.98 billion, or $1.46 per share.

Its net revenue slipped 3 percent year-over-year to $24.5 billion. However, analysts were expecting earnings of $1.44 per share on revenue of $24.49 billion.

Equities Trading UP

Micron Technology, Inc. (NASDAQ: MU) shares shot up 9 percent to $19.11 following news Monday night that Tsinghua Unigroup, China's largest government owned chip design company, is looking to acquire Micron for $21 per share, according to both the Wall Street Journal and Bloomberg News.

Natural Health Trends Corp. (NASDAQ: NHTC) shares were also up, gaining 10 percent to $35.98 after the company reported Q2 sales guidance of $69.7 million.

Shares of Celyad SA (ADR) (NASDAQ: CYAD) got a boost, shooting up 11 percent to $60.79. Piper Jaffray initiated coverage on Celyad with a Overweight rating and a $95.00 price target.

Equities Trading DOWN

Vince Holding Corp (NYSE: VNCE) shares tumbled 20 percent to $9.52 after the company announced the resignation of its CEO Jill Granoff. William Blair downgraded Vince Holding from Outperform to Market Perform.

Shares of Navient Corp (NASDAQ: NAVI) were down 10 percent to $16.60 after the company issued a weak earnings forecast for its second quarter and lowered its guidance for the year.

Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) was down, falling 9 percent to $7.52 after the company priced its 2.325 million underwritten public offering at $7.50 per share.

Commodities

In commodity news, oil traded down 0.61 percent to $51.88, while gold traded up 0.23 percent to $1,158.00.

Silver traded up 0.02 percent Tuesday to $15.46, while copper fell 0.88 percent to $2.52.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dipped 0.17 percent, the Spanish Ibex Index declined 0.32 percent, while Italy’s FTSE MIB Index tumbled 0.91 percent. Meanwhile, the German DAX fell 0.52 percent, and the French CAC 40 slipped 0.09 percent while UK shares dropped 0.15 percent.

Economics

U.S. retail sales slipped 0.3 percent in June, versus economists’ expectations for a 0.2 percent growth.

Import prices declined 0.1 percent in June, while export prices slipped 0.2 percent in June.

US business inventories rose 0.30 percent in May, versus economists’ expectations for a 0.30 percent growth.

 

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Posted-In: Earnings M&A News Guidance Eurozone Futures Commodities Offerings

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