Stock market indexes were in negative territory on Tuesday as the U.S. signaled it is preparing to slap tariffs on the European Union. The Dow Jones Industrial Average fell 0.79% to 26,133, the S&P 500 index dipped 0.69% to 2,875 and the Nasdaq Composite Index swelled 0.55% to 7,910.
Shares of Lindsay Corp. (LNN, Financial) declined more than 9% on Tuesday after the company announced second-quarter results. Revenue tumbled 16.2% from the prior-year quarter to $109.18 million, falling $6.25 million short of expectations. The company reported earnings of 2 cents per share, missing estimates by 1 cent.
By segment, irrigation revenue declined 14% from the prior-year quarter to $95.8 million. The operating margin was 7.9% of sales, down from 10.7% a year ago. The infrastructure segment registered an operating loss of $0.4 million, compared to $2.5 million.
Looking ahead, President and CEO Timothy Hassinger said he anticipates "market conditions in Brazil to continue improving and international project markets to remain active.”
Gainers
- Cerner Corp. (CERN, Financial)
- Campbell Soup Co. (CPB, Financial)
- Centene Corp. (CNC, Financial)
- TripAdvisor Inc. (TRIP, Financial)
- Cabot Oil & Gas Corp. (COG, Financial)
Losers
- Under Armour Inc. (UAA, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
- Deere & Co. (DE, Financial)
- Concho Resources Inc. (CXO, Financial)
- Harley-Davidson Inc. (HOG, Financial)
Global markets
The main European stock markets traded lower. The U.K.'s FTSE 100 declined 0.35%, France's CAC 40 dipped 0.65%, Germany's Dax slid 0.94% and Spain's IBEX 35 lost 0.32%.
In Asia, Japan's Nikkei 225 gained 0.19%, India’s BSE Sensex advanced 0.62%, Hong Kong's Hang Seng jumped 0.27% and China's Shanghai Composite slipped 0.16%.
Disclosure: The author holds no positions in any stocks mentioned.
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