Market Overview

Mid-Day Market Update: Thursday's Movers, Feds Meet But No Answers Met


The U.S. stock market tumbled for the third straight day after growth worries manifest investors’ thoughts. The Federal Reserve released minutes of its July meeting in Wednesday's session, but offered no clear signal of certainty for rising or stagnant short-term interest rates, further intimidating investors.

  • Dow Jones Industrial Index: fell 1.39 percent
  • S&P 500: down 1.32 percent
  • NASDAQ Composite: sunk 1.79 percent
  • US Dollar Index: dwindled 0.33 percent
  • Crude Oil WTI: remained stagnant at $40.83 per barrel

A slowing Chinese economy will be critical for the Feds in determining whether to hike the interest rates or not as early as September. China’s Shanghai Stock Exchange Composite Index tumbled an additional 3.42 percent in Thursday’s session, raising concerns about the world’s second-largest economy’s growth. Furthermore, the index has plummeted nearly 30 percent since its peak in June, after major investor sell offs became a trend for investors and its central bank devaluing the yuan.

Initial jobless claims increased 4,000 to a new 277,000 in mid-August, remaining at historical lows.

Specialty retailer giant L Brands Inc (NYSE: LB) reported fiscal Q2 earnings of $202.5 million on sales of $2.765 billion; shares increased nearly 3 percent.

Valeant Pharmaceuticals Intl Inc (NYSE: VRX) agreed to acquire Sprout Pharmaceuticals for $1 billion after Sprout won an approval from the FDA to sell Addyi, the first legal drug to boost libido in women.


Arch Coal Inc (NYSE: ACI) skyrocketed another 35 percent after the coal producer seeked a compromise with lenders against a debt swap, which pulls it away from bankruptcy. In recent filings to the SEC, George Soros reported having bought shares of the coal producer.

Nortek Inc (NASDAQ: NTK) was up 21 percent after United Technologies Corporation (NYSE: UTX) was reported to be in talks to acquire Nortek.

Dynasil Corporation of America (NASDAQ: DYSL) soared 14 percent after the manufacturer entered into a three-year arrangement to supply high-quality crystal components to a leading global supplier of security inspection equipment.

Keysight Technologies Inc (NYSE: KEYS) was up 12 percent after the company reported Q3 earnings of $0.55 per share, $0.09 over analyst expectations on sales of $665 million.

Apricus Biosciences Inc (NASDAQ: APRI) spiked 7 percent after pharmaceutical company reported that it is seeking a global partner for its novel treatment for sexual dysfunction in women, Femprox.


Macrocure Ltd (NASDAQ: MCUR) sunk 76 percent after the biotechnology company provided an update for its phase III clinical trial of CureXcell. The study is not expected to meet its primary endpoint.

Amira Nature Foods Ltd (NYSE: ANFI) dwindled 38 percent after Deloitte called for an external forensic investigation on the company’s financials.

Stage Stores Inc (NYSE: SSI) fell 29 percent after the retailer reported Q2 earnings of $0.22 per share, below analysts expected EPS of $0.34. Stage also reported sales of $380.92 million versus analysts projected $384.63 million.

Jumei International Holding Limited (NYSE: JMEI) was down 22 percent despite beating earnings and revenues for Q2.

Rayonier Advanced Materials Inc (NYSE: RYAM) fell yet another 12 percent after a contract dispute between Rayonier and Eastman Chemical Company (NYSE: EMN), both companies have gone to court in a dispute over the terms of a major supply agreement.

Posted-In: News Intraday Update Movers


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