Mid-Afternoon Market Update: Switch Drops Following Downbeat Earnings; Truett-Hurst Shares Jump
|Toward the end of trading Tuesday, the Dow traded up 0.49 percent to 25,311.15 while the NASDAQ climbed 0.58 percent to 7,864.87. The S&P also rose, gaining 0.64 percent to 2,840.01.
Leading and Lagging Sectors
Tuesday afternoon, the consumer discretionary shares rose 1 percent. Meanwhile, top gainers in the sector included Electrameccanica Vehicles Corp. SOLO 16.01% up 12 percent, andTapestry, Inc. TPR 12.73% up 14 percent.
In trading on Tuesday, energy shares fell 0.10 percent.
Top Headline
Home Depot Inc HD 0.28% reported better-than-expected results for its second quarter and raised its forecast for the year.
Earnings came in at $3.05 per share, beating estimates of $2.84 per share. Sales came in at $30.463 billion, beating estimates of $30.01 billion.
Equities Trading UP
HyreCar Inc. HYRE 16.97% shares shot up 18 percent to $3.2702 after the company reported Q2 results and issued strong 2018 sales guidance.
Shares of Level Brands, Inc. LEVB 23.07% got a boost, shooting up 18 percent to $3.4381 following Q3 results. Level Brands reported Q3 earnings of $0.03 per share on sales of $3.2 million.
Truett-Hurst, Inc. THST 50.13% shares were also up, gaining 56 percent to $2.18 after a deal announcement. Truett-Hurst said it's selling its wholesale wine business to Precept Brands LLC for $18 million cash, netting Truett-Hurst an estimated $15.9 million after taxes, expenses and fees. The wholesale business includes bottled wine inventory, brands, supplies, bulk wine inventory and related intellectual property.
Equities Trading DOWN
Switch, Inc. SWCH 22.96% shares dropped 22 percent to $10.84 after the company reported weaker-than-expected earnings for its second quarter and lowered its 2018 guidance. The company also announced a $150 million buyback plan.
Shares of Veritone, Inc. VERI 21.71% were down 22 percent to $12.26 after the company missed Q2 EPS and sales estimates.
OptiNose, Inc. OPTN 33.31% was down, falling around 27 percent to $14.27 after releasing quarterly financial results.
Commodities
In commodity news, oil traded up 0.06 percent to $67.24 while gold traded up 0.14 percent to $1,200.60.
Silver traded up 0.29 percent Tuesday to $15.025, while copper fell 1.81 to $2.6815.
Eurozone
European shares closed mostly lower today. The eurozone’s STOXX 600 gained 0.01 percent, the Spanish Ibex Index fell 0.25 percent, while Italy’s FTSE MIB Index declined 0.30 percent. Meanwhile the German DAX rose 0.01 percent, and the French CAC 40 fell 0.16 percent while U.K. shares fell 0.40 percent.
Economics
The NFIB small business optimism index increased 0.7 points to a reading of 107.9 in July.
U.S. import prices were unchanged for July, while export prices fell 0.5 percent in July.
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