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Market Overview

Mid-Afternoon Market Update: Crude Oil Down 3%; Performance Sports Group Shares Tumble After Guidance Cut

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Toward the end of trading Tuesday, the Dow traded down 0.15 percent to 17,049.06 while the NASDAQ declined 0.41 percent to 4,688.79. The S&P also fell, dropping 0.48 percent to 1,992.14.

Leading and Lagging Sectors

On Tuesday, utilities shares rose by 0.30 percent. Top gainers in the sector included American Midstream Partners LP (NYSE: AMID), CPFL Energia S.A. (ADR) (NYSE: CPL), and El Paso Electric Company (NYSE: EE).

In trading on Tuesday, basic materials shares dipped by 3.21 percent. Meanwhile, top losers in the sector included Vale SA (ADR) (NYSE: VALE), down 12 percent, and Cliffs Natural Resources Inc (NYSE: CLF), down 16 percent.

Top Headline

Dicks Sporting Goods Inc (NYSE: DKS) reported weaker-than-expected earnings for the fourth quarter.

Dick's reported quarterly net income of $128.99 million, or $1.13 per share, versus $155.54 million, or $1.30 per share, in the year-ago period.

Its sales gained around 3.7 percent to $2.24 billion. Analysts were expecting earnings of $1.15 per share on revenue of $2.28 billion. The company expects Q1 earnings of $0.48 to $0.50 per share, versus analysts' estimates of $0.54 per share.

Equities Trading UP

Sunedison Inc (NYSE: SUNE) shares shot up 10 percent to $2.09 as Vivint Solar Inc (NYSE: VSLR) announced the termination of merger agreement with Sunedison.

Shares of Jones Energy Inc (NYSE: JONE) got a boost, shooting up 12 percent to $3.06 after the company reported better-than-expected Q4 earnings.

Town Sports International Holdings, Inc. (NASDAQ: CLUB) shares were also up, gaining 62 percent to $1.90. Town Sports reported Q4 earnings of $3.47 per share on revenue of $100.84 million.

Equities Trading DOWN

Performance Sports Group Ltd (NYSE: PSG) shares dropped 64 percent to $3.10 after the company lowered its full-year earnings forecast.

Shares of Neff Corp (NYSE: NEFF) were down 19 percent to $5.41 after the company reported downbeat Q4 earnings.

Barnes & Noble Education Inc (NYSE: BNED) was down, falling around 13 percent to $9.89. Barnes & Noble Education reported a Q3 loss of $0.07 per share on revenue of $518.4 million.

Commodities

In commodity news, oil traded down 3.14 percent to $36.71, while gold traded up 0.13 percent to $1,265.60.

Silver traded down 1.04 percent Tuesday to $15.47, while copper fell 2.69 percent to $2.22.

Eurozone

European shares closed lower today. The eurozone's STOXX 600 fell 1.01 percent, the Spanish Ibex Index fell 0.53 percent, while Italy's FTSE MIB Index declined 0.23 percent. Meanwhile, the German DAX slipped 0.88 percent, and the French CAC 40 declined 0.86 percent, while U.K. shares fell 0.92 percent.

Economics

The NFIB small-business optimism index declined 1 point to 92.9 in February. However, economists were expecting a reading of 93.7.

 

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Posted-In: Earnings M&A News Guidance Eurozone Commodities Global Intraday Update

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