Market Overview

Mid-Afternoon Market Update: Dow Falls 50 Points; Soliton Shares Gain On FDA Approval For Tattoo Removal Device


Toward the end of trading Tuesday, the Dow traded down 0.2 percent to 25,534 while the NASDAQ rose 0.1 percent to 7,644. The S&P also fell, dropping 0.22 percent to 2,819.

Leading and Lagging Sectors

Communication services shares rose by 1 percent on Tuesday. Meanwhile, top gainers in the sector included Momo Inc (NASDAQ: MOMO), up 7 percent, and So-Young International Inc. (NASDAQ: SY), up 6 percent.

In trading on Tuesday, consumer staples shares fell by 1.1 percent.

Top Headline

Booz Allen Hamilton Holding Corporation (NYSE: BAH) reported better-than-expected results for its fourth quarter.

Booz Allen Hamilton reported adjusted quarterly earnings of 64 cents per share, which beat the analyst consensus estimate of 62 cents. The company’s quarterly sales of $1.78 billion beat the analyst consensus estimate of $1.74 billion.

Booz Allen Hamilton said it expects FY20 adjusted earnings of $2.90 to $3.05 per share, versus analysts’ estimates of $3.00 per share.

Equities Trading UP

Soliton Inc (NASDAQ: SOLY) shares shot up 108 percent to $11.94 after the company received FDA 510(k) approval for its acoustic wave device for dermal tattoo clearing. Soliton has developed a breakthrough science for tattoo removal using rapid acoustic pulse, or RAP, technology. The FDA approved the RAP tattoo removal device, and the application will now move to a substantive review.

Shares of SeaWorld Entertainment, Inc. (NYSE: SEAS) got a boost, shooting up 17 percent to $31.97 after the company reported it will acquire approximately 5.6 million shares for $150 million from an affiliate Of PAG and Hill Path Capital.

Anaplan, Inc. (NYSE: PLAN) shares were also up, gaining 18 percent to $43.93 after the company reported better-than-expected Q1 EPS and sales results. The company also raised its FY19 sales guidance.

Equities Trading DOWN

Kezar Life Sciences, Inc. (NASDAQ: KZR) shares tumbled 43 percent to $9.61 after the company announced disappointing KZR-616 efficacy data with two healthy volunteers in the 60 mg cohort requiring hospitalization.

Shares of Teva Pharmaceutical Industries Limited (NYSE: TEVA) were down 14 percent to $9.31 after UBS downgraded the stock from from Buy to Neutral. The company also recently settled its opioid case in Oklahoma for $85 million.

Seadrill Limited (NYSE: SDRL) was down, falling 21 percent to $4.35 after Carnegie cut its price target on the company's stock from $24.16 to $2.76.


In commodity news, oil traded up 0.8 percent to $59.11, while gold traded down 0.5 percent to $1,277.50.

Silver traded down 1.6 percent Tuesday to $14.325, while copper rose 0.01 percent to $2.6995.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.22 percent, the Spanish Ibex Index fell 0.27 percent, while Italy’s FTSE MIB Index fell 0.5 percent. Meanwhile, the German DAX declined 0.37 percent, and the French CAC 40 slipped 0.44 percent while UK shares fell 0.12 percent.


The S&P CoreLogic Case-Shiller home price index increased 2.7 percent year-over-year in March, versus a revised 3 percent rise in the prior month.

The Federal Housing Finance Agency house price index rose 0.1 percent for March, versus a revised 0.4 percent gain in February.

The Conference Board consumer confidence index increased to 134.1 in May, compared to previous reading of 129.2.


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