Mid-Morning Market Update: Markets Open Lower; G-III Apparel Misses Q4 Expectations
Following the market opening Tuesday, the Dow traded down 0.41 percent to 17,552.30 while the NASDAQ declined 0.38 percent to 4,790.81. The S&P also fell, dropping 0.47 percent to 2,042.06.
Leading and Lagging Sectors
Tuesday morning, the healthcare shares slipped by just 0.32 percent. Meanwhile, top gainers in the sector included Akorn, Inc. (NASDAQ: AKRX), up 26 percent, and CytRx Corporation (NASDAQ: CYTR), up 6 percent.
In trading on Tuesday, financial shares dipped by 0.88 percent. Meanwhile, top losers in the sector included Bancorp Inc (NASDAQ: TBBK), down 6 percent, and Oconee Federal Financial (NASDAQ: OFED), down 5 percent.
G-III Apparel Group, Ltd. (NASDAQ: GIII) reported downbeat Q4 results and issued a weak forecast.
G-III Apparel posted quarterly earnings of $0.17 per share, on revenue of $527.4 million. However, analysts were expecting earnings of $0.42 per share on revenue of $568.6 million.
G-III Apparel expects FY 2017 earnings of $2.55 to $2.65 per share, on revenue of $2.56 billion. Analysts projected earnings of $3.14 per share on revenue of $2.60 billion.
Equities Trading UP
Akorn, Inc. (NASDAQ: AKRX) shares shot up 26 percent to $23.60. Akorn reported preliminary FY15 earnings of $1.93 per share on revenue of $985 million. The company projects FY16 earnings of $2.10 to $2.20 per share, on revenue of $1.06 billion to $1.08 billion.
Shares of Centrus Energy Corp (NYSE: LEU) got a boost, shooting up 46 percent to $3.45. Centrus Energy reported a Q4 loss of $(11.19) per share on revenue of $157.9 million.
Full House Resorts, Inc. (NASDAQ: FLL) shares were also up, gaining 18 percent to $1.78. Full House reported a Q4 loss of $(0.06) per share on revenue of $30.5 million.
Equities Trading DOWN
G-III Apparel Group, Ltd. (NASDAQ: GIII) shares dropped 22 percent to $43.26 as the company reported downbeat Q4 results and issued a weak forecast.
Shares of Galmed Pharmaceuticals Ltd (NASDAQ: GLMD) were down 9 percent to $4.31. Galmed Phama reported a FY15 loss of $(0.96) per share.
Infinity Pharmaceuticals Inc. (NASDAQ: INFI) was down, falling around 15 percent to $5.51. Wedbush downgraded Infinity Pharmaceuticals from Neutral to Underperform and lowered the price target from $8.00 to $3.00.
In commodity news, oil traded up 1.19 percent to $39.91, while gold traded up 0.72 percent to $1,253.10.
Silver traded up 0.59 percent Tuesday to $15.94, while copper fell 0.50 percent to $2.28.
European shares were lower today. The eurozone's STOXX 600 dropped 0.82 percent, the Spanish Ibex Index fell 0.99 percent, while Italy's FTSE MIB Index slipped 0.96 percent. Meanwhile, the German DAX declined 0.43 percent, and the French CAC 40 declined 1.25 percent, while U.K. shares fell 0.71 percent.
The FHFA house price index rose 0.50 percent for January, versus economists' expectations for a 0.50 percent growth.
The Markit manufacturing PMI gained to 51.40 in March, versus a prior reading of 51.30. However, economists were expecting a reading of 51.80.
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