Mid-Day Market Update: Dow Rises Over 400 Points; Box Shares Fall On Weak Revenue Outlook

This post was originally published on this site

Midway through trading Tuesday, the Dow traded up 1.72 percent to 25245 while the NASDAQ rose 2.03 percent to 7,482. The S&P also rose, gaining 1.63 percent to 2,789.

Leading and Lagging Sectors

Information technology shares rose 2.6 percent on Tuesday. Meanwhile, top gainers in the sector included Digital Turbine, Inc. (NASDAQ: APPS), up 13 percent, and VirnetX Holding Corp (NYSE: VHC), up 10 percent.

In trading on Tuesday, utilities shares fell by 1.7 percent.

Top Headline

Tiffany & Co. (NYSE: TIF) reported upbeat earnings for its first quarter, while sales missed estimates.

The luxury jewelry retailer reported quarterly earnings of $1.03 per share, which beat the analyst consensus estimate of $1.02. Tiffany’s reported quarterly sales of $1.003 billion missed the analyst consensus estimate of $1.02 billion.

Tiffany reported global gross retail square footage increase of 3 percent net with eight new store openings, six closings and 15 relocations.

Equities Trading UP

Castor Maritime Inc. (NASDAQ: CTRM) shares shot up 47 percent to $6.26 after the company reported year-over-year increases in sales, net income and EBITDA for the first six months of 2019.

Shares of Continental Resources, Inc. (NYSE: CLR) got a boost, shooting up 14 percent to $40.00 after the company reported a $1 billion buyback. The company also initiated a $0.05/share quarterly dividend.

Digital Turbine, Inc. (NASDAQ: APPS) shares were also up, gaining 13 percent to $4.17 after the company reported better-than-expected Q4 EPS and sales results.

Equities Trading DOWN

Vislink Technologies, Inc. (NASDAQ: VISL) shares tumbled 22 percent to $2.3250. Vislink Technologies shares jumped 80 percent Monday after the company received $300 thousand in airborne video downlink orders from California and Minnesota Law Enforcement agencies.

Shares of Box, Inc. (NYSE: BOX) were down 8 percent to $16.58. Box reported upbeat earnings for its first quarter, but issued weak FY20 sales guidance.

Orchard Therapeutics plc (NASDAQ: ORTX) was down, falling 17 percent to $15.81 after reporting a 9 million share common stock offering.


In commodity news, oil traded up 0.3 percent to $53.40, while gold traded down 0.2 percent to $1,325.30.

Silver traded down 0.1 percent Tuesday to $14.72, while copper rose 0.4 percent to $2.6605.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.64 percent, the Spanish Ibex Index rose 1.25 percent, while Italy’s FTSE MIB Index rose 1.81 percent. Meanwhile, the German DAX climbed 1.58 percent, and the French CAC 40 climbed 0.64 percent while UK shares rose 0.49 percent.


The Johnson Redbook Retail Sales Index rose 1.4 percent during the first four weeks of May versus April.

U.S. factory orders fell 0.8 percent in April, versus economists’ expectations for a 0.9 percent drop.

Federal Reserve Member of the Board of Governors Lael Brainard is set to speak in Chicago, IL at 3:45 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan will speak in Chicago, IL at 6:45 p.m. ET.

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.