Market Overview

Mid-Day Market Update: Dow Surges 200 Points; DSW Shares Decline Following Earnings Miss

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Midway through trading Tuesday, the Dow traded up 1.16 percent to 17,695.98 while the NASDAQ climbed 1.64 percent to 4,843.98. The S&P also rose, gaining 1.25 percent to 2,073.66.

Leading and Lagging Sectors

Financial shares gained by 1.3 percent in trading on Tuesday. Top gainers in the sector included Noah Holdings Limited (ADR) (NYSE: NOAH), Royal Bank of Scotland Group PLC (NYSE: RBS), and BBX Capital Corp (NYSE: BBX).

In trading on Tuesday, basic materials shares dropped by 0.1 percent. Meanwhile, top losers in the sector included CF Industries Holdings, Inc. (NYSE: CF), down 6 percent, and Seabridge Gold, Inc. (USA) (NYSE: SA), down 6 percent.

Top Headline

Toll Brothers Inc (NYSE: TOL) reported stronger-than-expected Q2 results on Tuesday.

Toll Brothers said it earned $0.51 per share in the second quarter on revenue of $1.115 billion. Wall Street analysts were expecting the company to earn $0.46 per share on revenue of $1.04 billion.

Average price of homes delivered in the quarter also rose to $855,500 from $713,500 a year ago. Toll Brothers also said that its board of directors approved the repurchase of 20 million shares of its common stock, which will replace the prior share repurchase program.

Equities Trading UP

Spherix Inc (NASDAQ: SPEX) shares shot up 105 percent to $3.91 after the company reported the execution of second license deal with RPX Corp (NASDAQ: RPXC).

Shares of Nordson Corporation (NASDAQ: NDSN) got a boost, shooting up 13 percent to $85.96 as the company reported better-than-expected results for its second quarter on Monday.

Mines Management, Inc. (NYSE: MGN) shares were also up, gaining 37 percent to $0.870 as the company agreed to be acquired by Hecla Mining Company (NYSE: HL).

Equities Trading DOWN

DSW Inc. (NYSE: DSW) shares dropped 13 percent to $18.85 as the company reported downbeat Q1 earnings and lowered its FY16 earnings outlook.

Shares of Seaspan Corporation (NYSE: SSW) were down 10 percent to $14.58 as the company reported an offering of 5 million shares of Class A common stock.

America's Car-Mart, Inc. (NASDAQ: CRMT) was down, falling around 14 percent to $20.00. America's Car-Mart reported Q4 earnings of $0.40 per share on revenue of $155 million.

Commodities

In commodity news, oil traded up 1.54 percent to $48.82 while gold traded down 1.34 percent to $1,238.10.

Silver traded down 0.29 percent Tuesday to $16.38, while copper rose 1.27 percent to $2.08.

Eurozone

European shares were higher today. The eurozone's STOXX 600 gained 2.15 percent, the Spanish Ibex Index rose 2.20 percent, while Italy's FTSE MIB Index surged 3.04 percent. Meanwhile the German DAX climbed 2.17 percent, and the French CAC 40 gained 2.42 percent, while U.K. shares rose 1.36 percent.

Economics

The Johnson Redbook Retail Sales Index gained 2.1 percent in the third week of May versus April.

The Richmond Fed Manufacturing Index fell to -1.00 for May, versus a prior reading of 14.00. However, economists were expecting a reading of 9.00.

U.S. new home sales rose 16.6 percent to an annual rate of 619,000 in April. However, economists were projecting a 523,000 pace.

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

 

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