Mid-Morning Market Update: Markets Tumble; SodaStream Issues Downbeat Revenue Forecast

Following the market opening Tuesday, the Dow traded down 0.86 percent to 16,845.55 while the NASDAQ declined 0.89 percent to 4,415.16. The S&P also fell, dropping 0.78 percent to 1,949.55.

Leading and Lagging Sectors

In trading on Tuesday, utilities shares were relative leaders, up on the day by about 0.23 percent. Top gainers in the sector included Companhia Energética de Minas Gerais CIG, up 5.6 percent, and Companhia Paranaense de Energia ELP, up 2.8 percent.

Healthcare shares fell by 1.13 percent on Tuesday. Top losers in the sector included Raptor Pharmaceuticals RPTP, down 3.7 percent, and Array BioPharma ARRY, off 4.8 percent.

Top Headline

SodaStream International SODA issued a downbeat third-quarter revenue forecast.

The company projected Q3 revenue of around $125 million, versus analysts’ estimates of $154.1 million It expected operating income to be roughly $8.5 million, versus estimates of $17 million.

Equities Trading UP

CalAmp CAMP shares shot up 13.03 percent to $18.65 after the company reported better-than-expected Q2 earnings.

Shares of Silicon Motion Technology SIMO got a boost, shooting up 3.49 percent to $27.00 after the company raised its Q3 sales growth outlook.

Chimerix CMRX shares were also up, gaining 6.32 percent to $33.46 following the report of additional patients in Spain being monitored for Ebola infection.

Equities Trading DOWN

Shares of SodaStream International SODA were down 19.66 percent to $22.15 after the company issued a downbeat Q3 revenue forecast.

The Container Store Group TCS shares tumbled 17.45 percent to $18.07 after the company lowered its forecast for the year and reported downbeat second-quarter revenue.

Aegion AEGN was down, falling 10.02 percent to $19.84 after the company named Charles R. “Chuck” Gordon as President and Chief Executive Officer.

Commodities

In commodity news, oil traded down 0.32 percent to $90.05, while gold traded down 0.05 percent to $1,206.70.

Silver traded up 0.41 percent Tuesday to $17.30, while copper rose 0.02 percent to $3.04.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.84 percent, the Spanish Ibex Index tumbled 1.50 percent, while Italy’s FTSE MIB Index declined 1.05 percent. Meanwhile, the German DAX slipped 0.65 percent and the French CAC 40 declined 1.10 percent while UK shares fell 0.39 percent.

Economics

The ICSC-Goldman Store Sales Index rose 0.1% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index fell 0.3% in September versus Agust.

Data on consumer credit for August will be released at 3:00 p.m. ET.

The Treasury is set to auction 4-week bills and 3-year notes.