Mid-Day Market Update: Dow Falls Over 1%; Westport Innovations Shares Dip On Weak Forecast

Midway through trading Wednesday, the Dow traded down 1.03 percent to 16,866.93 while the NASDAQ declined 1.01 percent to 4,448.15. The S&P also fell, dropping 0.71 percent to 1,958.31.

Leading and Lagging Sectors

In trading on Wednesday, utilities shares were relative leaders, up on the day by about 0.88 percent. Top gainers in the sector included Exelon EXC, up 3.4 percent, and NRG Energy NRG, up 2.7 percent.

Industrials sector was the top decliner on Wednesday. Top losers in the sector included American Science & Engineering ASEI, down 9.7 percent, and Chart Industries GTLS, off 10 percent.

Top Headline

Ford Motor Co F reported a 3% drop in its US sales in September.

Ford sold 180,175 cars and light trucks in the US in the month. Ford brand vehicle sales fell 3.2% to 172,918, while Lincoln sales climbed 12.7% to 7,257 in the month.

Equities Trading UP

Angie's List ANGI shares shot up 22.29 percent to $7.79 on reports that the company has hired investment bankers to explore strategic options, which would include a sale of the company, according to the Financial Times. Analysts at Northland Securities upgraded Angie's List from Underperform to Market Perform.

Shares of NewLink Genetics NLNK got a boost, shooting up 6.16 percent to $22.74 on report of US Ebola case in Dallas.

RCS Capital RCAP shares were also up, gaining 7.24 percent to $24.15 after the company announced its plans to acquire Cole Capital for $700 million.

Equities Trading DOWN

Shares of Westport Innovations WPRT were down 23.41 percent to $8.05 after the company offered technology, investment, market and sales update. The company lowered its full-year revenue forecast.

Automatic Data Processing ADP shares tumbled 13.30 percent to $72.03 after the company closed the spinoff of CDK Global.

American Science & Engineering ASEI was down, falling 9.72 percent to $49.99 after the company announced its plans to lower its workforce by around 10% to reduce operating expenses. The company also expected to post a net loss for the second quarter.

Commodities

In commodity news, oil traded up 1.71 percent to $92.72, while gold traded up 0.57 percent to $1,218.50.

Silver traded up 1.63 percent Wednesday to $17.34, while copper rose 0.62 percent to $3.03.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 0.83 percent, the Spanish Ibex Index fell 0.67 percent, while Italy’s FTSE MIB Index slipped 0.89 percent. Meanwhile, the German DAX dropped 0.97 percent and the French CAC 40 fell 1.15 percent while UK shares fell 0.98 percent.

Economics

The MBA reported that its index of mortgage application activity fell 0.2% in the week ended September 26.

Private-sector employers added 213,000 jobs in September, according to Automatic Data Processing Inc. However, economists were projecting an addition of 210,000 jobs.

The final reading of Markit manufacturing PMI fell to 57.50 in September, versus a prior reading of 57.90. However, economists were expecting a reading of 57.90.

The ISM manufacturing composite index fell to 56.60 in September, versus a prior reading of 59.00. However, economists were expecting a reading of 58.50.

US construction spending fell 0.80% in August, versus economists’ expectations for a 0.50% gain.

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Posted In: EarningsNewsGuidanceUpgradesEurozoneRumorsFuturesCommoditiesM&AEconomicsMarketsAnalyst RatingsMovers
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