Market Overview

Mid-Day Market Update: Tuesday's Movers, China's Growth Worries And More

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U.S. markets were dragged down by mixed data concerning China alongside mixed earnings from the world’s second-largest retailer.

  • Dow Jones Industrial Index: Down 0.31 percent
  • S&P 500: Down 0.28 percent
  • NASDAQ Composite: Down 0.28 percent
  • US 10-Year Treasury: Up 0.019 percent
  • US Dollar Index: Up 0.11 percent
  • Crude Oil WTI: Up 0.17 percent

The Shanghai Stock Exchange Composite Index sank 6.15 percent in Tuesday’s session. Worries about China’s economic health continue to take effect as industrial metals along with regional currencies are dwindling to multiyear lows.

Wal-Mart Stores, Inc. (NYSE: WMT) dwindled 3 percent after the retail giant cut its full-year guidance to $4.40-$4.70 per share versus previously anticipated earnings of $4.70-$5.05 per share

U.S. Housing starts rose to nearly a eight-year high, with an increase of 0.20 percent to an annual 1.21 million units, the highest level since October 2007.

Home Depot Inc (NYSE: HD) impressed investors again after lifting its guidance for the year. The company now projects revenue growth of 5.2-6 percent, up from its previously expected growth of 4.2-4.8 percent.

Winners

  • Omeros Corporation (NASDAQ: OMER) skyrocketed a whopping 69 percent after the biopharmaceutical company announced positive data in its Phase II clinical trial of OMS721 for the treatment of thrombotic microangiopathies.
  • Inteliquent Inc (NASDAQ: IQNT) soared 29 percent after the wholesale voice services provider announced entering into a three-year agreement with T-Mobile US Inc (NYSE: TMUS) in which T-Mobile will use Inteliquent as its sole provider of voice interconnection services.
  • Evoke Pharma Inc (NASDAQ: EVOK) was lifted 20 percent after the specialty pharmaceutical company received a letter from the FDA with a favorable response regarding Pediatric Study Plan for EVK-001.
  • National Penn Bancshares Inc (NASDAQ: NPBC) climbed 17 percent after the bank holding company was acquired by BB&T Corporation (NYSE: BBT) for $1.8 billion.
  • Hovnanian Enterprises Inc (NYSE: HOV) was up 17 percent after positive homebuilder data was released.

Losers

  • Amira Nature Foods Ltd (NYSE: ANFI) dwindled 27 percent after the food provider was downgraded by BMO Capital from Outperform to Market Perform.
  • Aegean Marine Petroleum Network Inc (NYSE: ANW) sank 19 percent after the holding company missed on earnings; the company reported Q2 net income of $7.1 million, or $0.15 per share while analysts were expecting a per share income of $0.27.
  • SFX Entertainment Inc (NASDAQ: SFXE) tumbled 13 percent after the company was downgraded by Stifel from Buy to Hold.
  • Akers Biosciences Inc (NASDAQ: AKER) was down 13 percent after the company reported that gross profits have tumbled 48.3 percent in the second quarter.

Posted-In: News Intraday Update Movers

 

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