Mid-Day Market Update: Quiksilver Slips After Wider Loss; InterDigital Shares Surge
Midway through trading Tuesday, the Dow traded down 0.25 percent to 16,701.34 while the NASDAQ tumbled 0.42 percent to 4,219.50. The S&P also fell, dropping 0.28 percent to 1,919.66.
Leading and Lagging Sectors
In trading on Tuesday, basic materials shares were relative laggards, down on the day by about 0.51 percent. Top losers in the sector included Molycorp (NYSE: MCP), down 4.2 percent, and Amyris (NASDAQ: AMRS), off 6.1 percent.
Pilgrim’s Pride Corp increased its acquisition offer by $1 billion. The new offer valued Hillshire at $55 per share, a step up from Tyson Foods $50 per share offer on Thursday.
Equities Trading UP
Shares of Acadia Healthcare Company (NASDAQ: ACHC) got a boost, shooting up 10.73 percent to $46.55 after the company announced its plans to buy Partnerships in Care for around $660 million.
Equities Trading DOWN
Shares of Quiksilver (NYSE: ZQK) were 41.45 percent to $3.39 after the company posted a loss in the fiscal second quarter and issued a weak forecast.
Quiksilver posted an adjusted loss of $0.15 per share on revenue of $408 million. However, analysts were expecting a loss of $0.02 per share on revenue of $449 million. Analysts at Stifel Nicolaus downgraded Quiksilver from Buy to Hold.
Krispy Kreme Doughnuts (NYSE: KKD) shares tumbled 14.47 percent to $16.25 after the company reported weaker-than-expected first-quarter revenue and cut its FY15 outlook. Krispy Kreme posted its adjusted earnings of $0.23 per share on revenue of $121.6 million.
Advanced Energy Industries (NASDAQ: AEIS) was down, falling 11.79 percent to $16.76 after the company reported that its CEO Garry Rogerson has decided to step down from his role. Needham downgraded Advanced Energy Industries from Buy to Hold.
In commodity news, oil traded up 0.22 percent to $102.70, while gold traded up 0.06 percent to $1,244.70.
Silver traded up 0.06 percent Tuesday to $18.75, while copper fell 1.12 percent to $3.14.
European shares were lower today.
The eurozone’s STOXX 600 dropped 0.50 percent, the Spanish Ibex Index fell 0.42 percent, while Italy’s FTSE MIB Index declined 0.63 percent.
Meanwhile, the German DAX fell 0.31 percent and the French CAC 40 slipped 0.27 percent while UK shares tumbled 0.54 percent.
The ICSC-Goldman's same-store sales index gained 2.9% in the week ended Saturday versus the earlier week.
The Johnson Redbook Retail Sales Index rose 0.7% in the first four weeks of May versus April.
US factory orders rose 0.70% in April, versus economists’ expectations for a 0.50% gain.
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