Market Overview

Mid-Morning Market Update: Markets Open Higher; Dean Foods Earnings Miss Views

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Following the market opening Tuesday, the Dow traded up 0.10 percent to 21,033.45 while the NASDAQ gained 0.36 percent to 6,124.42. The S&P also rose, gaining 0.12 percent to 2,402.20.

Leading and Lagging Sectors

Technology sector was the top gainer in the US market on Tuesday. Top gainers in the sector included Camtek LTD. (NASDAQ: CAMT), MaxLinear, Inc. (NYSE: MXL), and Convergys Corp (NYSE: CVG).

In trading on Tuesday, utilities shares were relative laggards, down on the day by about 0.42 percent. Meanwhile, top losers in the sector included American Midstream Partners LP (NYSE: AMID), down 2 percent, and South Jersey Industries Inc (NYSE: SJI), down 3 percent.

Top Headline

Dean Foods Co (NYSE: DF) posted weaker-than-expected earnings for its first quarter on Tuesday.

Dean Foods said it earned $0.13 per share in the first quarter on revenue of $2.00 billion; Analysts were expecting the company to earn $0.18 per share on revenue of $1.097 billion.

Dean Foods expects FY 2017 earnings of $1.35 to $1.55 per share, versus analysts’ estimates of $1.40 per share.

Equities Trading UP

Cleantech Solutions International Inc (NASDAQ: CLNT) shares shot up 60 percent to $5.23 as YSK 1860 Co reported a 29.4 percent stake in Cleantech after the close on Monday.

Shares of CPI Aerostructures, Inc. (NYSE: CVU) got a boost, shooting up 26 percent to $7.20 after the company posted upbeat Q1 results.

Wayfair Inc (NYSE: W) shares were also up, gaining 18 percent to $60.47 after first-quarter earnings boasted a 2.7-percent sales beat and 46-percent year-over-year increase in active customers.

Equities Trading DOWN

SCYNEXIS Inc (NASDAQ: SCYX) shares dropped 31 percent to $1.76. Scynexis reported a Q1 loss of $6.4 million on revenue of $64,000.

Shares of TravelCenters of America LLC (NASDAQ: TA) were down around 19 percent to $5.12. TravelCenters of America posted Q1 GAAP loss of $0.74 per share on sales of $1.39 billion.

Hertz Global Holdings, Inc (NYSE: HTZ) was down, falling around 18 percent to $12.21 as the company reported a wider-than-expected loss for its first quarter.

Commodities

In commodity news, oil traded down 0.47 percent to $46.21 while gold traded down 0.52 percent to $1,220.70.

Silver traded down 0.45 percent Tuesday to $16.185, while copper rose 0.12 percent to $2.4965.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.54 percent, the Spanish Ibex Index rose 0.06 percent, while Italy’s FTSE MIB Index jumped 0.92 percent. Meanwhile the German DAX climbed 0.67 percent, and the French CAC 40 surged 0.33 percent while U.K. shares rose 0.77 percent.

Economics

U.S. job openings rose to 5.73 million in March, versus a downwardly-revised figure of 5.68 million for February, according to the Labor Department's JOLTS report. However, economists were expecting job opening to reach 5.67 million.

U.S. wholesale inventories rose 0.20 percent for March, versus economists’ expectations for a 0.10 percent decline.

The Treasury is set to auction 4-week bills at 11:30 a.m. ET.

Boston Federal Reserve Bank President Eric Rosengren will speak in New York at 1:00 p.m. ET.

The Treasury will also auction 3-year notes at 1:00 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Dallas at 4:15 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Commodities Global Intraday Update Markets

 

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