Mid-Afternoon Market Update: Shares Renewable Energy Drop ad MannKind Rises
Toward the end of trading Monday, the Dow traded down 0.34 percent to 15,029.46 while the NASDAQ dropped 0.18 percent to 3,596.62. The S&P also fell, dropping 0.43 percent to 1,648.07.
Saks (NYSE: SKS) reported a wider second-quarter loss. Saks posted a quarterly loss of $19.6 million, or $0.13 per share, versus a year-ago loss of $12.3 million, or $0.08 per share. Excluding one-time items, it lost $0.10 per share.
However, analysts were expecting a loss of $0.08 per share. Its revenue rose 1% to $707.8 million from $704.1 million, versus analysts' estimates of $732.3 million. Its same-store sales increased 1.5%.
Shares of MannKind (NASDAQ: MNKD) were also up, gaining 10.31 percent to $6.36 following a bullish Seeking Alpha article and news that it had unlocked the second tranche of $40 million in senior secured convertible notes.
Equities Trading DOWN
Shares of Cobalt International Energy (NYSE: CIE) were down 14.88 percent to $25.02 after the company provided an operational update on its deepwater drilling operations in West Africa and the Gulf of Mexico.
Renewable Energy Group (NASDAQ: REGI) was also down, falling 14.43 percent to $12.93, possibly linked to a bearish Seeking Alpha article this morning.
B2Gold (NYSE: BTG) was down, falling 10.15 percent to $2.96 after the company announced private offering of US$225 million of convertible senior subordinated notes.
In commodity news, oil traded down 0.39 percent to $107.04, while gold traded down 0.36 percent to $1,366.00. Silver traded down 0.21 percent Monday to $23.21, while copper fell 0.77 percent to $3.34.
European shares were lower today. The Spanish Ibex Index tumbled 1.97 percent, while Italy's FTSE MIB Index dropped 2.46%. Meanwhile, the German DAX declined 0.29 percent and the French CAC 40 dipped 0.97 percent while U.K. shares fell 0.51 percent.
There were no major economic releases Monday morning.
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