Market Overview

Mid-Day Market Update: NASDAQ Tumbles 1.65%; Nu Skin Shares Surge After AIC China Review Update

Mid-Day Market Update: NASDAQ Tumbles 1.65%; Nu Skin Shares Surge After AIC China Review Update
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Midway through trading Monday, the Dow traded down 0.33 percent to 16,249.03 while the NASDAQ dropped 1.65 percent to 4,206.18. The S&P also fell, declining 0.70 percent to 1,853.40.

Leading and Lagging Sectors
Energy sector surged 0.20 percent, saw Miller Energy Resources (NYSE: MILL) as the top gainer. Meanwhile, gainers in energy sector included Petrobras Argentina SA (NYSE: PZE), with shares up 2.5 percent, and PetroChina Co (NYSE: PTR), with shares up 3.2 percent.

Healthcare sector was the leading decliner in the US market today. Among the sector stocks, Idera Pharmaceuticals (NASDAQ: IDRA) was down more than 21 percent, while Celldex Therapeutics (NASDAQ: CLDX) tumbled around 10 percent.

Top Headline
ReneSola (NYSE: SOL) posted a profit in the fourth quarter. ReneSola posted its quarterly net profit of $800,000, or $0.01 per American depositary share (ADS), versus a year-ago loss of $88.9 million, or $1.03 per ADS. Its revenue climbed around 43% to $438.8 million. ReneSola expects 2014 module shipments of 2.3 to 2.5 gigawatts (GW).

Equities Trading UP
Nu Skin Enterprises (NYSE: NUS) shares shot up 19.15 percent to $89.36 on disclosure of fines by the Administration of Industry and Commerce in Shanghai.

Shares of Herbalife (NYSE: HLF) got a boost, shooting up 6.50 percent to $52.76 on nomination of three Carl Icahn designees to its board.

Steel Partners Holdings LP (NYSE: SPLP) was also up, gaining 7.89 percent to $16.95 after the company's board authorized a modified "Dutch Auction" tender offer to repurchase up to $49 million in value of its common units.

Equities Trading DOWN
Shares of The KEYW Holding (NASDAQ: KEYW) were down 5.89 percent to $18.86 after Sterne Agee downgraded the stock from Buy to Neutral and cut the price target from $21.00 to $19.00.

Ctrip.com International (NASDAQ: CTRP) shares tumbled 3.66 percent to $47.68 after the company responded to temporary potential internet security risk involving customer credit card information.

NetApp (NASDAQ: NTAP) was down, falling 3.65 percent to $36.42 after Morgan Stanley downgraded the stock from Equal-weight to Underweight and cut the price target from $47.00 to $31.00.

Commodities
In commodity news, oil traded up 0.34 percent to $99.80, while gold traded down 1.81 percent to $1,311.80.

Silver traded down 1.21 percent Monday to $20.07, while copper rose 0.05 percent to $2.95.

Eurozone
European shares were lower today.

The Spanish Ibex Index fell 1.43 percent, while Italy's FTSE MIB Index fell 1.19 percent.

Meanwhile, the German DAX tumbled 1.27 percent and the French CAC 40 slipped 1.18 percent while U.K. shares declined 0.48 percent.

Economics
The Chicago Fed National Activity Index surged to 0.14 in February, versus -0.45 in January. However, economists were expecting a reading of 0.08 in the month.

The flash reading of the Markit PMI manufacturing index fell to 55.50 in March, versus a prior reading of 57.10. However, economists were expecting a reading of 56.50.

Posted-In: Earnings News Guidance Eurozone Futures Forex Global Econ #s

 

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