Mid-Afternoon Market Update: Jos. A Bank Falls as the Markets Turn Red
Toward the end of trading Monday, the Dow fell 0.25 percent to 15,080.13. The NASDAQ dropped 0.03 percent to 3,444.14, while the S&P fell 0.08 percent to 1,632.41.
Following the record highs the Dow and S&P 500 witnessed last week, stocks fell on Monday, dragged down by materials. The Dow Jones Industrial Average dropped, led by Intel (NASDAQ: INTC) and Alcoa (NYSE: AA).
The S&P 500 also declined Monday, while the NASDAQ vacillated in and out of positive territory, following the short interval during which it touched a new 12-year high for the eleventh straight session.
Major averages were higher for the third consecutive week, while the CBOE Volatility Index (VIX) traded below 13.
Equities Trading UP
SolarCity Corporation (NASDAQ: SCTY) shot up 19.98 percent to $34.65. SolarCity is scheduled to announce its Q2 results after market close on Monday, with analysts expecting the company to post a loss of 26 center per share onrevenues of $29 million.
Tesla Motors (NASDAQ: TSLA) got a boost, shooting up 13.44 percent to $87.08. Following its better-than-expected Q1 results, Tesla Motors has raised it guidance for his quarter.
Equities Trading DOWN
Jos. A Bank Clothiers (NASDAQ: JOSB) dropped 7.51 percent to $42.74 after the company warned of poor first quarter results before the market opening today.
Barnes & Noble (NYSE: BKS) was also down, falling 7.38 percent to $21.59 after a blog post seemingly nixed a possible Nook deal for the company.
Shares of Air Methods (NASDAQ: AIRM) were down as well, falling 5.74 percent to $33.17 after the company posted a larger than expected first quarter loss before the market opening Monday.
In commodity news, oil traded down 1.02 percent to $95.06, and gold declined 0.28 percent to $1,432.00.
Silver traded down 0.22 percent Monday to $23.61, while copper rose 0.12 percent to $3.36.
European shares were lower overnight as bond spreads crept higher while the euro weakened. The Spanish Ibex Index fell 1.39 percent and the Italian FTSE MIB Index fell 1.00 percent. Meanwhile, the German DAX declined 0.59 percent and the French CAC 40 lost 0.29 percent while U.K. shares fell 0.29 percent.
The US Treasury will accept noncompetitive bids for Treasury bills at 11:00 am ET and competitive tenders at 11:30 am ET. The 4-week bill announcement is scheduled for 11:30 am ET.
The smaller sizes of offerings for Treasury bill auctions gave a boost to the 3-month Treasury bill auction Monday at 4.86 and the 6-month auction at 5.25. The total amount for the 3-month Treasury bill auction for 1Q 2013 was $33.6 billion, at a bid/cover ratio of 4.66.
The total amount for the 6-month Treasury bill auctions for Q1 stood at $29.1 billion, with a bid/cover ratio of 4.93.
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