Market Overview

Mid-Afternoon Market Update: Markets Dip on Icahn Comments as Tesla Shares Fall on Technical Breakdown

Mid-Afternoon Market Update: Markets Dip on Icahn Comments as Tesla Shares Fall on Technical Breakdown

Toward the end of trading Monday, the Dow traded up 0.05 percent to 15,969.47 while the NASDAQ declined 0.94 percent to 3,948.93. The S&P also rose, gaining 0.42 percent to 1,790.00.

Top Headline
Tyson Foods (NYSE: TSN) reported a rise in its fourth-quarter profit.

Tyson's quarterly profit surged to $261 million, or $0.70 per share, versus a year-ago profit of $181 million, or $0.51 per share. Its adjusted earnings gained to $0.70 per share from $0.55 per share.

Its revenue surged to $8.9 billion from $8.3 billion. However, analysts were estimating earnings of $0.69 per share on revenue of $8.8 billion.

Equities Trading UP
JinkoSolar Holding Co (NYSE: JKS) shot up 12.20 percent to $33.10 after the company reported its Q3 profit of $1.44 per share and lifted its full-year outlook for solar module shipments.

Shares of Diebold (NYSE: DBD) were also up, gaining 4.71 percent to $32.01 after the company received an upgrade from KeyBanc to a Buy rating and a $35 price target.

YY (NASDAQ: YY) was also up, gaining 4.51 percent to $51.69 after the company announced withdrawal of proposed offering of convertible notes.

Equities Trading DOWN
Shares of Tesla (NASDAQ: TSLA) got crushed on Monday's session, falling 10.48 percent to $121.32 on seemingly little news. The equity took a hit at the market open, breaking below the psychological $130 level and became a technician's playground the rest of the session.

SuperValu (NYSE: SVU) shares tumbled 9.45 percent to $6.22 after Goldman Sachs downgraded the stock from Neutral to Sell and lowered the price target from $8.00 to $6.00.

Twitter (NYSE: TWTR) was down, falling 5.68 percent to $41.46 after Wunderlich initiated coverage on the stock with a Sell rating.

In commodity news, oil traded down 0.98 percent to $92.92, while gold traded down 1.17 percent to $1,272.80.

Silver traded down 2.15 percent Monday to $20.36, while copper fell 0.68 percent to $3.16.

European shares were higher today. The Spanish Ibex Index rose 0.88 percent, while Italy's FTSE MIB Index surged 2.16 percent. Meanwhile, the German DAX gained 0.74 percent and the French CAC 40 climbed 0.66 percent while U.K. shares rose 0.45 percent.

The NAHB housing market index came in at 54 in November, versus a revised reading of 54 in October. However, economists were expecting a reading of 55.


Related Articles (BZSUM)

View Comments and Join the Discussion!

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s