Market Overview

Mid-Morning Market Update: Markets Open Higher; CarMax Misses Q1 Estimates

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Following the market opening Tuesday, the Dow traded up 0.17 percent to 17,834.39 while the NASDAQ climbed 0.27 percent to 4,850.41. The S&P also rose, gaining 0.20 percent to 2,087.31.

Leading and Lagging Sectors


On Tuesday, non-cyclical consumer goods & services shares rose by 0.91 percent.

In trading on Tuesday, basic materials shares fell by 0.47 percent. Meanwhile, top losers in the sector included Schnitzer Steel Industries, Inc. (NASDAQ: SCHN), down 5 percent, and DRDGOLD Ltd. (ADR) (NYSE: DRD), down 4 percent.

Top Headline


CarMax, Inc (NYSE: KMX) reported weaker-than-expected results for its first quarter on Tuesday.

The company posted quarterly net income of $175.4 million, or $0.90 per share, versus $182.0 million, or $0.86 per share, in the year-ago period.

Its sales rose to $4.13 billion from $4.01 billion. Analysts were expecting earnings of $0.92 per share on sales of $4.21 billion.

Equities Trading UP


Rosetta Genomics Ltd. (USA) (NASDAQ: ROSG) shares shot up 26 percent to $1.43 as the company reported that it has received an approval from the New York State for HEME FISH-based assays.

Shares of American Science & Engineering, Inc. (NASDAQ: ASEI) got a boost, shooting up 14 percent to $36.81 as the company agreed to be acquired by OSI Systems, Inc. (NASDAQ: OSIS) for $37 per share in cash.

Neustar Inc (NYSE: NSR) shares were also up, gaining 7 percent to $25.65 after the company announced plans to separate into two, publicly-traded companies.


Equities Trading DOWN


Medgenics Inc (NYSE: MDGN) shares dropped 12 percent to $5.48. Medgenics priced public offering of 3.64 million shares at $5.50 per share.

Shares of SCYNEXIS Inc (NASDAQ: SCYX) were down 12 percent to $2.32. SCYNEXIS priced public offering of 9.375 million shares of its common stock and warrants at $2.40 per share.

Werner Enterprises, Inc. (NASDAQ: WERN) was down, falling around 10 percent to $22.34 as the company issued a weak earnings forecast for the second quarter. The company projects a profit of $0.21 to $0.25 per share for the quarter.


Commodities


In commodity news, oil traded down 1.70 percent to $48.53 while gold traded down 1.18 percent to $1,276.90.

Silver traded down 1.05 percent Tuesday to $17.33, while copper fell 0.36 percent to $2.09.
 

Eurozone


European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.57 percent, the Spanish Ibex Index fell 0.01 percent, while Italy’s FTSE MIB Index jumped 0.57 percent. Meanwhile the German DAX gained 0.58 percent, and the French CAC 40 climbed 0.68 percent, while U.K. shares fell 0.01 percent.

Economics


The Federal Reserve Chair Janet Yellen is scheduled to testify before the Senate Banking Committee in Washington at 10:00 a.m. ET.

The Treasury is set to auction 4-and 52-week bills.

The Treasury will auction 5-year notes.

The Federal Reserve Gov. Jerome Powell is scheduled to speak in New York at 2:30 p.m. ET.

The API's crude oil inventory report for the recent week will be released at 4:35 p.m. ET.

 

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