Market Overview

Mid-Day Market Update: Thor Industries Climbs On Earnings Beat; Francesca's Shares Slide

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Midway through trading Tuesday, the Dow traded down 0.08 percent to 21,167.02 while the NASDAQ climbed 0.07 percent to 6,299.78. The S&P also fell, dropping 0.11 percent to 2,433.40.

Leading and Lagging Sectors

Technology sector was the top gainer in the US market on Tuesday. Top gainers in the sector included Medidata Solutions Inc (NASDAQ: MDSO), NeoPhotonics Corp (NYSE: NPTN), and Finisar Corporation (NASDAQ: FNSR).

In trading on Tuesday, cyclical consumer goods & services shares fell 0.38 percent. Meanwhile, top losers in the sector included Conn's Inc (NASDAQ: CONN), down 14 percent, and Francesca's Holdings Corp (NASDAQ: FRAN), down 13 percent.

Top Headline

G-III Apparel Group, Ltd. (NASDAQ: GIII) reported a smaller-than-expected loss for its first quarter and raised its FY18 outlook.

G-III Apparel posted quarterly adjusted loss of $0.18 per share on revenue of $529 million. However, analysts were expecting a loss of $0.40 per share on revenue of $498.10 million.

G-III now expects FY18 adjusted earnings of $1.04 to $1.14 per share, versus earlier outlook of $0.80 to $0.90 per share. It raised its sales forecast from $2.73 billion to $2.76 billion.

Equities Trading UP

NII Holdings, Inc. (NASDAQ: NIHD) shares shot up 40 percent to $0.913 after the company reported a partnership with AINMT for investing in Nextel Brazil's growth strategy.

Shares of G-III Apparel Group, Ltd. (NASDAQ: GIII) got a boost, shooting up 22 percent to $24.24 after the company reported a smaller-than-expected loss for its first quarter and raised its FY18 outlook.

Thor Industries, Inc. (NYSE: THO) shares were also up, gaining 10 percent to $104.54 after the company reported stronger-than-expected earnings for its third quarter.

Equities Trading DOWN

HD Supply Holdings Inc (NASDAQ: HDS) shares dropped 17 percent to $34.36 after the company posted downbeat quarterly earnings and agreed to sell its waterworks unit for $2.5 billion.

Shares of Francesca's Holdings Corp (NASDAQ: FRAN) were down 13 percent to $10.59 after the company posted downbeat quarterly results and lowered its FY18 earnings outlook.

Conn's Inc (NASDAQ: CONN) was down, falling around 14 percent to $16.33. Conn's reported a narrower-than-expected loss for its first quarter, but sales missed estimates.

Commodities

In commodity news, oil traded down 0.38 percent to $47.22 while gold traded up 1.01 percent to $1,295.70.

Silver traded up 0.65 percent Tuesday to $17.695, while copper rose 0.06 percent to $2.559.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.64 percent, the Spanish Ibex Index rose 0.14 percent, while Italy’s FTSE MIB Index gained 0.08 percent. Meanwhile the German DAX climbed 0.93 percent, and the French CAC 40 declined 0.66 percent while U.K. shares fell 0.09 percent.

Economics

The Johnson Redbook Retail Sales Index rose 0.7 percent during the first week of June versus May.

U.S. job openings increased to 6.04 million in April, according to the Labor Department's JOLTS report. Economists expected a gain of 5.65 million jobs.

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

 

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