Mid-Afternoon Market Update: Netflix Drops Following Baird Downgrade; Lululemon Shares Rise

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Toward the end of trading Monday, the Dow traded down 2.04 percent to 17,070.15 while the NASDAQ dipped 2.50 percent to 4,882.44. The S&P also fell, dropping 2.11 percent to 2,000.73.
Leading and Lagging Sectors
On Monday, energy shares slipped by just 1.03 percent. Top gainers in the sector included
Willbros Group IncWG
,
FuelCell Energy IncFCEL
, and
SunCoke Energy IncSXC
. In trading on Monday, financial shares dipped by 2.24 percent. Meanwhile, top losers in the sector included
NewStar Financial IncNEWS
, down 9 percent, and
SouFun Holdings LtdSFUN
, down 9 percent.
Top Headline Tesla Motors IncTSLA
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 CorpUNIS
shares shot up 39 percent to $0.690 as the company announced an exclusivity agreement with
Amgen, Inc.
AMGN
. Shares of
Lululemon Athletica inc.LULU
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got a boost, shooting up 6 percent to $55.67. Wells Fargo upgraded Lululemon from Market Perform to Outperform.
Baxalta IncBXLT
shares were also up, gaining 4 percent to $40.65 amid a recent report of
Shire PLC (ADR)SHPG
acquisition interest. According to Saturday's report from Bloomberg, Shire is in advanced talks to acquire Baxalta for about $32 billion in cash and stock, excluding debt, according to people familiar with the matter.
Equities Trading DOWN Amazon.com, Inc.AMZN
shares dropped 6 percent to $635.21. Analysts at Monness Crespi Hardt downgraded Amazon.com from Buy to Neutral. Shares of
Tesla Motors IncTSLA
were down 7 percent to $223.10 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.NFLX
was down, falling around 4 percent to $109.32. 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 down 1.11 percent to $36.63, while gold traded up 1.39 percent to $1,074.90. Silver traded up 0.45 percent Monday to $13.87, while copper fell 2.60 percent to $2.08.
Eurozone
European shares closed lower today. The eurozone's STOXX 600 declined 2.50 percent, the Spanish Ibex Index fell 2.42 percent, while Italy's FTSE MIB Index dropped 3.20 percent. Meanwhile, the German DAX dropped 4.28 percent, and the French CAC 40 slipped 2.47 percent, while U.K. shares fell 2.39 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.
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Posted In: NewsEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversApparel, Accessories & Luxury GoodsConsumer DiscretionaryMid-Afternoon Market Update
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