Mid-Afternoon Market Update: Tarena International Falls After Q1 Results; AMERI Holdings Shares Climb

Toward the end of trading Tuesday, the Dow traded down 0.08 percent to 24,793.95 while the NASDAQ climbed 0.27 percent to 7,627.18. The S&P also rose, gaining 0.03 percent to 2,747.65.

Leading and Lagging Sectors

Tuesday afternoon, the materials shares surged 0.72 percent. Meanwhile, top gainers in the sector included Taseko Mines Limited TGB up 7 percent, and Northern Dynasty Minerals Ltd. NAK up 11 percent.

In trading on Tuesday, utilities shares fell 0.69 percent.

Top Headline

Navistar International Corp NAV reported upbeat earnings for its second quarter and raised its FY18 sales outlook.

Navistar posted adjusted earnings of $0.55 per share on revenue of $2.42 billion. However, analysts were expecting earnings of $0.33 per share on revenue of $2.44 billion.

Palo Alto Networks now expects FY18 sales of $9.75 billion to $10.25 billion, versus earlier forecast of $9.25 billion to $9.75 billion.

Equities Trading UP

AMERI Holdings, Inc. AMRH shares shot up 168 percent to $2.16 after the company announced a new partnership with a machine learning company called Bayestree Intelligence.

Shares of Co-Diagnostics, Inc. CODX got a boost, shooting up 35 percent to $5.9742 after the company reported advancement of Co-Primers technology in multiplex SNP genotyping.

Cherokee Inc. CHKE shares were also up, gaining 35 percent to $1.0632 after the company reported the sale of Flip Flop Shops to Bearpaw Holdings.

Equities Trading DOWN

Aegean Marine Petroleum Network Inc. ANW shares dropped 72 percent to $0.800 following Audit Committee findings indicating that $200 million of accounts receivable will need to be written off.

Shares of Tarena International, Inc. TEDU were down 21 percent to $7.4752 after reporting Q1 results. Tarena posted Q1 adjusted loss of RMB2.59 per ADS on net sales of RMB406.3 million. The company expects Q2 sales of RMB500 million to RMB520 million.

Genesco Inc. GCO was down, falling around 10 percent to $40.75 following Q1 results. Genesco reported a Q1 loss of $2.3 million on revenue of $645 million.

Commodities

In commodity news, oil traded up 0.63 percent to $65.16 while gold traded up 0.40 percent to $1,302.50.

Silver traded up 0.54 percent Tuesday to $16.52, while copper rose 2.11 to $3.2005.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 declined 0.31 percent, the Spanish Ibex Index fell 0.66 percent, while Italy’s FTSE MIB Index fell 1.18 percent. Meanwhile the German DAX climbed 0.13 percent, and the French CAC 40 fell 0.22 percent while U.K. shares fell 0.70 percent.

Economics

The Markit services PMI gained to 56.80 for May, versus previous reading of 55.70. However, economists were projecting a reading of 55.70.

The ISM nonmanufacturing index rose to 58.60 in May, versus prior reading of 56.80. Economists expected a reading of 57.90.

Job openings increased to 6.7 million in April, compared to 6.63 million in March, the Labor Department reported.