Afternoon Market Update (MYGN, LCC, UAUA, ALK)

Crude-oil futures deepened its losses today following the Energy Information Administration (

) report showing a fall in oil supplies and a rise in gasoline and distillate inventories. The oil supplies have declined by 3 million barrels for the week ended August 6, while the analysts expected a fall of 2.4 million barrels in oil supplies. However, gasoline inventories rose 400,000 barrels, along with a 3.5 million-barrel increase in the stockpiles of distillates. Oil for September delivery dipped 2.2% to $78.44 per barrel. Shares of Myriad Genetics Inc

moved down, despite the company reporting a y/y rise in its Q4 earnings. The company has projected its earnings for FY11 at $0.95-$1.00 per share, falling short of the expectations of $1.02 per share. Analysts at Global Hunter have downgraded MYGN from “buy” to “neutral.” US Airline stocks fell today due to slow economic growth. The top losers in the list were US Airways

, United parent UAL Corp

and Alaska Air

. The NYSE Arca Airline Index (XAL) has also fallen about 3.5%. Read more