Mid-Morning Market Update: Markets Mostly Lower; ReneSola Swings To Q4 Profit
Following the market opening Monday, the Dow traded up 0.04 percent to 16,308.87 while the NASDAQ dropped 0.58 percent to 4,252.14. The S&P also fell, declining 0.21 percent to 1,862.61.
Leading and Lagging Sectors
Energy sector surged 0.72 percent, saw Penn Virginia (NYSE: PVA) as the top gainer. Meanwhile, gainers in energy sector included Arch Coal (NYSE: ACI), with shares up 3.3 percent, and PetroChina Co (NYSE: PTR), with shares up 3 percent. Healthcare sector was the leading decliner in the US market today.
ReneSola (NYSE: SOL) posted a profit in the fourth quarter. ReneSola posted its quarterly net profit of $800,000, or $0.01 per American depositary share (ADS), versus a year-ago loss of $88.9 million, or $1.03 per ADS. Its revenue climbed around 43% to $438.8 million. ReneSola expects 2014 module shipments of 2.3 to 2.5 gigawatts (GW).
St. Jude Medical (NYSE: STJ) was also up, gaining 2.10 percent to $67.00 after the company announced the FDA approvals of new pacemakers.
Equities Trading DOWN
Shares of The KEYW Holding (NASDAQ: KEYW) were down 3.69 percent to $19.30 after Sterne Agee downgraded the stock from Buy to Neutral and cut the price target from $21.00 to $19.00.
NetApp (NASDAQ: NTAP) was down, falling 2.83 percent to $36.73 after Morgan Stanley downgraded the stock from Equal-weight to Underweight and cut the price target from $47.00 to $31.00.
In commodity news, oil traded up 0.61 percent to $100.07, while gold traded down 1.35 percent to $1,318.00. Silver traded down 0.49 percent Monday to $20.21, while copper rose 0.32 percent to $2.96.
European shares were lower today.
The Spanish Ibex Index fell 0.81 percent, while Italy's FTSE MIB Index fell 0.05 percent.
Meanwhile, the German DAX tumbled 0.32 percent and the French CAC 40 slipped 0.27 percent while U.K. shares declined 0.08 percent.
The Chicago Fed National Activity Index surged to 0.14 in February, versus -0.45 in January. However, economists were expecting a reading of 0.08 in the month.
The flash reading of the Markit PMI manufacturing index fell to 55.50 in March, versus a prior reading of 57.10. However, economists were expecting a reading of 56.50.
The Treasury is set to auction 3-and 6-month bills.
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