Mid-Afternoon Market Update: Colfax Drops On Weak Results; SanDisk Shares Jump
Toward the end of trading Wednesday, the Dow traded down 1.11 percent to 16,892.95 while the NASDAQ declined 0.31 percent to 4,781.92. The S&P also fell, dropping 0.61 percent to 1,991.56.
Leading and Lagging Sectors
In trading on Wednesday, basic materials shares jumped by 1.20 percent. Top gainers in the sector included Coeur Mining Inc (NYSE: CDE), up 10 percent, and IAMGOLD Corp (USA) (NYSE: IAG), up 10 percent.
In trading on Wednesday, cyclical consumer goods & services shares slipped by 1.64 percent. Meanwhile, top losers in the sector included VOXX International Corp (NASDAQ: VOXX), down 23 percent, and Wal-Mart Stores, Inc. (NYSE: WMT), off 10 percent.
Bank of America Corp (NYSE: BAC) reported better-than-expected earnings for the third quarter on Wednesday.
The Charlotte, North Carolina-based bank reported quarterly net income of $4.51 billion, or $0.37 per share, versus a year-ago net loss of $232 million, or $0.04 per share.
Its revenue, net of interest expense, on an FTE basis declined to $20.91 billion from $21.43 billion. However, analysts were expecting earnings of $0.33 per share on revenue of $20.77 billion.
Equities Trading UP
Liberty Tripadvisor Holdings Inc (NASDAQ: LTRPA) shares shot up 28 percent to $30.99 following announcement of TripAdvisor partnership with Priceline.
Shares of SanDisk Corporation (NASDAQ: SNDK) got a boost, shooting up 12 percent to $69.08 after Bloomberg reported that the storage solutions provider is working with a banker to explore the option of a sale.
Equities Trading DOWN
Cepheid (NASDAQ: CPHD) shares tumbled 15 percent to $33.71 after the company published its preliminary results for its third quarter.
Shares of Colfax Corp (NYSE: CFX) were down 13 percent to $25.84. Colfax reported downbeat Q3 results and announced a $100 million buyback program.
Wal-Mart Stores, Inc. (NYSE: WMT) was down, falling 10 percent to $60.18 after the company announced a lowered EPS forecast and a $20 billion share repurchase program.
In commodity news, oil traded down 0.09 percent to $46.62, while gold traded up 1.97 percent to $1,188.30.
Silver traded up 1.50 percent Wednesday to $16.15, while copper rose 1.28 percent to $2.42.
European shares closed lower today. The eurozone's STOXX 600 declined 0.74 percent, the Spanish Ibex Index fell 0.77 percent, while Italy's FTSE MIB Index dipped 0.95 percent. Meanwhile, the German DAX declined 1.17 percent, and the French CAC 40 slipped 0.74 percent, while U.K. shares fell 1.15 percent.
U.S. producer prices declined 0.5 percent in September, versus economists' expectations for a 0.2 percent drop.
U.S. retail sales gained 0.1 percent in September, versus economists' expectations for a 0.2 percent growth.
U.S. business inventories came in flat for August, versus economists' expectations for a 0.10 percent growth.
The Federal Open Market Committee released its Beige Book report.
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