Market Overview

Mid-Day Market Update: Dow Drops Over 100 Points; Aradigm Shares Spike Higher

Share:

Midway through trading Monday, the Dow traded down 0.52 percent to 22,234.31 while the NASDAQ declined 1.11 percent to 6,355.67. The S&P also fell, dropping 0.53 percent to 2,488.85.

Leading and Lagging Sectors

On Monday, the non-cyclical consumer goods & services shares surged 0.63 percent.

In trading on Monday, technology shares fell 1.40 percent. Meanwhile, top losers in the sector included Cardtronics PLC (NASDAQ: CATM), down 12 percent, and Magnachip Semiconductor Corp (NYSE: MX) down 8 percent.

Top Headline

D. R. Horton Inc (NYSE: DHI) lowered its FY 2017 cash flow forecast.

DR Horton expects FY 2017 cash flow of $150 million, versus earlier forecast of $300 million. The company said it does not anticipate hurricane will impact FY 2018 guidance.

Equities Trading UP

Izea Inc (NASDAQ: IZEA) shares shot up 61 percent to $5.15. IZEA reported the release of CurationEngine™.

Shares of Aradigm Corporation (NASDAQ: ARDM) got a boost, shooting up 24 percent to $3.13 after the company disclosed the FDA acceptance of its NDA for Linhaliq with Priority Review status.

Pulse Biosciences Inc (NASDAQ: PLSE) shares were also up, gaining 14 percent to $17.09. Pulse Biosciences reported $30 million private placement at $15.02 per share.

Equities Trading DOWN

AZZ Inc (NYSE: AZZ) shares dropped 10 percent to $46.00 after the company lowered its FY2018 guidance.

Shares of Quest Diagnostics Inc (NYSE: DGX) were down 7 percent to $94.72. Raymond James downgraded Quest Diagnostics from Outperform to Market Perform.

Bioblast Pharma Ltd (NASDAQ: ORPN) was down, falling around 24 percent to $1.83 as the company reported the effectiveness of 5 to 1 reverse split.

Commodities

In commodity news, oil traded up 1.36 percent to $51.35 while gold traded up 0.04 percent to $1,298.00.

Silver traded down 0.29 percent Monday to $16.935, while copper fell 0.46 percent to $2.931.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 rose 0.26 percent, the Spanish Ibex Index fell 0.87 percent, while Italy’s FTSE MIB Index slipped 0.46 percent. Meanwhile the German DAX gained 0.14 percent, and the French CAC 40 slipped 0.20 percent while U.K. shares fell 0.11 percent.

Economics

The Chicago Fed National Activity Index declined to a reading of -0.31 in August, compared to +0.03 in July.

The Dallas Fed manufacturing business index rose to 21.30 for September, versus prior reading of 17.00.

Chicago Federal Reserve Bank President Charles Evans will speak in Grand Rapids, Michigan at 12:40 p.m. ET.

Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Grand Forks, North Dakota at 6:30 p.m. ET.

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

 

Related Articles (ATW + ARDM)

View Comments and Join the Discussion!
Loading...

Partner Center

Loading...