Market Overview

Mid-Afternoon Market Update: Dow Up Over 300 Points; Dean Foods Shares Drop On Downbeat Q2 Results

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Toward the end of trading Tuesday, the Dow traded up 1.18% to 26,020.64 while the NASDAQ rose 1.51% to 7,843.06. The S&P also rose, gaining 1.32% to 2,882.22.

Leading and Lagging Sectors

Information technology shares climbed 1.7% on Tuesday. Meanwhile, top gainers in the sector included Itron, Inc. (NASDAQ: ITRI), up 16%, and NeoPhotonics Corporation (NYSE: NPTN), up 29%.

In trading on Tuesday, energy shares fell 0.3%.

Top Headline

Becton Dickinson and Co (NYSE: BDX) reported better-than-expected earnings for its third quarter, while sales missed estimates.

Becton Dickinson reported quarterly earnings of $3.08 per share, which beat the analyst consensus estimate of $3.05 per share. The company posted quarterly sales of $4.35 billion, versus analysts’ estimates of $ $4.37 billion.

Equities Trading UP

EverQuote, Inc. (NASDAQ: EVER) shares shot up 49% to $19.68 after the company reported better-than-expected Q2 EPS and sales results. The company also issued Q3 and FY19 sales guidance above analyst estimates.

Shares of Adient plc (NYSE: ADNT) got a boost, shooting up 31% to $25.25 after the company announced upbeat Q3 earnings.

NeoPhotonics Corporation (NYSE: NPTN) shares were also up, gaining 29% to $5.59 after the company reported better-than-expected Q2 EPS and sales results. The company also issued Q3 EPS and sales results above analyst estimates.

Equities Trading DOWN

GreenSky, Inc. (NASDAQ: GSKY) shares tumbled 37% to $6.57 after the company reported worse-than-expected Q2 EPS and sales results and announced intent to explore strategic alternatives.

Shares of Avid Technology, Inc. (NASDAQ: AVID) were down 35% to $6.26 after reporting downbeat Q2 results.

Dean Foods Company (NYSE: DF) was down, falling 31% to $1.15 after the company reported worse-than-expected Q2 EPS and sales results.

 

Commodities

In commodity news, oil traded down 2.1% to $53.54, while gold traded up 0.4% to $1,482.20.

Silver traded up 0.2% Tuesday to $16.42, while copper rose 0.8% to $2.5635.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 fell 0.47%, the Spanish Ibex Index fell 0.89%, while Italy’s FTSE MIB Index slipped 0.68%. Meanwhile, the German DAX dropped 0.78%, and the French CAC 40 fell 0.13% while UK shares fell 0.72%.

Economics

The Johnson Redbook Retail Sales Index rose 1.1% during the first week of August versus July.

The number of job openings in the US fell slightly to 7.348 million in June, versus a revised 7.384 million in the prior month, the Labor Department reported.

 

Posted-In: Mid-Afternoon Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

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