Midway through trading Tuesday, the Dow traded up 0.17 percent to 18,560.65 while the NASDAQ climbed 0.37 percent to 5,263.81. The S&P also rose, gaining 0.30 percent to 2,189.27.
Leading and Lagging Sectors
On Tuesday, the basic materials shares gained by 1 percent. Meanwhile, top gainers in the sector included CF Industries Holdings, Inc. (NYSE: CF ), and Fibria Celulose SA (ADR) (NYSE: FBR ).
In trading on Tuesday, utilities shares rose by just 0.1 percent. Meanwhile, top losers in the sector included CPFL Energia S.A. (ADR) (NYSE: CPL ), down 1.5 percent, and Companhia Paranaense de Energia (ADR) (NYSE: ELP ), down 0.7 percent.
Top Headline
Best Buy Co Inc (NYSE: BBY ) reported stronger-than-expected results for its second quarter on Tuesday.
The retailer reported GAAP EPS from continuing operations of $ 0.56 representing an increase of 22 percent from $ 0.46 in the same period last year. Its adjusted EPS from continuing operations were $ 0.57, up 16 percent from $ 0.49 in the year-ago quarter. Best Buy generated revenue of $ 8.53 billion and came in higher than the analysts’ predictions of $ 8.4 billion.
Going forward, the retailer expects adjusted EPS to be $ 0.43-$ 0.47 on revenue of $ 8.8-$ 8.9 billion for the third quarter. The company sees domestic comparable store sales to witness 1 percent growth. Street analysts’ are looking for an EPS of $ 0.45 on revenue of $ 8.77 billion.
Equities Trading UP
Daktronics, Inc. (NASDAQ: DAKT ) shares shot up 21 percent to $ 8.36 following Q1 results. Daktronics reported quarterly earnings of $ 0.13 per share on revenue of $ 157.1 million.
Shares of Astrotech Corp (NASDAQ: ASTC ) got a boost, shooting up 21 percent to $ 1.80 as the company disclosed that its subsidiary 1st Detect and strategic partner Battelle were awarded Phase III of the DOD’s JPEO-CBD next generation chemical detection solution.
Best Buy Co Inc (NYSE: BBY ) shares were also up, gaining 19 percent to $ 39.03 after the company reported stronger-than-expected results for its second quarter on Tuesday.
Equities Trading DOWN
Sophiris Bio Inc (NASDAQ: SPHS ) shares dropped 32 percent to $ 3.96 on the announcement of an equity offering of stock and warrants.
Shares of Cosi Inc (NASDAQ: COSI ) were down 17 percent to $ 0.257 after the announcement that CEO and President Robert Dourney had been fired, while CFO Miguel Rossy-Donovan had resigned, to work for another company. Board member Patrick Bennett will serve as interim CEO until a permanent replacement is found.
Biostar Pharmaceuticals Inc (NASDAQ: BSPM ) was down, falling around 33 percent to $ 2.74 following Q2 results. Biostar Pharmaceuticals reported a quarterly net loss of $ 6.9 million on revenue of $ 0.6 million.
Commodities
In commodity news, oil traded up 0.80 percent to $ 47.79 while gold traded down 0.08 percent to $ 1,342.30.
Silver traded up 0.04 percent Tuesday to $ 19.01, while copper fell 1.25 percent to $ 2.13.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 rose 0.93 percent, the Spanish Ibex Index gained 1.33 percent, while Italy’s FTSE MIB Index gained 2.5 percent. Meanwhile the German DAX climbed 0.94 percent, and the French CAC 40 rose 0.72 percent, while U.K. shares rose 0.59 percent.
Economics
The Johnson Redbook Retail Sales Index dropped 0.4 percent during the third week of August versus July.
The flash reading of the Markit manufacturing PMI slipped to 52.10 for August, versus a July reading of 52.90. However, economists were expecting a reading of 52.70.
New-home sales surged 12.4 percent to an annual rate of 654,000 in July. Economists were projecting a 580,000 pace for the month.
The Richmond Fed’s manufacturing index dropped to -11.00 in August, versus a previous reading of 10.00. Economists estimated a reading of 6.00.
The Treasury will also auction 2-year notes at 1:00 p.m. ET.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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