Stocks Gain in Early Trading
U.S. stocks edged higher in early trading on Tuesday, taking a cue from European equities.
At last check, the DJIA added 0.12%, NASDAQ Composite Index advanced 0.19% while the S&P 500 Index gained 0.16%.
According to the U.S. Commerce Department, nation’s trade deficit widened to $40.3 billion in April from $39 billion in March; however, the increase in the trade deficit was less-than-expected. Economists polled by Reuters were expecting it at $41 billion.
Shares of Dollar General Corp. (NYSE: DG) slumped in early trade. Although the discount retailer’s fiscal first quarter results came in-line with analysts’ expectation, the Company lowered its full-year earnings guidance, citing slower sales growth.
Shares of Ulta Salon, Cosmetics & Fragrance Inc. (NASDAQ:ULTA) will be under pressure on Tuesday after analysts at Goldman Sachs downgraded the beauty retailer’s stock to “neutral” from “buy”, citing that the firm needs to invest more in information technology to benefit from growing opportunities from e-commerce business.
Shares of CME Group (NASDAQ: CME) edged up in early trade after analysts at Wells Fargo upgraded the stock to “outperform” from “marketperform”.
Shares of ABM Industries Inc. (NYSE: ABM) rallied in early trade after the integrated building security solutions provider reported 65% jump in fiscal second quarter net income, late last evening. Revenue was boosted by some recent acquisitions. The Company also boosted its full-year earnings guidance.
Elsewhere in Europe, all leading benchmark indexes were trading higher with pan European Stoxx 600 Index up 0.44%, at last check. Spain’s benchmark average Ibex 35 was climbing 1.25% as mood was buoyed up after an economic survey showed that the unemployment level decreased.