Market Overview

Mid-Morning Market Update: Markets Rise On Alcoa Earnings, Kroger To Buy Harris Teeter For $2.5B

Mid-Morning Market Update: Markets Rise On Alcoa Earnings, Kroger To Buy Harris Teeter For $2.5B

Following the market opening Tuesday, the Dow traded up 0.43 percent to 15,289.55 while the NASDAQ surged 0.25 percent to 3,493.35. The S&P rose, gaining 0.51 percent to 1,648.88.

Top Headline

Kroger Co (NYSE: KR) announced its plans to buy Harris Teeter Supermarkets (NYSE: HTSI) in a deal valued at $2.5 billion.

Kroger will pay $49.38 per share in cash, representing a 1.8% premium over Harris Teeter's closing price on Monday.

Equities Trading UP

YY (NASDAQ: YY) shot up 5.44 percent to $30.05 after Piper Jaffray upgraded the stock from “neutral” to “overweight.”

Shares of WD-40 Company (NASDAQ: WDFC) got a boost, shooting up 11.41 percent to $64.23 on upbeat FQ3 results.

Wolverine World Wide (NYSE: WWW) was also up, gaining 7 percent to $59.14 after the company raised its full-year adjusted earnings forecast.

Equities Trading DOWN

Shares of Amarin Corporation plc (NASDAQ: AMRN) were down 6.97 percent to $5.74 after the company announced a public offering of 21.7 million American Depositary Shares.

Intuitive Surgical (NASDAQ: ISRG) was down, falling 16.46 percent to $417.79 after the company issued downbeat Q2 revenue forecast.

Ixia (NASDAQ: XXIA) shares tumbled 20.52 percent to $14.10 after the company lowered its Q2 revenue outlook.


In commodity news, oil traded down 0.30 percent to $102.83, while gold traded up 1.17 percent to $1,249.40.

Silver traded up 0.69 percent Tuesday to $19.17, while copper fell 1.39 percent to $3.06.


European shares were mostly higher on the back of the positive data out of China. U.K. industrial production unexpectedly stalled in June, posting a flat reading from May vs. an expected gain of 0.2 percent while May's figure was revised lower to -0.1 percent from 0.1 percent.

The Spanish Ibex Index surged 0.34 percent and the Italian FTSE MIB Index dropped 0.02 percent. Meanwhile, the German DAX jumped 1.41 percent and the French CAC 40 rose 0.74 percent while U.K. shares gained 1.12 percent.


The NFIB small-business optimism index declined 0.9 points to 93.5 in June.

The ICSC-Goldman Sachs store sales index rose 3% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index dropped 0.3% in the five weeks of June versus May.

The Treasury is set to hold a 4-week bill and 3-year note auction.

Posted-In: Technicals Economics Intraday Update Markets Movers Trading Ideas Best of Benzinga


Related Articles (AMRN + HTSI)

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UPDATE: Imperial Capital Initiates Calumet Specialty Products at In-Line on Expected Continued Distribution Growth