Some Gems Among Ugly Reports

Apple's (AAPL) earnings miss weighed on the market (especially the Nasdaq, where it makes up a large percentage of the index), as stocks turned in a mixed day. There were a number of ugly reports, although strong results and solid guidance from industrial bellwether Caterpillar (CAT) was a notable positive. We continue to expect a choppy market this earnings season.

The Home Improvement Retail Stocks Index was the top performing tickerspy Index on the day, led by Lumber Liquidators Holdings (LL) with a 27% gain. The Dotcom Retailer Stocks Index was the day's worst performing tickerspy Index, with Netflix (NFLX) down -25%.

Stocks ended the day mixed, with the Dow up 59 points to 12,676. The S&P fell fractionally to 1,338, while the Nasdaq lost -9 points to 2,854. Oil rose 47 cents to $88.97 a barrel, while gold climbed $31.90 to $1,608.10 an ounce.

In economic news, the Commerce Department said new home sales sank -8.4% in June to a seasonally adjusted 350,000-unit annual rate. That is the largest drop since February 2011.

In earnings news, shares of Netflix plunged -25.0% after the company reported a second-quarter profit of $6.2 million, or 11 cents per share, compared with $68 million, or $1.26 per share, a year earlier. Revenue rose to $889 million. Analysts expected a profit of 5 cents a share on revenue of $889. The company, however, added just 420,000 subscribers in the most-recent quarter compared with 1.8 million new subscribers in the same quarter a year ago. Netflix said it now has 3.6 million global subscribers. The company's international business lost -$89 million last quarter.

TripAdvisor (TRIP) shares slid -16.8% after the online travel site said its second-quarter profit fell to $53.0 million, or 37 cents per share, from $54.1 million, or 41 cents per share, a year earlier. On an adjusted basis, TripAdvisor earned 41 cents a share compared with 38 cents a share a year ago. Revenue climbed 7% to $141.4 million. Analysts had expected a profit of 41 cents a share on revenue of $203 million.

Shares of Buffalo Wild Wings (BWLD) tumbled -10.7% after the casual dining chain posted second-quarter results that missed Wall Street estimates. The company said its second-quarter profit rose to $11.7 million, or 62 cents per share, from $10.7 million, or 58 cents per share, a year earlier as sales climbed almost 30% to $238.7 million. Analysts had expected a profit of 68 cents per share on revenue of $240.2 million. Two pros counted Buffalo Wild Wings among their top holdings at the end of Q2 and nearly 290 tickerspy members own the stock in their portfolios.

Panera Bread (PNRA) shares soared 8.1% after the quick casual dining chain raised its full-year guidance to $5.72-$5.78 a share from $5.58-$5.63. In the second quarter, Panera earned $44.1 million, or $1.50 cents per share on an 18% sales increase to $530.6 million. Same-store sales rose 6%, including 7% at company owned bakery-cafes. Analysts had expected EPS of $1.43. Four pros counted Panera among their top holdings at the end of Q2 and more than 240 tickerspy members own the stock in their portfolios.

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