Mid-Morning Market Update: Markets Tumble; AutoZone Profit Tops Estimates

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Following the market opening Tuesday, the Dow traded down 0.92 percent to 17,566.63 while the NASDAQ dipped 0.58 percent to 5,072.48. The S&P also fell, dropping 0.78 percent to 2,060.97.
Leading and Lagging Sectors
In trading on Tuesday, healthcare shares slipped by just 0.1 percent. Meanwhile, top gainers in the sector included
Insys Therapeutics IncINSY
, up 7 percent, and
ZIOPHARM Oncology Inc.ZIOP
, up 6 percent. Basic materials shares tumbled by 2.53 percent in the US market on Tuesday. Top losers in the sector included
Universal Forest Products, Inc.UFPI
,
Rio Tinto plc (ADR)RIO
, and
ArcelorMittal SA (ADR)MT
.
Top Headline AutoZone, Inc.AZO
reported upbeat earnings for its fiscal first quarter on Tuesday. The Memphis, Tennessee-based company posted quarterly net income of $258.1 million, or $8.29 per share, compared to $238.3 million, or $7.27 per share, in the year-ago quarter. Its revenue rose 5.6 percent year-over-year to $2.39 billion. However, analysts were expecting earnings of 8.24 per share on revenue of $2.39 billion.
Equities Trading UP TherapeuticsMD Inc
TXMD
shares shot up 44 percent to $9.41 after the company reported positive top-line results from its pivotal Phase 3 Rejoice trial of TX-004HR. Shares of
Eagle Pharmaceuticals IncEGRX
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got a boost, shooting up 17 percent to $95.69 after the company announced receiving $15 million milestone.
Fairchild Semiconductor Intl IncFCS
shares were also up, gaining 6 percent to $20.70 after the company announced the receipt of an unsolicited bid to be acquired for $21.70 per share in cash.
Equities Trading DOWN Outerwall IncOUTR
shares tumbled 23 percent to $44.63 after the company lowered its FY15 forecast. Shares of
United Natural Foods, Inc.UNFI
were down 15 percent to $37.53 after the company reported weaker-than-expected earnings for its fiscal first quarter and lowered its forecast for the year.
Harmonic IncHLIT
was down, falling 13 percent to $4.55 after the company reported an offer to purchase Thomson Video Networks. The company also reported a $125 million convertible note offering.
Commodities
In commodity news, oil traded down 1.94 percent to $36.92, while gold traded down 0.69 percent to $1,067.80. Silver traded down 1.51 percent Tuesday to $14.12, while copper fell 0.61 percent to $2.04.
Eurozone
European shares were lower today. The eurozone's STOXX 600 declined 1.65 percent, the Spanish Ibex Index fell 1.77 percent, while Italy's FTSE MIB Index dropped 1.92 percent. Meanwhile, the German DAX dipped 1.55 percent, and the French CAC 40 slipped 1.38 percent, while U.K. shares fell 1.21 percent.
Economics
The Johnson Redbook Retail Sales Index declined 0.6 percent during the first week of December versus November.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesGlobalIntraday UpdateMarketsMoversMid-Morning Market Update
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