Mid-Morning Market Update: Markets Go Red, Lululemon Chief Executive To Step Down
Following the market opening Tuesday, the Dow traded down 0.71 percent to 15,130.08 while the NASDAQ dropped 0.84 percent to 3,444.64. The S&P also fell, declining 0.83 percent to 1,629.14.
Lululemon Athletica (NASDAQ: LULU) announced the resignation of its Chief Executive Christine Day. The company also posted upbeat quarterly results.
Lululemon's first-quarter earnings rose to $47.3 million, or $0.32 per share, from $46.6 million, or $0.32 per share, in the year-ago quarter.
Its revenue gained 21% to $345.8 million from 285.7 million. However, analysts were expecting earnings of $0.30 per share on revenue of $341.4 million.
Equities Trading UP
Dole Food Company (NYSE: DOLE) shot up 21.08 percent to $12.35 on CEO bid for remaining shares.
Questcor Pharmaceuticals (NASDAQ: QCOR) was also up, gaining 32.39 percent to $48.60 after the company acquired rights to develop Synacthen®.
Equities Trading DOWN
Lululemon Athletica (NASDAQ: LULU) was down, falling 15.01 percent to $69.93 after the company announced the resignation of its Chief Executive Christine Day.
Shares of Kinross Gold (NYSE: KGC) were down 3.80 percent to $6.08. Canaccord Genuity downgraded Kinross Gold from “buy” to “hold.”
Crosstex Energy LP (NASDAQ: XTEX) shares tumbled 5.41 percent to $19.95 after the company announced public offering of 6 million common units.
In commodity news, oil traded down 1.39 percent to $94.45, while gold traded down 1.22 percent to $1,369.10.
Silver traded down 1.82 percent Tuesday to $21.53, while copper fell 1.54 percent to $3.19.
European shares were lower today. The Spanish Ibex Index fell 2.51 percent and the Italian FTSE MIB Index dropped 2.26 percent. Meanwhile, the German DAX dipped 1.41 percent and the French CAC 40 fell 1.82 percent while U.K. shares tumbled 1.54 percent.
The NFIB small-business optimism index surged 2.3 points to 94.4 in May.
The ICSC/Goldman Sachs Retail Chain Store Sales Index fell 2.7% in the latest week ended Saturday versus the prior week.
The Johnson Redbook Retail Sales Index increased 0.5% in the first two weeks of May versus April.
US wholesale inventories rose 0.20% to $504.8 billion in April, versus a revised 0.3% gain in March.
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