Mid-Afternoon Market Update: Dow Slides 150 Points; G-III Apparel Shares Rise On Earnings Beat
Toward the end of trading Wednesday, the Dow traded down 0.84 percent to 17,737.90 while the NASDAQ dipped 0.62 percent to 5,124.50. The S&P also fell, dropping 1.05 percent to 2,080.47.
Leading and Lagging Sectors
In trading on Wednesday, non-cyclical consumer goods & services shares slipped by just 0.2 percent. Meanwhile, top gainers in the sector included Avon Products, Inc. (NYSE: AVP), up 4 percent, and Carriage Services, Inc. (NYSE: CSV), up 4 percent.
Energy shares tumbled by 2.25 percent in the US market on Wednesday. Top losers in the sector included Legacy Reserves LP (NASDAQ: LGCY), NGL Energy Partners LP (NYSE: NGL), and Stone Energy Corporation (NYSE: SGY).
Science Applications International Corp (NYSE: SAIC) reported better-than-expected earnings for the third quarter on Wednesday.
The McLean, Virginia-based company reported quarterly net income of $34 million, or $0.72 per share, versus $37 million, or $0.77 per share, in the year-ago quarter. Excluding items, the company's adjusted earnings came in at $0.73 per share.
Its revenue rose to $1.13 billion from $993 million. However, analysts were expecting earnings of $0.65 per share on revenue of $1.14 billion.
Equities Trading UP
On Deck Capital Inc (NYSE: ONDK) shares shot up 35 percent to $12.15. On Deck discussed a new partnership with mega-bank JPMorgan Chase & Co. (NYSE: JPM) that covers small-dollar loans to small businesses. Keefe Bruyette & Woods upgraded On Deck Capital from Market Perform to Outperform.
Shares of Mattson Technology, Inc. (NASDAQ: MTSN) got a boost, shooting up 16 percent to $3.60 after the company agreed to be acquired by E-Town Dragon for $3.80 per share.
G-III Apparel Group, Ltd. (NASDAQ: GIII) shares were also up, gaining 12 percent to $52.86 after the company reported stronger-than-expected earnings for the third quarter on Wednesday.
Equities Trading DOWN
Zafgen Inc (NASDAQ: ZFGN) shares tumbled 59 percent to $6.47 after the company reported a patient death in clinical update on Beloranib.
Shares of Isle of Capri Casinos (NASDAQ: ISLE) were down 14 percent to $16.28. Isle of Capri Casinos reported Q2 adjusted earnings of $0.19 per share on revenue of $236.3 million.
Universal Technical Institute, Inc. (NYSE: UTI) was down, falling 32 percent to $3.91. Universal Technical Institute reported a Q4 loss of $0.41 per share on revenue of $90.7 million.
In commodity news, oil traded down 4.32 percent to $40.04, while gold traded down 0.79 percent to $1,055.10.
Silver traded down 0.31 percent Wednesday to $14.04, while copper fell 1.28 percent to $2.05.
European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.02 percent, the Spanish Ibex Index declined 0.36 percent, while Italy's FTSE MIB Index dipped 0.13 percent. Meanwhile, the German DAX declined 0.63 percent, and the French CAC 40 slipped 0.18 percent, while U.K. shares rose 0.40 percent.
Private-sector employers added 217,000 jobs in November, according to Automatic Data Processing Inc. Economists were expecting an addition of 190,000 nonfarm jobs.
US productivity climbed at an annual pace of 2.2 percent in the third quarter, while unit-labor costs increased at a 1.8 percent annual rate.
Crude supplies climbed 1.18 million barrels for the week ended November 27, the U.S. Energy Information Administration reported. However, analysts were projecting supplies to decline by 471,000 barrels. Gasoline supplies climbed 100,000 barrels, while distillate stockpiles surged 3.05 million barrels.
The Federal Open Market Committee released its latest Beige Book report.
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