Market Overview

Mid-Day Market Update: Tile Shop Drops On Earnings Miss; Educational Development Shares Climb

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Midway through trading Tuesday, the Dow traded down 0.48 percent to 21,525.64 while the NASDAQ declined 0.05 percent to 6,311.11. The S&P also fell, dropping 0.24 percent to 2,453.18.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares rose by 0.30 percent in the US market on Tuesday.

In trading on Tuesday, basic materials shares fell 0.43 percent. Meanwhile, top losers in the sector included Carpenter Technology Corporation (NYSE: CRS), down 3 percent, and Gibraltar Industries Inc (NASDAQ: ROCK), down 3 percent.

Top Headline

Bank of America Corp (NYSE: BAC) reported better-than-expected profit for its second quarter.

Bank of America posted quarterly adjusted earnings of $0.46 per share on revenue of $22.8 billion. However, analysts were expecting earnings of $0.43 per share on sales of $21.8 billion.

 

Equities Trading UP

T2 Biosystems Inc (NASDAQ: TTOO) shares shot up 15 percent to $3.06 after the company disclosed that it has received a CE Mark for its T2Bacteria Panel allowing for the commercialization in Europe.

Shares of Quidel Corporation (NASDAQ: QDEL) got a boost, shooting up 11 percent to $37.95 after gaining 25.35 percent on Monday. Canaccord Genuity upgraded Quidel from Hold to Buy, while William Blair upgraded the stock from Market Perform to Outperform.

Educational Development Corporation (NASDAQ: EDUC) shares were also up, gaining 12 percent to $11.60. Educational Development posted Q1 earnings of $0.30 per share on revenue of $26,930,800.

Equities Trading DOWN

Tile Shop Hldgs, Inc. (NASDAQ: TTS) shares dropped 24 percent to $15.38 after the company reported downbeat Q2 results.

Shares of Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) were down 14 percent to $6.26 after the company posted disappointing quarterly earnings.

Harley-Davidson Inc (NYSE: HOG) was down, falling around 10 percent to $47.00. Harley-Davidson posted upbeat Q2 earnings, but lowered its 2017 motorcycle shipment guidance.

 

Commodities

In commodity news, oil traded up 0.52 percent to $46.26 while gold traded up 0.57 percent to $1,240.70.

Silver traded up 0.94 percent Tuesday to $16.25, while copper rose 0.02 percent to $2.7245.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 1.08 percent, the Spanish Ibex Index fell 0.98 percent, while Italy’s FTSE MIB Index declined 0.66 percent. Meanwhile the German DAX dropped 1.30 percent, and the French CAC 40 slipped 1.00 percent while U.K. shares fell 0.13 percent.

Economics

The import price index declined 0.2 percent for June, versus economists’ expectations for a 0.2 percent drop. The export price index slipped 0.20 percent last month.

The Johnson Redbook Retail Sales Index dropped 1.3 percent during the first two weeks of July versus June.

The NAHB housing market index dropped to 64.00 in July, versus prior reading of 67.00. Economists expected a reading of 67.00.

The Treasury International Capital report for May is schedule for release at 4:00 p.m. ET.

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

 

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