Market Overview

Mid-Morning Market Update: Markets Open Lower; Tesla Motors Delivers 17,400 Vehicles in Fourth Quarter

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Following the market opening Monday, the Dow traded down 2.33 percent to 17,019.13 while the NASDAQ dipped 2.67 percent to 4,873.47. The S&P also fell, dropping 2.19 percent to 1,999.20.

Leading and Lagging Sectors

On Monday, energy shares slipped by just 0.2 percent. Top gainers in the sector included W&T Offshore, Inc. (NYSE: WTI), Hallador Energy Co (NASDAQ: HNRG), and Denbury Resources Inc. (NYSE: DNR).

In trading on Monday, technology shares dipped by 2.34 percent. Meanwhile, top losers in the sector included Perion Network Ltd (NASDAQ: PERI), down 13 percent, and NetEase Inc (ADR) (NASDAQ: NTES), down 9 percent.

Top Headline

Tesla reported total deliveries of 17,400 for 4Q2015, representing 78 percent y/y increase and 48 percent sequential growth. This comprised of 17,192 deliveries of Model S and 208 of Model X.

The company delivered 50,580 vehicles for the full year.

Equities Trading UP

Unilife Corp (NASDAQ: UNIS) shares shot up 77 percent to $0.875 as the company announced a exclusivity agreement with Amgen, Inc. (NASDAQ: AMGN).

Shares of X T L Biopharmaceuticals Ltd (ADR) (NASDAQ: XTLB) got a boost, shooting up 14 percent to $1.71 after the company reported that it has filed an ADR offering.

Baxalta Inc (NYSE: BXLT) shares were also up, gaining 3 percent to $40.10 following Bloomberg report of a potential Shire PLC (ADR) (NASDAQ: SHPG) offer of as much as $48 per share.

Equities Trading DOWN

Canadian Solar Inc. (NASDAQ: CSIQ) shares dropped 4 percent to $27.90 after the company reported a $100 million at-the-market offering of common shares.

Shares of Tesla Motors Inc (NASDAQ: TSLA) were down 6 percent to $225.68 following Sunday's disclosure of auto deliveries. The company reported that it has delivered 17,400 vehicles during the fourth quarter, and 50,580 vehicles for the full year.

Netflix, Inc. (NASDAQ: NFLX) was down, falling around 7 percent to $106.56. Analysts at Baird downgraded Netflix from Outperform to Neutral and lowered the price target from $128.00 to $115.00.

Commodities

In commodity news, oil traded up 2.02 percent to $37.79, while gold traded up 1.62 percent to $1,077.40.

Silver traded up 2.41 percent Monday to $14.14, while copper fell 2.41 percent to $2.08.

Eurozone

European shares were lower today. The eurozone's STOXX 600 declined 2.28 percent, the Spanish Ibex Index fell 2.02 percent, while Italy's FTSE MIB Index dropped 2.52 percent. Meanwhile, the German DAX dropped 3.89 percent, and the French CAC 40 slipped 2.29 percent, while U.K. shares fell 2.17 percent.

Economics

The Markit manufacturing PMI dropped to 51.20 in December, versus a previous reading of 51.30. However, economists were projecting a reading of 51.10.

The ISM manufacturing PMI slipped to 48.20 in December, versus a prior reading of 48.70. However, economists were expecting a reading of 49.00.

US construction spending declined 0.40 percent in November, versus economists' expectations for a 0.70 percent growth.

Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets Movers

 

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