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US Market Jumps on Tuesday, Oil Prices Tumble

U.S. stock market indexes were in the green on Tuesday, but oil prices retreated after Saudi Arabia said it will restore a third of its lost oil output following the attacks this past weekend. The Dow Jones Industrial Average gained 0.13% to 27,110, the S&P 500 index rose 0.26% to 3,005 and the Nasdaq Composite Index advanced 0.40% to 8,186.

Shares of Apogee Enterprises Inc. (NASDAQ:APOG) jumped more than 11% on Tuesday after announcing second-quarter results. The company posted earnings of 72 cents per share on $357 million in revenue. The company beat earnings estimates by 9 cents and revenue expectations by $3.38 million.


"We delivered solid operational and financial performance in the second quarter, with results largely in-line with our expectations," CEO Joseph F. Puishys said.

By segment, Architectural Framing Systems revenue was $187.4 million, down from $189.9 million in the prior-year quarter. The operating income was $15.5 million, a decrease from $18.3 million a year ago. Further, the operating margin was 8.3%, down from 9.6% in the comparable period.

In the Architectural Glass business, revenue grew 13% to $99.1 million. The operating income was $6.5 million, compared to $1.7 million in the year-ago quarter, and the operating margin was 6.5%, an improvement from 2%.

In the Architectural Services division, revenue declined to $61.6 million from $76.5 million in the prior-year quarter. The operating margin was 6.5%.

Looking ahead to the full year, the company expects revenue growth between 1% and 3%. It also projects an operating margin between 8.2% and 8.6%. Diluted earnings per share is expected to range from $3 to $3.20.

During the quarter ended June 30, Jim Simons (Trades, Portfolio)' Renaissance Technologies established a position in the stock, buying 38,183 shares. Chuck Royce (Trades, Portfolio) reduced his holding by 39% to 719,074 shares. Hotchkis & Wiley curbed its position by 34% to 106,164 shares and Richard Snow (Trades, Portfolio) trimmed his holding by 6% to 155,407 shares.

Gainers

  • Ball Corp. (NYSE:BLL) +3.9%
  • CME Group Inc. (CME) +3.7%
  • Ulta Beauty Inc. (NASDAQ:ULTA) +3.7%
  • Chipotle Mexican Grill Inc. (NYSE:CMG) +3.2%



Losers

  • Nordstrom Inc. (NYSE:JWN) -9.8%
  • Apache Corp. (NYSE:APA) -8.5%
  • Marathon Oil Corp. (NYSE:MRO) -7.8%
  • Halliburton Co. (NYSE:HAL) -6.5%
  • Occidental Petroleum Corp. (NYSE:OXY) -5.5%
  • Sealed Air Corp. (NYSE:SEE) -0.2%



Global markets

The main European stock markets traded in the red. The U.K.'s FTSE 100 slid 0.01%, France's CAC 40 rose 0.24%, Germany's Dax declined 0.06% and Spain's IBEX 35 fell 0.53%.

In Asia, Japan's Nikkei 225 gained 0.06%, India's BSE Sensex retreated 1.73%, Hong Kong's Hang Seng tumbled 1.23% and China's Shanghai Composite dipped 1.74%.

Disclosure: The author holds no positions in any stocks mentioned.

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This article first appeared on GuruFocus.