Market Overview

Mid-Morning Market Update: Markets Tumble; AutoZone Profit Tops Estimates

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Following the market opening Tuesday, the Dow traded down 0.92 percent to 17,566.63 while the NASDAQ dipped 0.58 percent to 5,072.48. The S&P also fell, dropping 0.78 percent to 2,060.97.

Leading and Lagging Sectors

In trading on Tuesday, healthcare shares slipped by just 0.1 percent. Meanwhile, top gainers in the sector included Insys Therapeutics Inc (NASDAQ: INSY), up 7 percent, and ZIOPHARM Oncology Inc. (NASDAQ: ZIOP), up 6 percent.

Basic materials shares tumbled by 2.53 percent in the US market on Tuesday. Top losers in the sector included Universal Forest Products, Inc. (NASDAQ: UFPI), Rio Tinto plc (ADR) (NYSE: RIO), and ArcelorMittal SA (ADR) (NYSE: MT).

Top Headline

AutoZone, Inc. (NYSE: AZO) reported upbeat earnings for its fiscal first quarter on Tuesday.

The Memphis, Tennessee-based company posted quarterly net income of $258.1 million, or $8.29 per share, compared to $238.3 million, or $7.27 per share, in the year-ago quarter.

Its revenue rose 5.6 percent year-over-year to $2.39 billion. However, analysts were expecting earnings of 8.24 per share on revenue of $2.39 billion.

Equities Trading UP

TherapeuticsMD Inc (NYSEMKT: TXMD) shares shot up 44 percent to $9.41 after the company reported positive top-line results from its pivotal Phase 3 Rejoice trial of TX-004HR.

Shares of Eagle Pharmaceuticals Inc (NASDAQ: EGRX) got a boost, shooting up 17 percent to $95.69 after the company announced receiving $15 million milestone.

Fairchild Semiconductor Intl Inc (NASDAQ: FCS) shares were also up, gaining 6 percent to $20.70 after the company announced the receipt of an unsolicited bid to be acquired for $21.70 per share in cash.

Equities Trading DOWN

Outerwall Inc (NASDAQ: OUTR) shares tumbled 23 percent to $44.63 after the company lowered its FY15 forecast.

Shares of United Natural Foods, Inc. (NASDAQ: UNFI) were down 15 percent to $37.53 after the company reported weaker-than-expected earnings for its fiscal first quarter and lowered its forecast for the year.

Harmonic Inc (NASDAQ: HLIT) was down, falling 13 percent to $4.55 after the company reported an offer to purchase Thomson Video Networks. The company also reported a $125 million convertible note offering.

Commodities

In commodity news, oil traded down 1.94 percent to $36.92, while gold traded down 0.69 percent to $1,067.80.

Silver traded down 1.51 percent Tuesday to $14.12, while copper fell 0.61 percent to $2.04.

Eurozone

European shares were lower today. The eurozone's STOXX 600 declined 1.65 percent, the Spanish Ibex Index fell 1.77 percent, while Italy's FTSE MIB Index dropped 1.92 percent. Meanwhile, the German DAX dipped 1.55 percent, and the French CAC 40 slipped 1.38 percent, while U.K. shares fell 1.21 percent.

Economics

The Johnson Redbook Retail Sales Index declined 0.6 percent during the first week of December versus November.

Posted-In: Earnings News Guidance Eurozone Commodities Global Intraday Update Markets

 

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