Market Overview

Mid-Afternoon Market Update: Dow Down Over 400 Points; UQM Technologies Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded down 1.7 percent to 24,288.03 while the NASDAQ declined 2.15 percent to 7,003.64. The S&P also fell, dropping 1.8 percent to 2,623.21.

Leading and Lagging Sectors

Tuesday afternoon, the utilities shares slipped by just 0.1 percent. Meanwhile, top gainers in the sector included PG&E Corporation (NYSE: PCG) up 11 percent, and TransAlta Corporation (NYSE: TAC) up 3 percent.

In trading on Tuesday, energy shares fell 2 percent.

Top Headline

Johnson & Johnson (NYSE: JNJ) reported better-than-expected results for its fourth quarter, but issued weak sales forecast for 2019.

Johnson & Johnson posted quarterly earnings of $1.97 per share on revenue of $20.4 billion. However, analysts were expecting earnings of $1.95 per share on revenue of $20.17 billion.

Johnson & Johnson expects FY19 adjusted earnings of $8.50 to $8.65 per share on sales of $80.4 billion to $81.2 billion. Analysts project earnings of $8.61 per share on sales of $82.68 billion.

 

Equities Trading UP

Staffing 360 Solutions Inc (NASDAQ: STAF) shares got a boost, shooting up 23 percent to $2.4890 after the company re-signed its largest client to a multi-year contract.

Shares of Neovasc Inc. (NASDAQ: NVCN) shot up 13 percent to $0.85 after the company announced dismissal of a patent infringement claim by Edwards Lifesciences.

UQM Technologies, Inc. (NYSE: UQM) shares were also up, gaining 45 percent to $1.6409 after the company agreed to be acquired by Danfoss for $1.71 per share in cash.

 

Equities Trading DOWN

Editas Medicine, Inc. (NASDAQ: EDIT) shares dropped 21 percent to $20.63 after the company reported that Katrine Bosley is stepping down as President and CEO.

Shares of Arconic Inc (NYSE: ARNC) were down 17 percent to $16.92 after the company announced its Board of Directors has determined to no longer pursue a potential sale of the company.

Oasmia Pharmaceutical AB (NASDAQ: OASM) was down, falling around 20 percent to $2.59 after the company cancelled its extraordinary general meeting.

 

Commodities

In commodity news, oil traded down 3.01 percent to $52.18 while gold traded up 0.01 percent to $1,282.70.

Silver traded down 0.38 percent Tuesday to $15.34, while copper fell 2.32 percent to $2.656.

 

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 0.36 percent, the Spanish Ibex Index dropped 0.18 percent, while Italy’s FTSE MIB Index dipped 1.03 percent. Meanwhile the German DAX declined 0.41 percent, and the French CAC 40 declined 0.42 percent while U.K. shares fell 0.99 percent.

Economics

Existing-home sales fell 6.4 percent at an annual rate of 4.99 million in December.

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

 

Related Articles (EDIT + ARNC)

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