Mid-Morning Market Update: Markets Open Lower; Lululemon Lowers Q4 Outlook
Following the market opening Monday, the Dow traded down 0.13 percent to 16,416.05 while the NASDAQ tumbled 0.13 percent to 4,169.07. The S&P also fell, dropping 0.10 percent to 1,840.61.
Lululemon Athletica (NASDAQ: LULU) lowered its guidance for the quarter. Lululemon now projects FQ4 earnings of $0.71 to $0.73 per share, versus its December outlook of $0.78 to $0.80 per share.
It expects revenue of $513 million to $518 million, versus its earlier forecast of $535 million to $540 million.
Equities Trading UP
Shares of Alnylam Pharmaceuticals (NASDAQ: ALNY) got a boost, shooting up 29.89 percent to $86.00 after the company reported that it has acquired investigational RNAi Therapeutic assets from Merck (NYSE: MRK). Genzyme and Alnylam expanded their collaboration on rare genetic diseases.
Clovis Oncology (NASDAQ: CLVS) was also up, gaining 7.89 percent to $79.82 after the company announced 2014 objectives and financial outlook. The company projected to initiate three global registration studies for CO-1686.
Equities Trading DOWN
Shares of SodaStream International (NASDAQ: SODA) were down 22.11 percent to $38.86 after the company lowered its FY13 forecast.
Lululemon Athletica (NASDAQ: LULU) tumbled 14.55 percent to $50.93 after the company cut its outlook.
Ascena Retail Group (NASDAQ: ASNA) was down, falling 8.89 percent to $19.99 after the company lowered its FY14 earnings guidance.
In commodity news, oil traded down 0.56 percent to $92.20, while gold traded down 0.01 percent to $1,246.80. Silver traded down 0.71 percent Monday to $20.08, while copper fell 0.54 percent to $3.32.
European shares were mostly higher today. The Spanish Ibex Index rose 0.76 percent, while Italy's FTSE MIB Index surged 0.51 percent. Meanwhile, the German DAX climbed 0.22 percent and the French CAC 40 fell 0.01 percent while U.K. shares gained 0.16 percent.
The Treasury is set to auction 3-and 6-month bills. The US Treasury monthly budget report for December will be released at 2:00 p.m. ET.
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