Market Overview

Mid-Afternoon Market Update: Werner Enterprises Slides Following Weak Guidance; Imperva Shares Spike Higher



Toward the end of trading Tuesday, the Dow traded up 0.27 percent to 17,852.71 while the NASDAQ gained 0.05 percent to 4,839.44. The S&P also rose, gaining 0.36 percent to 2,090.77.

Leading and Lagging Sectors

On Tuesday, energy shares rose by 1.01 percent. Top gainers in the sector included Energy Transfer Equity LP (NYSE: ETE) and Kinder Morgan Inc (NYSE: KMI).

In trading on Tuesday, basic materials shares fell by 0.52 percent. Meanwhile, top losers in the sector included Schnitzer Steel Industries, Inc. (NASDAQ: SCHN), down 6 percent, and DRDGOLD Ltd. (ADR) (NYSE: DRD), down 7 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 18 percent to $1.35 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 $36.77 as the company agreed to be acquired by OSI Systems, Inc. (NASDAQ: OSIS) for $37 per share in cash.

Imperva Inc (NYSE: IMPV) shares were also up, gaining 12 percent to $45.10. After Monday's close, it was reported in a 13D filing that Elliot Management had accumulated a 9.8 stake in the company.

Equities Trading DOWN

Medgenics Inc (NYSE: MDGN) shares dropped 15 percent to $5.33. Medgenics priced public offering of 3.64 million shares at $5.50 per share.

Shares of Paratek Pharmaceuticals Inc (NASDAQ: PRTK) were down 17 percent to $13.69 after the company reported a proposed public stock offering.

Werner Enterprises, Inc. (NASDAQ: WERN) was down, falling around 10 percent to $22.24 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. JP Morgan downgraded Werner from Overweight to Neutral and lowered the price target from $30.00 to $23.00, while Bank of America downgraded the stock from Neutral to Underperform.


In commodity news, oil traded down 1.68 percent to $48.54 while gold traded down 1.49 percent to $1,272.80.

Silver traded down 1.16 percent Tuesday to $17.31, while copper rose 1.48 percent to $2.12.


European shares closed higher today. The eurozone’s STOXX 600 climbed 0.70 percent, the Spanish Ibex Index rose 0.23 percent, while Italy’s FTSE MIB Index jumped 0.45 percent. Meanwhile the German DAX gained 0.54 percent, and the French CAC 40 climbed 0.61 percent, while U.K. shares rose 0.36 percent.



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


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