Mid-Afternoon Market Update: Markets in the Red as American Airlines/US Airways Merger Approved

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Toward the end of trading Tuesday, the Dow traded down 0.28 percent to 15,741.08 while the NASDAQ dropped 0.05 percent to 3,918.43. The S&P also fell, declining 0.29 percent to 1,766.89.
Top Headline
Making the top headlines Tuesday afternoon was news that American Airlines
AAMRQ
and US Airways
LCC
had reached a settlement with federal regulators to allow the companies to execute a $17.2 billion merger. The news sent shares of both company's stock soaring, while significantly affecting shares of every major player in the airline industry Tuesday afternoon.
Equities Trading UP
Heartland Express
HTLD
shot up 24.23 percent to $17.79 after the company reported that it has acquired Gordon Trucking for $300 million. Shares of D.R. Horton
DHI
were also on the rise after the reported a
rise in its
fiscal fourth-quarter profit. The company gained 4.93 percent to $18.96 towards the end of trading Tuesday. Western Refining
WNR
was up as well, gaining 9.18 percent to $36.14 after the company announced it had bought a stake in Northern Tier Energy.
Equities Trading DOWN
Shares of Rackspace Hosting
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RAX
were down 12.59 percent to $43.09 after the company reported a 40% drop in its third-quarter net income. Hologic
HOLX
shares tumbled 12.40 percent to $20.10 after the company issued downbeat outlook for fiscal 2014. Canaccord Genuity
downgraded the stock
from Buy to Hold. Sarepta Therapeutics
SRPT
was also down, falling a staggering 65.20 percent to $12.71 Tuesday after the company announced the FDA was slowing its trial of its muscular dystrophy drug- a major setback for the company.
Commodities
In commodity news,
oil traded down 2.11 percent
to $93.13, while gold traded down 1.15 percent to $1,266.20. Silver traded down 3.01 percent Tuesday to $20.72, while copper fell 1.18 percent to $3.22.
Euro zone
European shares
were lower
today. The Spanish Ibex Index tumbled 0.84 percent, while Italy's FTSE MIB Index fell 0.54 percent. Meanwhile, the German DAX dropped 0.34 percent and the French CAC 40 declined 0.61 percent while U.K. shares fell 0.02 percent.
Economics
The NFIB's small-business optimism index fell to 91.6 in October, versus 93.9 in September. The Chicago Fed National Activity Index came in at 0.14 for September. However, economists were expecting a reading of 0.15. The ICSC-Goldman Sachs store sales index rose 1.2% in the week ended Saturday versus the earlier week. The Johnson Redbook Retail Sales Index dropped 0.8% in the first week of November versus October.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesForexGlobalEcon #sEconomicsHotIntraday UpdateMarketsMoversTech
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