Toward the end of trading Tuesday, the Dow traded up 0.42 percent to 21,982.95 while the NASDAQ climbed 0.18 percent to
6,359.63. The S&P also rose, gaining 0.26 percent to 2,476.71.
Leading and Lagging Sectors
Tuesday afternoon, the financial sector proved to be a source of strength for the market. Leading the sector was strength from
Credit Acceptance Corp. (NASDAQ: CACC) and EZCORP
Inc (NASDAQ: EZPW).
In trading on Tuesday, healthcare shares were relative laggards, down on the day by about 0.15 percent. Meanwhile, top losers in
the sector included GenMark Diagnostics, Inc (NASDAQ: GNMK), down 13 percent, and AcelRx Pharmaceuticals Inc (NASDAQ: ACRX), down 17 percent.
Top Headline
Pfizer Inc. (NYSE: PFE) reported better-than-expected
earnings for its second quarter and raised its FY 2017 earnings guidance. However, the company’s quarterly sales missed analysts’
estimates.
Pfizer posted Q2 earnings of $0.67 per share on sales of $12.9 billion. However, analysts were expecting earnings of $0.66 per
share on sales of $13.1 billion.
Pfizer raised its FY 2017 earnings guidance to $2.54 to $2.60 per share, versus earlier forecast of $2.50 to $2.60 per
share.
Equities Trading UP
CombiMatrix Corp (NASDAQ: CBMX) shares shot up 39
percent to $7.00 as the company disclosed that it has entered into a merger agreement with InVitae Corp (NYSE: NVTA).
Shares of Lumber Liquidators Holdings Inc (NYSE: LL)
got a boost, shooting up 33 percent to $32.85 as the company posted stronger-than-expected Q2 results.
Horizon Global Corp (NYSE: HZN) shares were also up,
gaining 25 percent to $17.37 as the company posted stronger-than-expected Q2 results.
Equities Trading DOWN
Kona Grill Inc (NASDAQ: KONA) shares dropped 25
percent to $2.00 following Q2 results. Kona Grill reported a Q2 loss of $4.3 million on sales of $47 million.
Shares of Precipio Inc (NASDAQ: PRPO) were down 23
percent to $6.32 after the company reported a proposed public offering.
Intevac, Inc. (NASDAQ: IVAC) was down, falling
around 17 percent to $9.48. Intevac reported Q2 adjusted earnings of $0.05 per share on sales of $31 million.
Commodities
In commodity news, oil traded down 2.5 percent to $48.91 while gold traded up 0.42 percent to $1,278.70.
Silver traded down 0.15 percent Tuesday to $16.76, while copper fell 0.36 percent to $2.881.
Eurozone
European shares closed higher today. The eurozone’s STOXX 600 gained 0.64 percent, the Spanish Ibex Index rose 0.80 percent,
while Italy’s FTSE MIB Index climbed 0.59 percent. Meanwhile the German DAX climbed 1.10 percent, and the French CAC 40 gained 0.65
percent while U.K. shares rose 0.70 percent.
Economics
U.S. consumer spending rose 0.1 percent for June, versus economists’ expectations for a 0.1 percent gain. Personal income growth
was unchanged in June.
The Johnson Redbook Retail Sales Index dropped 1.2 percent in July.
The Markit manufacturing PMI rose to 53.30 for July, versus prior reading of 53.20. However, economists were expecting a reading
of 53.20.
The ISM manufacturing index dropped to 56.30 in July, versus previous reading of 57.80. Economists expected a reading of
56.50.
U.S. construction spending declined 1.30 percent for June, versus economists’ expectations for a 0.40 percent growth.
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