Mid-Morning Market Update: Markets Open Lower; Alphabet Tops Q4 Views
Following the market opening Tuesday, the Dow traded down 1.56 percent to 16,192.09 while the NASDAQ dipped 1.26 percent to 4,562.18. The S&P also fell, dropping 1.25 percent to 1,915.08.
Leading and Lagging Sectors
On Tuesday, non-cyclical consumer goods & services shares slipped by just 0.69 percent. Meanwhile, top gainers in the sector included Balchem Corporation (NASDAQ: BCPC), up 9 percent, and Monro Muffler Brake Inc (NASDAQ: MNRO) up 2 percent.
In trading on Tuesday, energy shares fell by 3.40 percent. Meanwhile, top losers in the sector included Stone Energy Corporation (NYSE: SGY), down 13 percent, and Whiting Petroleum Corp (NYSE: WLL), down 8 percent.
Alphabet reported a huge Q4 earnings beat of $8.67; consensus estimate called for earnings of $8.10 per share. The company also beat on revenue, coming in at $21.34 billion versus $20.76 billion estimates.
Equities Trading UP
LoJack Corporation (NASDAQ: LOJN) shares shot up 19 percent to $6.40 as CalAmp Corp. (NASDAQ: CAMP) announced plans to acquire LoJack for $6.45 per share in cash, in a deal valued at around $134 million.
Shares of Michael Kors Holdings Ltd (NYSE: KORS) got a boost, shooting up 18 percent to $47.57 as the company reported stronger-than-expected quarterly earnings.
Hansen Medical, Inc. (NASDAQ: HNSN) shares were also up, gaining 48 percent to $4.73 as the company reported the FDA clearance of the Magellan™ Robotic Catheter eKit.
Equities Trading DOWN
Carbylan Therapeutics Inc (NASDAQ: CBYL) shares dropped 64 percent to $0.883 after the company announced top-line results from a Phase 3 trial, COR1.1.
Shares of Integrated Device Technology Inc (NASDAQ: IDTI) were down 22 percent to $19.86. Integrated Device Technology reported in-line earnings for its third quarter.
Rent-A-Center Inc (NASDAQ: RCII) was down, falling around 20 percent to $10.67. Rent-A-Center reported upbeat quarterly earnings, but the company's sales missed analysts' estimates.
In commodity news, oil traded down 3.26 percent to $30.59, while gold traded down 0.12 percent to $1,126.70.
Silver traded down 0.54 percent Tuesday to $14.27, while copper rose 0.07 percent to $2.06.
European shares were lower today. The eurozone's STOXX 600 fell 1.63 percent, the Spanish Ibex Index dipped 2.01 percent, while Italy's FTSE MIB Index dropped 2 percent. Meanwhile, the German DAX dropped 1.23 percent, and the French CAC 40 slipped 1.94 percent, while U.K. shares fell 1.87 percent.
There were no major US economic releases Tuesday.
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