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Mid-Afternoon Market Update: Crude Oil Up 1%; HD Supply Holdings Shares Plummet

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Toward the end of trading Tuesday, the Dow traded down 0.13 percent to 21,156.60 while the NASDAQ declined 0.01 percent to 6,294.99. The S&P also fell, dropping 0.12 percent to 2,433.15.

Leading and Lagging Sectors

Energy sector was the top gainer in the US market on Tuesday. Top gainers in the sector included Approach Resources Inc. (NASDAQ: AREX), Superior Energy Services, Inc. (NYSE: SPN), and SM Energy Co (NYSE: SM).

In trading on Tuesday, cyclical consumer goods & services shares fell 0.58 percent. Meanwhile, top losers in the sector included Conn's Inc (NASDAQ: CONN), down 12 percent, and Francesca's Holdings Corp (NASDAQ: FRAN), down 15 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 37 percent to $0.890 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 16 percent to $23.10 after the company reported a smaller-than-expected loss for its first quarter and raised its FY18 outlook.

Covisint Corp (NASDAQ: COVS) shares were also up, gaining 11 percent to $2.45 after Open Text Corp (USA) (NASDAQ: OTEX) announced plans to buy the company at $2.45 per share.

Equities Trading DOWN

HD Supply Holdings Inc (NASDAQ: HDS) shares dropped 19 percent to $33.30 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 15 percent to $10.27 after the company posted downbeat quarterly results and lowered its FY18 earnings outlook.

Conn's Inc (NASDAQ: CONN) was down, falling around 12 percent to $16.67. Conn's reported a narrower-than-expected loss for its first quarter, but sales missed estimates.

Commodities

In commodity news, oil traded up 1.14 percent to $47.94 while gold traded up 1.15 percent to $1,297.40.

Silver traded up 0.65 percent Tuesday to $17.695, while copper fell 0.41 percent to $2.547.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.67 percent, the Spanish Ibex Index fell 0.05 percent, while Italy’s FTSE MIB Index gained 0.19 percent. Meanwhile the German DAX dropped 1.04 percent, and the French CAC 40 declined 0.73 percent while U.K. shares fell 0.01 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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