Mid-Day Market Update: Dow Falls 50 Points; Smith & Wesson Shares Gain Following Strong Guidance

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Midway through trading Tuesday, the Dow traded down 0.29 percent to 17,098.50 while the NASDAQ slipped 0.07 percent to 4,899.83. The S&P also rose, gaining 0.09 percent to 2,010.89.
Leading and Lagging Sectors
Tuesday morning, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from
Alimera Sciences IncALIM
and
Concord Medical Services Hldg Ltd (ADR) CCM
. In trading on Tuesday, energy shares declined by 0.96 percent. Meanwhile, top losers in the sector included
Tidewater Inc.TDW
, down 9 percent, and
Unit Corporation UNT
, down 8 percent.
Top HeadlineCommercial Metals CompanyCMC
reported a drop in its earnings for its first quarter. The company's quarterly net earnings slipped to $25.1 million, or $0.21 per share, compared to $32.2 million, or $0.27 per share, in the year-ago period. Earnings from continuing operations slipped to $0.22 per diluted share from $0.29 per diluted share. Its net sales dropped to $1.2 billion from $1.7 billion. Analysts were expecting earnings of $0.22 per share on revenue of $1.36 billion.
Equities Trading UP Smith & Wesson Holding Corp SWHC
shares shot up 12 percent to $26.10 as the company issued a stronger-than-expected third-quarter and fiscal-year 2016 guidance. Shares of
Solaredge Technologies Inc
SEDG
got a boost, shooting up 5 percent to $29.30. Goldman Sachs added SolarEdge Technologies to Conviction Buy list and raised the price target from $32.00 to $41.00.
First Solar, Inc.FSLR
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shares were also up, gaining 7 percent to $71.58. Goldman Sachs upgraded First Solar from Neutral to Buy and raised the price target from $61.00 to $100.00.
Equities Trading DOWN MannKind CorporationMNKD
shares dropped 30 percent to $1.02 on termination of Afrezza deal with
Sanofi SA (ADR)SNY
. The company is reviewing strategic options for Afrezza as a result of termination. Shares of
Republic Airways Holdings Inc. RJET
were down 12 percent to $3.18. Deutsche Bank downgraded Republic Airways from Buy to Hold and lowered the price target from $8.00 to $4.00.
Akebia Therapeutics Inc AKBA
was down, falling around 11 percent to $11.16 following announcement of public offering, corporate and clinical developments. The company announced it plans on offering and selling $75 million worth of its common stock in a public offering.
Commodities
In commodity news, oil traded down 0.98 percent to $36.40, while gold traded up 0.17 percent to $1,077.00. Silver traded up 0.97 percent Monday to $13.98, while copper rose 0.58 percent to $2.09.
Eurozone
European shares were higher today. The eurozone's STOXX 600 surged 0.68 percent, the Spanish Ibex Index gained 0.37 percent, while Italy's FTSE MIB Index rose 0.94 percent. Meanwhile, the German DAX gained 0.46 percent, and the French CAC 40 climbed 0.37 percent, while U.K. shares rose 0.78 percent.
Economics
The Johnson Redbook Retail Sales Index declined 0.3 percent in December versus November.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesGlobalIntraday UpdateMarketsMoversMid-Day Market Update
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