Mid-Day Market Update: Iradimed Surges Following Strong Q2 Results; McDermott Shares Plunge

Midway through trading Tuesday, the Dow traded down 0.21% to 27163.38 while the NASDAQ fell 0.33% to 8,265.72. The S&P also fell, dropping 0.34% to 3,010.75.

Leading and Lagging Sectors

Real estate shares climbed 0.5% on Tuesday. Meanwhile, top gainers in the sector included Corporate Office Properties Trust OFC, up 6%, and CBL & Associates Properties, Inc. CBL, up 5%.

In trading on Tuesday, information technology shares fell 0.7%.

Top Headline

Procter & Gamble Co PG reported better-than-expected Q4 results.

Procter & Gamble reported fourth-quarter earnings of $1.10 per share, which beat the analyst consensus estimate of $1.05. The company reported quarterly sales of $17.1 billion, which beat the analyst consensus estimate of $16.86 billion.

Equities Trading UP

LSB Industries, Inc. LXU shares shot up 21% to $4.7951 after the company reported Q2 results.

Shares of CNX Resources Corporation CNX got a boost, shooting up 20% to $7.44 after reporting Q2 results.

Iradimed Corp IRMD shares were also up, gaining 27% to $22.93 after the company posted upbeat Q2 results and raised FY19 EPS guidance.

Equities Trading DOWN

McDermott International, Inc. MDR shares tumbled 39% to $6.19 after the company reported downbeat results for its second quarter and issued FY19 sales guidance below analyst estimates.

Shares of Granite Construction Incorporated GVA were down 22% to $34.82 after reporting preliminary results for its second quarter. Granite reported preliminary Q2 EPS of $(2.10)-$(2.05) and sales of $785 million to $790 million.

Gartner, Inc. IT was down, falling 20% to $136.61 after the company issued FY19 guidance below analyst estimates.

Commodities

In commodity news, oil traded up 0.6% to $57.20, while gold traded up 0.5% to $1,427.90.

Silver traded up 0.6% Tuesday to $16.54, while copper fell 1.3% to $2.683.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.47%, the Spanish Ibex Index fell 2.48%, while Italy’s FTSE MIB Index dropped 1.99%. Meanwhile, the German DAX slipped 2.18%, and the French CAC 40 fell 1.61% while UK shares fell 0.52%.

Economics

The Federal Open Market Committee will begin its two-day policy meeting today.

U.S. personal income rose 0.4% for June, while consumer spending increased 0.3% last month.

The S&P Corelogic Case-Shiller home price index increased 2.4% year-over-year in May, versus a 2.5% rise in the prior month.

The Conference Board consumer confidence index rose to 135.7 in July, versus previous reading of 124.3.

The pending home sales index rose 2.8% for June.