Mid-Day Market Update: Akorn Shares Slip After Downbeat Outlook; Dendreon Gains
Midway through trading Monday, the Dow traded down 1.08 percent to 16,145.89 while the NASDAQ tumbled 1.01 percent to 4,264.70. The S&P also fell, dropping 0.89 percent to 1,842.99.
Leading and Lagging Sectors
Energy shares declined by just 0.08 percent in Monday's trading. However, top gainers in the sector included PrimeEnergy (NASDAQ: PNRG) and Dresser-Rand Group (NYSE: DRC). In trading on Monday, financial shares were relative laggards, down on the day by about 1.07 percent.
Tyco International (NYSE: TYC) announced its plans to sell its South Korean security business to The Carlyle Group (NASDAQ: CG) for around $1.93 billion. Tyco now projects Q2 earnings from continuing operations of $0.39 to $0.41 per share, versus its earlier forecast of $0.44 to $0.46 per share. However, analysts expected earnings of $0.46 per share. Tyco's board also authorized an additional share buyback program of $1.75 billion.
Shares of Tyco International (NYSE: TYC) got a boost, shooting up 1.38 percent to $42.76 after the company announced its plans to sell its South Korean security business to The Carlyle Group (NASDAQ: CG) for around $1.93 billion.
Equities Trading DOWN
Shares of Akorn (NASDAQ: AKRX) were down 9.41 percent to $23.39 after the company reported Q4 results and issued a weak FY14 guidance.
Darden Restaurants (NYSE: DRI) was down, falling 4.56 percent to $48.73 after the company issued a downbeat profit forecast.
In commodity news, oil traded up 2.33 percent to $104.98, while gold traded up 2.52 percent to $1,354.90.
Silver traded up 1.85 percent Monday to $21.64, while copper fell 0.63 percent to $3.17.
European shares were lower today.
The Spanish Ibex Index fell 2.37 percent, while Italy's FTSE MIB Index tumbled 3.07 percent.
Meanwhile, the German DAX slipped 3.27 percent and the French CAC 40 fell 2.50 percent while U.K. shares declined 1.54 percent.
US consumer spending climbed 0.4% in January, while personal income rose 0.3%. However, economists were expecting a 0.1% rise in consumer spending and a 0.2% gain in income.
The final reading of Markit's PMI rose to 57.10 for February, versus economists' expectations for a reading of 56.70.
The ISM manufacturing PMI rose to 53.20 in February, versus a prior reading of 51.30. However, economists were expecting a reading of 52.30. US construction spending rose 0.10% in January, versus economists' expectations for a 0.50% decline.
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