Mid-Day Market Update: Tuesday's Movers; China's Growth Worries, Wal Mart Disappoints, Homebuilders Soar

The United States Financial Markets were dragged down by mixed data concerning China alongside mixed earnings, as the world’s second largest retailer reported yet again disappointing earnings:

• Dow Jones Industrial Index: Down 0.31 percent
• S&P 500: Down 0.28 percent
• NASDAQ Composite: Down 0.28 percent
• US 10-Year Treasury: Up 0.019 percent
• US Dollar Index: Up 0.11 percent
• Crude Oil WTI: Up 0.17 percent

The Shanghai Stock Exchange Composite Index sank 6.15 percent in Tuesday’s trading session; worries about China’s economic health continue to take effect as industrial metals along with regional currencies are dwindling to multiyear lows.

Wal-Mart Stores Inc WMT dwindled 3 percent after the retailer giant cut its guidance for the year to $4.40-$4.70 per share earnings versus a previously anticipated earnings of $4.70-$5.05 per share

Housing starts in the United States rose to nearly a eight-year-high, with an increase of 0.20 percent to an annual 1.21 million units; this has been the highest level since October 2007, before the crash. The growth in homebuilders has lifted the housing industry as a whole, and has boosted the world’s number one home improvement retailer;

The Home Depot Inc HD impressed investors yet again after lifting its guidance for the year; the company now projects revenue growth of 5.2-6 percent, up from its previously expected growth of 4.2-4.8 percent.

Despite concerns on a macroeconomic aspect, the financial markets continued to rally in Tuesday’s midday session:
Winners:
Omeros Corporation OMER skyrocketed a whopping 69 percent after the biopharmaceutical company announced positive data in its Phase II clinical trial of OMS721 for the treatment of thrombotic microangiopathies.

Inteliquent Inc IQNT soared 29 percent after the wholesale voice services provider announced entering into a three-year agreement with T-Mobile US Inc TMUS in which T-Mobile will use Inteliquent as its sole provider of voice interconnection services.

Evoke Pharma Inc EVOK was lifted 20 percent after the specialty pharmaceutical company received a letter from the FDA with a favorable response regarding Pediatric Study Plan for EVK-001.

National Penn Bancshares Inc NPBC climbed 17 percent after the bank holding company was acquired by BB&T Corporation BBT for $1.8 billion.

Hovnanian Enterprises Inc HOV was up 17 percent after the homebuilders rise after data showing positive sentiment was released for the sector.

Losers:
Amira Nature Foods Ltd ANFI dwindled 27 percent after the food provider was downgraded by BMO Capital from an Outperform rating down to Market Perform rating.

Aegean Marine Petroleum Network Inc ANW sank 19 percent after the holding company missed on earnings; the company reported Q2 net income of $7.1 million, or $0.15 per share while analysts were expecting a per share income of $0.27.

SFX Entertainment Inc SFXE tumbled 13 percent after the company was downgraded by Stifel; analysts downgraded the stock from Buy rating down to Hold rating.

Akers Biosciences Inc AKER was down 13 percent after the company reported that gross profits have tumbled 48.3 percent in the second quarter.