Market Wrap For June 11: Momentum Hit, Dow Suffers Triple Digit Loss

CNBC. "At the end of the day, I don't look forward to a time when every legislator goes to Washington absolutely committed to an extreme point of view and can never resolve anything." Recommended: State Of The Economy Update: NFIB Small Business Optimism The Dow lost 0.60 percent, closing at 16,843.88. The S&P 500 lost 0.35 percent, closing at 1,943.89. The Nasdaq lost 0.14 percent, closing at 4,331.93. Gold gained 0.07 percent, trading at $1,261.00. Oil gained 0.11 percent, trading at $104.46 an ounce. Silver gained 0.14 percent, trading at $19.19. News of Note MBA Mortgage Composite Index rose 10.3 percent after declining 3.1 percent last week. MBA Mortgage Purchase Index rose nine percent after declining 3.6 percent last week. MBA Refinance Index rose 11 percent after declining 2.9 percent last week. EIA Crude Inventories declined 2.6 million barrels, more than the 1.8 million barrel declined expected. EIA Gasoline Inventories rose 1.7 million barrels, more than the 1.1 million barrel gain expected. EIA Distillates Inventories rose 0.9 million barrels, more than the 0.8 million barrel gain expected. The European Commission will launch an investigation into low corporate tax rates in Luxembourg, the Netherlands and Ireland to determine if international corporations are operating within the legal framework under European Union laws. Analyst Upgrades and Downgrades of Note Analysts at UBS maintained a Neutral rating on 3D Systems DDD with a price target raised to $51 from a previous $74. Meanwhile, analysts at Deutsche Bank maintained a Buy rating on 3D Systems with a price target lowered to $80 from a previous $115. Shares gained 1.20 percent, closing at $49.87. Analysts at Goldman Sachs added Amazon.com AMZN to its “Conviction List.” Shares gained 0.84 percent, closing at $335.20. Analysts at Deutsche Bank maintained a Buy rating on Anadarko Petroleum APC with a price target raised to $126 from a previous $116. Shares hit new 52-week highs of $109.00 before closing the day at $108.33, up 4.24 percent. Analysts at Jefferies downgraded B/E Aerospace BEAV to Hold from Buy with a price target lowered to $97 from a previous $107. Also, analysts at Canaccord Genuity downgraded B/E Aerospace to Hold from Buy with a price target lowered to $98 from a previous $100. Meanwhile, analysts at Topeka Capital maintained a Buy rating on B/E Aerospace with a price target raised to $111 from a previous $108. Shares lost 0.68 percent, closing at $93.51. Analysts at JPMorgan maintained an Overweight rating on Big Lots BIG with a price target raised to $46 from a previous $45. Shares lost 0.10 percent, closing at $44.53. Recommended: Short Interest In Twitter Plunges, In eBay Still Rising Analysts at RBC Capital Markets downgraded Boeing BA to Sector Perform from Outperform with an unchanged $145 price target. Shares lost 2.29 percent, closing at $134.11. Analysts at Howard Weil upgraded ConocoPhillips COP to Sector Outperform from Sector Perform. Shares hit new 52-week highs of $82.10 before closing the day at $81.96, up 0.40 percent. Analysts at Deutsche Bank maintained a Buy rating on EOG Resources EOG with a price target raised to $118 from a previous $109. Shares hit new 52-week highs of $110.91 before closing the day at $110.70, up 1.85 percent. Analysts at BNP Paribas initiated coverage of Expedia EXPE with an Outperform rating and $91 price target. Shares gained 1.19 percent, closing at $75.98. Analysts at JPMorgan maintained an Overweight rating on Foot Locker FL with a price target raised to $51 from a previous $50. Shares lost 0.65 percent, closing at $49.62. Analysts at Wells Fargo initiated coverage of Jazz Pharmaceuticals JAZZ with an Outperform rating. Shares gained 1.31 percent, closing at $143.23. Analysts at Citigroup maintained a Buy rating on Macy's M with a price target raised to $70 from a previous $63. Shares lost 0.99 percent, closing at $57.99. Analysts at Barclays maintained an Overweight rating on MetLife MET with a price target raised to $65 from a previous $62. Shares lost 0.31 percent, closing at $54.88. Analysts at Credit Suisse maintained an Outperform rating on Micron Technology MU with a price target raised to $50 from a previous $30. Shares hit new 52-week highs of $31.60 before closing the day at $30.99, up 5.02 percent. Analysts at