AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Byline: JONAH KERI
The Nasdaq rose sharply Wednesday, but lower volume and continued weakness by several leading stocks tempered the gains. The composite rose 2.5%. The Nasdaq 100 climbed 2.4%.
Tractor Supply staged an impressive reversal. The provider of animal feed and farming products fell as low as 31.37 as it pierced its 50-day moving average intraday. But the stock bounced back, closing up 1.61 to 34.42 on more than twice its normal trade.
On Tuesday the firm said gross margins declined because of price cuts designed to turn inventory over quicker. The firm said it expects third-quarter sales of $361.2 million, which would net a 22% year-over-year increase. Tractor Supply issued an earnings estimate of 28 cents a share, a penny below First Call's consensus estimate.
Endo Pharmaceuticals advanced 1.37 to 21.82 in brisk volume. The maker of brand-name and generic pain-management medications closed just 1% off its high. The stock is featured in today's Nasdaq Stocks In The News.
Also reversing upward was Metrologic Instruments, which sliced its 50-day, then rebounded ...