Market Overview

Mid-Afternoon Market Update: American Capital Rises as MannKind Shares Take a Hit

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Toward the end of trading Monday, the Dow traded up 0.83 percent to 16,459.76 while the NASDAQ surged 1.12 percent to 4,202.81. The S&P also rose, gaining 0.81 percent to 1,872.26.

Leading and Lagging Sectors
Monday morning, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from Nordion (NYSE: NDZ) and Insmed (NASDAQ: INSM). Energy shares dropped by 0.26 percent in the US market today. Among the sector stocks, Endeavour International (NYSE: END) was down more than 5.6 percent, while Pacific Ethanol (NASDAQ: PEIX)tumbled around 2.2 percent.

Top Headline
UTi Worldwide (NASDAQ: UTIW) reported a wider-than-expected fourth-quarter loss. UTi Worldwide posted a quarterly net loss of $50.7 million, or $0.48 per share, versus a year-ago loss of $142.8 million, or $1.38 per share. Excluding items, UTi lost $0.15 per share. Its revenue slipped 2.1% to $1.08 billion. However, analysts were estimating a loss of $0.11 per share on revenue of $1.09 billion.

Equities Trading UP
Nordion (NYSE: NDZ) shares shot up 10.76 percent to $11.53 after the company agreed to be acquired by Sterigenics for $11.75 per share.

Shares of Cal-Maine Foods (NASDAQ: CALM) got a boost, shooting up 8.38 percent to $62.33 after the company reported a rise in its fiscal third-quarter profit.

American Capital (NASDAQ: ACAS) was also on the rise, gaining 11.15 percent to $15.80 after the company announced it had bought back 8.9 million of its shares, while suspending its buyback program. 

Equities Trading DOWN
Shares of Momenta Pharmaceuticals (NASDAQ: MNTA) were down on Monday's session, falling 18.64 percent to $11.40 after Teva scored a win in its legal battle to hang onto one of its key patents.

MannKind (NASDAQ: MNKD) was also down, dropping 16.56 percent to $4.03 after the company was cut to an Underweight rating and $1.50 price target at Piper Jaffray Monday morning.

UTi Worldwide (NASDAQ: UTIW) was down, falling 6.04 percent to $10.57 after the company reported a wider-than-expected fourth-quarter loss.

Commodities
In commodity news, oil traded down 0.10 percent to $101.57, while gold traded down 0.82 percent to $1,283.60. Silver traded down 0.05 percent Monday to $19.78, while copper fell 0.43 percent to $3.03.

Eurozone
European shares were lower today. The German DAX declined 0.34 percent, the French CAC 40 fell 0.45 percent and U.K. shares dropped 0.02 percent.

Economics
US Chicago PMI fell to 55.90 in March, versus a prior reading of 59.80. However, economists were expecting a reading of 59.00. The Dallas Fed general business activity index rose to 4.90 in March, versus a prior reading of 0.30. However, economists were expecting a reading of 3.00.

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

 

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