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Market Overview

Mid-Morning Market Update: Markets Open Higher; Smucker Misses Q1 Views

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Following the market opening Tuesday, the Dow traded up 0.45% to 26,016.17 while the NASDAQ rose 0.6% to 7,900.93. The S&P also rose, gaining 0.48% to 2,892.02.

Leading and Lagging Sectors

Materials shares climbed 0.9% on Tuesday. Meanwhile, top gainers in the sector included Trinseo S.A. (NYSE: TSE), up 11%, and Myers Industries, Inc. (NYSE: MYE), up 6%.

In trading on Tuesday, financial shares fell 0.1%.

Top Headline

J M Smucker Co (NYSE: SJM) reported worse-than-expected first-quarter EPS and sales results. The company also cut fiscal year 2020 EPS guidance.

JM Smucker reported quarterly earnings of $1.58 per share, which missed the analyst consensus estimate of $1.74. The company reported quarterly sales of $1.779 billion, which missed the analyst consensus estimate of $1.87 billion.

J. M. Smucker cut fiscal year 2020 EPS guidance from $8.45-$8.65 to $8.35-$8.55 versus the $8.47 estimate.

Equities Trading UP

SilverSun Technologies, Inc. (NASDAQ: SSNT) shares shot up 109% to $5.32 after the company disclosed that its subsidiary, SWK Technologies, Inc., has sold its MAPADOC EDI division to SPS Commerce, Inc. (NASDAQ: SPSC),.

Shares of Ossen Innovation Co., Ltd. (NASDAQ: OSN) got a boost, shooting up 105% to $6.78 after the company reported financial results for the six months ended June 30, 2019.

Sears Hometown and Outlet Stores, Inc. (NASDAQ: SHOS) shares were also up, gaining 35% to $3.4452 after the company agreed to sell Outlet business as well as its Buddy's Home Furnishings Stores to Liberty Tax for $132.9 million.

Equities Trading DOWN

LAIX Inc. (NYSE: LAIX) shares tumbled 13% to $6.99 after the company reported Q2 results.

Shares of GTT Communications, Inc. (NYSE: GTT) were down 10% to $8.12 after the company announced CFO departure.

The J. M. Smucker Company (NYSE: SJM) was down, falling 10% to $102.22 after the company reported worse-than-expected Q1 EPS and sales results. The company also cut FY20 EPS guidance.

Commodities

In commodity news, oil traded up 1.1% to $54.25, while gold traded up 0.2% to $1,540.60.

Silver traded up 1.2% Tuesday to $17.85, while copper rose 0.6% to $2.558.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.4%, the Spanish Ibex Index rose 0.7%, while Italy’s FTSE MIB Index climbed 1.2%. Meanwhile, the German DAX rose 0.5% and the French CAC 40 gained 0.3% while UK shares fell 0.1%.

Economics

The S&P Corelogic Case-Shiller home price index increased 2.1 percent year-over-year in June, versus a 2.4 percent rise in the prior month.

The FHFA house price index rose 0.2 percent versus a month earlier for June.

The Conference Board consumer confidence index dropped to 135.1 in August, compared to a revised reading of 135.8 in July.

The Richmond Fed Manufacturing Index rose to 1 in August, versus a prior reading of (12).

The Treasury is set to auction 2-year notes at 1:00 p.m. ET.

 

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

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