Mid-Day Market Update: Starwood Hotels Jumps Following CEO Resignation; CoStar Group Shares Slide
Midway through trading Tuesday, the Dow traded down 0.11 percent to 17,999.45 while the NASDAQ slipped 0.03 percent to 4,892.35. The S&P also fell, dropping 0.07 percent to 2,095.53.
Leading And Lagging Sectors
In trading on Tuesday, healthcare shares were relative leaders, up on the day by about 0.24 percent. Meanwhile, top gainers in the sector included Sarepta Therapeutics, Inc. (NASDAQ: SRPT), up 13.6 percent, and Threshold Pharmaceuticals Inc. (NASDAQ: THLD), up 11 percent.
Telecommunications services shares fell by 0.50 percent on Tuesday. Top losers in the sector included Internet Initiative Japan Inc. (NASDAQ: IIJI), down 6.7 percent, Telephone & Data Systems Inc. (NYSE: TDS), off 2.7 percent.
The Akron, Ohio-based company posted quarterly net income of $2.13 billion, or $7.68 per share up from $228 million or $0.84 per share, in the year-ago period. Excluding certain significant items, Goodyear earned $0.59 per share.
Its sales declined to $4.36 billion from $4.79 billion. However, analysts were expecting earnings of $0.58 per share on revenue of $4.37 billion.
Equities Trading UP
The Goodyear Tire & Rubber Company (NYSE: GT) shares shot up 2.62 percent to $26.59 after the company reported better-than-expected fourth-quarter earnings.
Shares of Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) got a boost, shooting up 3.27 percent to $81.12 following the resignation of CEO Frits D. van Paasschen and the appointment of Adam Aron to Interim CEO.
Waste Management, Inc. (NYSE: WM) shares were also up, gaining 4.48 percent to $53.59 after the company reported better-than-expected earnings for the fourth quarter.
Equities Trading DOWN
Helix Energy Solutions Group, Inc. (NYSE: HLX) shares tumbled 14.57 percent to $16.30 after the company reported downbeat Q4 results.
Shares of Vanguard Natural Resources, LLC (NASDAQ: VNR) were down 6.85 percent to $16.85 after the company reported Q4 preliminary adjusted profit of $0.19 per unit, versus analysts’ estimates of $0.26 per unit. The company also lowered its January distribution from $0.21 to $0.1175 per unit.
CoStar Group Inc. (NASDAQ: CSGP) was down, falling 7.49 percent to $185.51 after the company issued a weak Q1 and FY15 earnings guidance.
In commodity news, oil traded down 2.12 percent to $51.66, while gold traded down 1.72 percent to $1,206.00.
Silver traded down 5.86 percent Tuesday to $16.28, while copper fell 1.57 percent to $2.56.
European shares were mixed today. The eurozone’s STOXX 600 rose 0.12 percent, the Spanish Ibex Index jumped 0.01 percent, while Italy’s FTSE MIB Index gained 0.47 percent. Meanwhile, the German DAX slipped 0.40 percent, and the French CAC 40 fell 0.01 percent while UK shares rose 0.55 percent.
The Empire State manufacturing index declined to 7.78 in February, versus a prior reading of 9.95. However, economists were expecting a reading of 8.00.
The NAHB housing market index declined to 55.00 in February, versus a prior reading of 57.00. However, economists were expecting a reading of 58.00.
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