Market Overview

Mid-Day Market Update: LAIX Drops After Q2 Results; Digital Ally Shares Surge

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Midway through trading Tuesday, the Dow traded up 0.04% to 25909.43 while the NASDAQ fell 0.07% to 7848.26. The S&P also rose, gaining 0.05% to 2,879.73.

Leading and Lagging Sectors

Real estate shares climbed 0.4% on Tuesday. Meanwhile, top gainers in the sector included Nam Tai Property Inc. (NYSE: NTP), up 4%, and BRT Apartments Corp. (NYSE: BRT), up 2%.

In trading on Tuesday, financial shares fell 0.6%.

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 105% to $5.20 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 63% to $5.38 after the company reported financial results for the six months ended June 30, 2019.

Digital Ally, Inc. (NASDAQ: DGLY) shares were also up, gaining 57% to $1.32 after the company received patent 732, which is a breathalyzers device incorporated into the body camera to capture meta-data for law enforcement when conducting sobriety tests.

Equities Trading DOWN

LAIX Inc. (NYSE: LAIX) shares tumbled 14% to $6.87 after the company reported Q2 results.

Shares of GTT Communications, Inc. (NYSE: GTT) were down 11% to $7.98 after the company announced CFO departure.

J.Jill, Inc. (NYSE: JILL) was down, falling 13% to $1.81. J.Jill reported upbeat results for its second quarter and raised FY19 earnings guidance.

Commodities

In commodity news, oil traded up 0.8% to $54.04, while gold traded up 0.8% to $1,549.40.

Silver traded up 2.1% Tuesday to $18.015, while copper rose 0.4% to $2.5535.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.5%, the Spanish Ibex Index rose 0.37%, while Italy’s FTSE MIB Index climbed 1.37%. Meanwhile, the German DAX rose 0.38% and the French CAC 40 gained 0.42% while UK shares fell 0.17%.

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.

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

 

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