Mid-Afternoon Market Update: Dow Falls 280 Points; Avalon GloboCare Shares Surge

Toward the end of trading Monday, the Dow traded down 1.13 percent to 24,457.14 while the NASDAQ declined 1.32 percent to 7,070.58. The S&P also fell, dropping 1.03 percent to 2,637.36.

Leading and Lagging Sectors

Monday afternoon, the real estate shares climbed 0.6 percent. Meanwhile, top gainers in the sector included CyrusOne Inc CONE up 5 percent, and Coeur Mining Inc CDR up 3 percent.

In trading on Monday, information technology shares fell 1.8 percent.

Top Headline

Caterpillar Inc. CAT reported weaker-than-expected earnings for its fourth quarter on Monday.

Caterpillar reported a bottom line of $2.55 against $2.99 estimates, with revenue of $14.3 billion falling shy of $14.33 forecasts.

Caterpillar projects EPS of $11.75 to $12.75 for the 2019 fiscal year. Consensus anticipates just $12.64.

 

Equities Trading UP

Trevena, Inc. TRVN shares got a boost, shooting up 70 percent to $0.92 after the company announced a pathway to resolve concerns the FDA had with oliceridine.

Shares of Avalon GloboCare Corp. AVCO shot up 80 percent to $7.60 after the company announced development of a saliva-based biomarker for oral cancer.

Milestone Scientific Inc. MLSS shares were also up, gaining 28 percent to $0.52 after the New York Stock Exchange accepted the company's plan to regain compliance with exchange regulations.

Equities Trading DOWN

Dynagas LNG Partners LP DLNG shares dropped 28 percent to $2.88 after the company cut its quarterly dividend from $0.25 per share to $0.0625 per share. The stock was also downgraded by B. Riley from Buy to Neutral with its price target cut from $10.50 to $2.65.

Shares of Four Seasons Edu (Cayman) Inc ADR FEDU were down 15 percent to $2.30 after the company missed Q3 EPS and sales estimates.

Guess?, Inc. GES was down, falling around 16 percent to $18.86 after the company disclosed that its CEO Victor Herrero is leaving the company.

Commodities

In commodity news, oil traded down 3.58 percent to $51.77 while gold traded up 0.35 percent to $1,308.70.

Silver traded up 0.42 percent Monday to $15.765, while copper fell 1.74 percent to $2.6815.

 

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 slipped 0.97 percent, the Spanish Ibex Index declined 1.34 percent, while Italy’s FTSE MIB Index dropped 1.02 percent. Meanwhile the German DAX dropped 0.63 percent, and the French CAC 40 slipped 0.76 percent while U.K. shares fell 0.91 percent.

Economics

The Chicago Fed National Activity Index rose to a reading of +0.27 in December, compared to +0.21 in November.