Mid-Afternoon Market Update: Dow Dips Over 150 Points; Childrens Place Shares Surge On Upbeat Earnings
Toward the end of trading Tuesday, the Dow traded down 0.95 percent to 17,562.79 while the NASDAQ declined 0.12 percent to 5,095.49. The S&P also fell, dropping 0.70 percent to 2,062.52.
Leading and Lagging Sectors
Basic materials shares tumbled by 2.85 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 Freeport-McMoRan Inc (NYSE: FCX).
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 41 percent to $9.20 after the company reported positive top-line results from its pivotal Phase 3 Rejoice trial of TX-004HR.
Shares of Childrens Place Inc (NASDAQ: PLCE) got a boost, shooting up 12 percent to $54.39. Childrens Place reported better-than-expected earnings for the third quarter.
Fairchild Semiconductor Intl Inc (NASDAQ: FCS) shares were also up, gaining 6 percent to $20.60 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 24 percent to $44.34 after the company lowered its FY15 forecast.
Shares of United Natural Foods, Inc. (NASDAQ: UNFI) were down 16 percent to $36.82 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 14 percent to $4.51 after the company reported an offer to purchase Thomson Video Networks. The company also reported a $125 million convertible note offering.
In commodity news, oil traded down 0.21 percent to $37.57, while gold traded down 0.19 percent to $1,073.20.
Silver traded down 1.37 percent Tuesday to $14.14, while copper rose 0.27 percent to $2.06.
European shares closed lower today. The eurozone's STOXX 600 declined 1.81 percent, the Spanish Ibex Index fell 2.04 percent, while Italy's FTSE MIB Index dropped 2.26 percent. Meanwhile, the German DAX dipped 1.95 percent, and the French CAC 40 slipped 1.57 percent, while U.K. shares fell 1.42 percent.
The Johnson Redbook Retail Sales Index declined 0.6 percent during the first week of December versus November.
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