Mid-Morning Market Update: Markets Open Lower; Xerox Profit Misses Views
Following the market opening Monday, the Dow traded down 0.48 percent to 17,916.84 while the NASDAQ declined 0.22 percent to 4,895.43. The S&P also fell, dropping 0.40 percent to 2,083.14.
Leading and Lagging Sectors
In trading on Monday, basic materials shares fell by 1.13 percent. Meanwhile, top losers in the sector included Resolute Forest Products Inc (NYSE: RFP), down 5 percent, and POSCO (ADR) (NYSE: PKX), down 5 percent.
Xerox Corp (NYSE: XRX) reported weaker-than-expected earnings for its first quarter on Monday.
The company's net income declined to $34 million, or $0.03 per share, compared to $225 million, or $0.19 per share, in the year-ago period. On an adjusted basis, the company earned $0.22 per share.
Its revenue dropped to $4.28 billion from $4.47 billion. However, analysts were projecting a profit of $0.23 per share on revenue of $4.24 billion.
Equities Trading UP
Shares of Laboratory Corp. of America Holdings (NYSE: LH) got a boost, shooting up 4 percent to $126.65 as the company reported better-than-expected results for the first quarter and raised its guidance for the full year.
Valeant Pharmaceuticals Intl Inc (NYSE: VRX) shares were also up, gaining 4 percent to $37.43. Valeant named Joseph Papa as its new CEO and Chairman.
Equities Trading DOWN
TrovaGene Inc (NASDAQ: TROV) shares dropped 15 percent to $5.27. TrovaGene named Bill Welch as its CEO, effective immediately.
Shares of Perrigo Company plc Ordinary Shares (NYSE: PRGO) were down 10 percent to $108.91 as the company named John T. Hendrickson as its CEO. The company reported weak preliminary Q1 financial results, and also lowered its full year outlook.
First Foundation Inc (NASDAQ: FFWM) was down, falling around 11 percent to $20.00 on Q1 results. First Foundation reported Q1 earnings of $0.23 per share on revenue of $26.3 million.
In commodity news, oil traded down 1.03 percent to $43.28 while gold traded up 0.50 percent to $1,236.20.
Silver traded up 0.32 percent Monday to $17.01, while copper fell 0.18 percent to $2.26.
European shares were lower today. The eurozone's STOXX 600 declined 0.51 percent, the Spanish Ibex Index fell 0.72 percent, while Italy's FTSE MIB Index fell 1.25 percent. Meanwhile, the German DAX dropped 0.85 percent, and the French CAC 40 dropped 0.71 percent, while U.K. shares fell 0.82 percent.
New home sales declined 1.5 percent to an annual rate of 511,000 in March. However, economists were expecting a 527,000 pace for the month.
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