Bank of America upgraded Molson Coors Brewing TAP to Buy from Underperform. Shares gained 1.92 percent, closing at $72.07. Analysts at JPMorgan maintained a Neutral rating on PVH PVH with a price target lowered to $128 from a previous $131. Shares lost 1.28 percent, closing at $118.53. Analysts at Nomura maintained a Buy rating on Qualcomm QCOM with a price target raised to $90 from a previous $85. Shares gained 0.04 percent, closing at $79.21. Analysts at B.Riley &Co maintained a Sell rating on RadioShack RSH with a price target lowered to $0 from a previous $1. Shares lost 7.97 percent, closing at $1.27. Equities-Specific News of Note CBS CBS will divest its 81 percent stake ownership in CBS Outdoor America. CBSO Shares of CBS gained 1.10 percent, closing at $61.80 while shares of CBS Outdoor lost 2.15 percent, closing at $31.37. Eli Lilly LLY disclosed that its orphan drug-designated liver cancer therapy Cyramza failed in a Phase 3 study to meet its primary endpoint of a statistical significant improvement in its patients overall survival. Shares lost 0.47 percent, closing at $59.47. Recommended: CFOs Expect Significant Global Incidents Of Labor Unrest Millennial Media MM hired Marc Theermann, a Google alumni to be its EVP of business strategy. At Google, Theermann was in charge of overseeing its DoubleClick's mobile publishers' platform and ad exchange platform. Shares of Millenial Media gained 5.23 percent, closing at $4.43. During an investor presentation, Starbucks SBUX guided towards EPS growth of 20 percent to 22 percent. The company noted it will have 1,500 stores in China by the end of the year and that “significant innovation is on the docket.” Shares gained 0.27 percent, closing at $74.80. According to Bloomberg, Anadarko Petroleum APC may be on the brink of a takeover. Shares hit new 52-week highs of $109.00 before closing the day at $108.33, up 4.24 percent. Lululemon's LULU founder and 27 percent owner Chip Wilson disclosed he voted against the re-election of Michael Casey and RoAnn Costin to the company's board of directors. Wilson claims that the board does not share the core values of Lululemon. The company responded in a statement and noted “Contrary to Mr. Wilson's assertions, lululemons Board members are aligned with the Companys core values and possess the necessary expertise to successfully lead lululemon forward.” Shares lost 2.59 percent, closing at $44.30. Winners of Note Last night, Synaptics SYNA announced that it will acquire Renesas' LCD driver IC unit for $475 million in cash. The unit number one in the mobile LCD driver market and Synaptics expects the acquisition will help grow its addressable market by a factor of 1.5. Shares surged to new 52-week highs of $86.70 before closing the day at $85.78, up 28.95 percent. Rambus RMBS entered in to an agreement with Qualcomm over memory, interface and security IP. As part of the agreement, Qualcomm will license Ramus' CryptoManager security platform. Following the announcement, Rambus revised its second quarter revenue guidance to $75 million to $77 million, up from prior guidance of $69 million to $74 million. Shares of Rambus hit new 52-week highs of $13.35 before closing the day at $13.00, up 5.18 percent. Decliners of Note The Bancorp TBBK entered into a Stipulation and Consent to the Issuance of a Consent Order with the FDIC. The bank is required to fix the weakness in its Bank Secrecy Act Compliance Program. Shares plunged to new 52-week lows of $9.88 before closing the day at $11.54, down 28.77 percent. Recommended: When News And Rumors Add To A Stock's Momentum Privately held Prasco announced it will begin selling an Authorized Generic version of Auxilium Pharmaceuticals' AUXL Testim (testosterone gel) product. Auxilium stated: “While Testim has continued to represent an important portion of Auxilium's net sales, we have been proactively planning for this launch in an effort to most strategically position our product franchise to compete in the increasingly crowded and challenging Testosterone Replacement Therapy gel market." Shares of Auxilium lost 7.80 percent, closing at $20.09. Quote of the Day “And so with the sunshine and the great bursts of leaves growing on the trees, just as things grow in fast movies, I had that familiar conviction that life was beginning over again with the summer.” - F. Scott Fitzgerald, The Great Gatsby.