Mid-Afternoon Market Update: Dow Down 450 Points; Tarena International Shares Drop After Q3 Results

Toward the end of trading Tuesday, the Dow traded down 1.81 percent to 24,564.77 while the NASDAQ declined 1.42 percent to 6,928.97. The S&P also fell, dropping 1.51 percent to 2,650.12.

Leading and Lagging Sectors

Tuesday afternoon, the utilities shares slipped by just 0.1 percent. Meanwhile, top gainers in the sector included PG&E Corporation PCG up 3 percent, and Middlesex Water Company MSEX up 4 percent.

In trading on Tuesday, energy shares fell 2.8 percent.

Top Headline

Target Corporation TGT announced weaker-than-expected earnings for its third quarter.

Target posted quarterly earnings of $1.09 per share on revenue of $17.82 billion. However, analysts were expecting a profit of $1.12 per share on revenue of $17.81 billion. Its same-store sales rose 5.1 percent during the quarter.

Target expects FY18 adjusted earnings of $5.30 to $5.50 per share, versus analysts’ estimates of $5.41 per share.

Equities Trading UP

Bioblast Pharma Ltd. ORPN shares got a boost, shooting up 18 percent to $1.3884 after the company announced it will acquire Enlivex to advance a clinical state immunotherapeutic drug pipeline for treatment of life-threatening immune conditions.

Shares of Zedge, Inc. ZDGE shot up 20 percent to $2.41. Zedge announced the launch of its 'Refer a Friend' program for artists and brands.

Auris Medical Holding AG EARS shares were also up, gaining 46 percent to $0.7358 after the company announced positive results from its meeting with the FDA for its pre-IND.

Equities Trading DOWN

Tarena International, Inc. TEDU shares dropped 16 percent to $6.93 following Q3 results. Tarena International posted Q3 adjusted loss of RMB0.98 per share on sales of RMB699.88 million.

Shares of Eastside Distilling, Inc. EAST were down 16 percent to $6.22. Eastside Drilling priced its 1.235 million share offering at $6.50 per share.

Limbach Holdings, Inc. LMB was down, falling around 16 percent to $4.94. Limbach posted a Q3 loss of $0.46 per share on sales of $135.06 million.

Commodities

In commodity news, oil traded down 5.33 percent to $54.15 while gold traded down 0.19 percent to $1,223.00.

Silver traded down 0.68 percent Tuesday to $14.305, while copper fell 1.19 percent to $2.773.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 1.14 percent, the Spanish Ibex Index slipped 1.55 percent, while Italy’s FTSE MIB Index dropped 1.87 percent. Meanwhile the German DAX dropped 1.58 percent, and the French CAC 40 fell 1.21 percent while U.K. shares fell 0.76 percent.

Economics

U.S. housing starts rose 1.5 percent at an annual rate of 1.23 million for October. However, economists were expecting a 1.24 million rate.

The Johnson Redbook Retail Sales Index rose 0.2 percent during the first two weeks of November versus October.