Mid-Afternoon Market Update: Crude Oil Up Over 2%; CNX Resources Shares Climb After Q2 Results

Toward the end of trading Tuesday, the Dow traded down 0.01% to 27,217.57 while the NASDAQ rose 0.01% to 8,293.82. The S&P also fell, dropping 0.15% to 3,016.44.

Leading and Lagging Sectors

Energy shares climbed 1% on Tuesday. Meanwhile, top gainers in the sector included CNX Resources Corporation CNX, up 28%, and Nabors Industries Ltd. NBR, up 26%.

In trading on Tuesday, utilities shares fell 0.9%.


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 26% to $5.01 after the company reported Q2 results.

Shares of CNX Resources Corporation CNX got a boost, shooting up 27% to $7.88 after reporting Q2 results.

Iradimed Corp IRMD shares were also up, gaining 33% to $24.00 after the company posted upbeat Q2 results and raised FY19 EPS guidance.


Equities Trading DOWN

McDermott International, Inc. MDR shares tumbled 36% to $6.47 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 19% to $36.01 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 19% to $138.21 after the company issued FY19 guidance below analyst estimates.


Commodities


In commodity news, oil traded up 2.1% to $58.06, while gold traded up 0.8% to $1,431.60.

Silver traded up 0.9% Tuesday to $16.585, while copper fell 1.5% to $2.676.

Euro zone


European shares closed 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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarketsDiversified ChemicalsEnergyMaterialsMid-Afternoon Market UpdateOil & Gas Drilling
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!