Following the market opening Tuesday, the Dow traded down 0.22 percent to 20,836.13 while the NASDAQ declined 0.52 percent to
5,845.36. The S&P also fell, dropping 0.43 percent to 2,363.30.
Leading and Lagging Sectors
Non-cyclical consumer goods & services shares rose 0.27 percent in trading on Tuesday.
In trading on Tuesday, energy shares fell 1.84 percent. Meanwhile, top losers in the sector included Unit Corporation
(NYSE: UNT), down 10 percent, and CGG SA (ADR) (NYSE:
CGG), down 5 percent.
Top Headline
DSW Inc. (NYSE: DSW) reported better-than-expected
earnings for its fourth quarter, but sales missed estimates.
DSW posted Q4 earnings of $0.20 per share on revenue of $674.6 million. Analysts were expecting earnings of $0.16 per share on
revenue of $691.5 million.
Equities Trading UP
DragonWave, Inc.(USA) (NASDAQ: DRWI) shares shot
up 83 percent to $2.10 after the company announced distribution partnership with Ingram Micro Australia on Monday.
Shares of Moneygram International Inc (NASDAQ: MGI)
got a boost, shooting up 27 percent to $16.08. Euronet Worldwide, Inc. (NASDAQ: EEFT) proposed to acquire Moneygram for $15.20 per share.
Ruby Tuesday, Inc. (NYSE: RT) shares were also up,
gaining 15 percent to $2.00 as the company disclosed that it is exploring strategic alternatives. The company reported preliminary
Q3 sales of $225.7 million.
Equities Trading DOWN
Walter Investment Management Corp (NYSE: WAC) shares
dropped 39 percent to $1.65. Walter Investment Management posted a Q4 GAAP loss of $0.61 per share on revenue of $444 million.
Shares of Patriot National Inc (NYSE: PN) were down
around 27 percent to $2.50. Patriot National reported a Q4 loss of $20.3 million.
Aurinia Pharmaceuticals Inc (NASDAQ: AUPH) was
down, falling around 20 percent to $8.45 as the company reported a public offering of common shares.
Commodities
In commodity news, oil traded down 1.39 percent to $48.26 while gold traded up 0.05 percent to $1,203.70.
Silver traded up 0.08 percent Tuesday to $16.99, while copper fell 0.19 percent to $2.62.
Eurozone
European shares were lower today. The eurozone’s STOXX 600 fell 0.29 percent, the Spanish Ibex Index fell 0.51 percent, while
Italy’s FTSE MIB Index declined 0.34 percent. Meanwhile the German DAX fell 0.15 percent, and the French CAC 40 declined 0.43
percent while U.K. shares fell 0.04 percent.
Economics
The Federal Open Market Committee will begin two-day policy meeting today.
The NFIB small business optimism index declined 0.6 points to a reading of 105.3 in February.
The Producer Price Index rose 0.3 percent for February, versus economists’ expectations for a 0.1 percent growth.
The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
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