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Market Overview

Mid-Afternoon Market Update: Endo Rises On Earnings Beat; Impax Laboratories Shares Slide

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Toward the end of trading Tuesday, the Dow traded down 0.02 percent to 18,525.70 while the NASDAQ climbed 0.27 percent to 5,227.15. The S&P also rose, gaining 0.01 percent to 2,181.07.

Leading and Lagging Sectors

Tuesday afternoon, the non-cyclical consumer goods & services sector proved to be a source of strength for the market.

In trading on Tuesday, cyclical consumer goods & services shares slipped by 0.26 percent. Meanwhile, top losers in the sector included Gap Inc (NYSE: GPS), down 7 percent, and Lamar Advertising Co (NASDAQ: LAMR), down 7 percent.

Top Headline

Coach Inc (NYSE: COH) announced better-than-expected earnings for the fourth quarter. However, its revenue fell shy of the estimates.

The luxury firm's profit for the three-month period was $82 million, or EPS of $0.29. In comparison, the company earned a profit of $12 million, or EPS of $0.04, in the year-ago period. On an adjusted basis, its net income would have been $126 million, or $0.45 a share, representing 47 percent year-over-year growth. This was $0.04 a share better than the analysts' estimate of $0.41.

Coach's net sales advanced 15 percent to $1.15 billion and fell short of the Street predictions of $1.17 billion revenue.


Equities Trading UP

Endo International plc (NASDAQ: ENDP) shares shot up 20 percent to $21.91 as the company announced stronger-than-expected results for the second quarter.

Shares of Monster Worldwide, Inc. (NYSE: MWW) got a boost, shooting up 27 percent to $3.52 after Randstad announced plans to acquire Monster Worldwide for $3.40 per share in cash.

Castlight Health Inc (NYSE: CSLT) shares were also up, gaining 27 percent to $4.32 following Q2 results. Castlight Health reported a Q2 loss of $0.17 per share on revenue of $23.58 million.


Equities Trading DOWN

Connecture Inc (NASDAQ: CNXR) shares dropped 31 percent to $1.75 after the company reported a wider-than-expected Q2 loss and lowered its FY16 sales outlook.

Shares of Impax Laboratories Inc (NASDAQ: IPXL) were down 23 percent to $23.66 as the company posted downbeat quarterly results.

TubeMogul Inc (NASDAQ: TUBE) was down, falling around 21 percent to $10.01 after the company reported a wider-than-expected quarterly loss.


Commodities


In commodity news, oil traded down 0.65 percent to $42.74 while gold traded up 0.40 percent to $1,346.70.

Silver traded up 0.20 percent Tuesday to $19.85, while copper fell 0.74 percent to $2.15.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 rose 0.92 percent, the Spanish Ibex Index rose 1.20 percent, while Italy’s FTSE MIB Index gained 0.31 percent. Meanwhile the German DAX rose 2.50 percent, and the French CAC 40 gained 1.19 percent, while U.K. shares rose 0.62 percent.

Economics

Productivity declined 0.5 percent, versus economists’ expectations for a 0.4 percent growth. Unit-labor costs increased 2.0 percent in the second quarter.

The Johnson Redbook Retail Sales Index declined 0.2 percent during the first week of August versus July.

US wholesale inventories rose 0.30 percent for June, versus economists’ expectations for a 0.10 percent gain.

 

Related Articles (LAMR + GPS)

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

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