Mid-Afternoon Market Update: Ukrainian Crisis Still Weighs on Select Equities as Plug Power Rallies on Cowen Note
Toward the end of trading Monday, the Dow traded down 1.05 percent to 16,150.89 while the NASDAQ tumbled 0.80 percent to 4,274.70. The S&P also fell, dropping 0.82 percent to 1,844.99.
In trading on Monday, financial shares were relative laggards, down on the day by about 1.07 percent. Among the financial stocks, Ashford Hospitality Trust (NYSE: AHT) was down more than 5.7 percent, while The Central Europe, Russia and Turkey Fund (NYSE: CEE) tumbled around 5 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 Plug Power (NASDAQ: PLUG) were up 20.77 percent to $5.64 after the company caught a price target boost at Cowen & Company from $5 to $5.50 per share.
Equities Trading DOWN
Shares of Akorn (NASDAQ: AKRX) were down 7.71 percent to $23.83 after the company reported Q4 results and issued a weak FY14 guidance.
Yandex (NASDAQ: YNDX) was also, down, falling 13.42 percent to $32.47 after the crisis in Ukraine slammed shares of the Russian search giant.
Darden Restaurants (NYSE: DRI) was down, falling 5.54 percent to $48.23 after the company issued a downbeat profit forecast.
In commodity news, oil traded up 2.18 percent to $104.83, while gold traded up 2.20 percent to $1,350.90.
Silver traded up 1.13 percent Monday to $21.48, while copper fell 0.45 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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