Mid-Afternoon Market Update: Dow Tumbles Over 300 Points; Cyberark Shares Gain Following Merger Chatter

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Toward the end of trading Wednesday, the Dow traded down 1.88 percent to 16,205.86 while the NASDAQ dipped 2.78 percent to 4,555.78. The S&P also fell, dropping 2.08 percent to 1,898.34.
Leading and Lagging Sectors
On Wednesday, utilities shares declined by 0.37 percent. Meanwhile, top gainers in the sector included
RGC Resources Inc.RGCO
, up 4 percent, and
Brookfield Infrastructure Partners L.P.BIP
, up 4 percent. In trading on Wednesday, cyclical consumer goods & services shares tumbled by 2.37 percent. Meanwhile, top losers in the sector included
American Axle & Manufact. Holdings, Inc.AXL
, down 16 percent, and
Halozyme Therapeutics, Inc.HALO
, down 16 percent.
Top HeadlineCSX CorporationCSX
reported better-than-expected earnings for the fourth quarter, but the company's revenue missed analysts' estimates.
Equities Trading UP Cyberark Software LtdCYBR
shares shot up 22 percent to $46.35. Haaretz reported that
Check Point Software Technologies Ltd. CHKP
is in talks to acquire the company. Shares of
Nobilis Health Corp HLTH
got a boost, shooting up 11 percent to $2.64. Nobilis Health reported upbeat Q3 results and reported that it has completed earlier announced financial restatement.
Qunar Cayman Islands Ltd
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QUNR
shares were also up, gaining 6 percent to $40.26.
Ctrip.com International, Ltd. (ADR) CTRP
reported a deal to make certain investments via a limited partnership capital contribution in several non-U.S. investment entities. The investment entities "will acquire a significant minority stake of Qunar Cayman Islands Limited, or Qunar, from Qunar's shareholders through privately negotiated transactions, using cash and/or Ctrip's ordinary shares as purchase consideration," according to the release.
Equities Trading DOWN Multi-Fineline Electronix, Inc.MFLX
shares dropped 20 percent to $13.14 after the company reported weak preliminary Q4 revenue. Shares of
Intelsat SAI
were down 12 percent to $2.93. Goldman Sachs downgraded Intelsat from Neutral to Sell and lowered the price target from $7.00 to $3.00.
SUPERVALU INC.SVU
was down, falling around 16 percent to $5.03. SUPERVALU reported Q3 earnings of $0.16 per share on revenue of $4.11 billion.
Commodities
In commodity news, oil traded down 0.13 percent to $30.40, while gold traded up 0.63 percent to $1,092.00. Silver traded up 2.76 percent Wednesday to $14.13, while copper fell 0.26 percent to $1.95.
Eurozone
European shares closed higher today. The eurozone's STOXX 600 gained 0.41 percent, the Spanish Ibex Index rose 0.21 percent, while Italy's FTSE MIB Index jumped 0.85 percent. Meanwhile, the German DAX slipped 0.25 percent, and the French CAC 40 climbed 0.30 percent, while U.K. shares gained 0.54 percent.
Economics
The Federal Open Market Committee
released its Beige
Book report.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversHealth CareHealth Care TechnologyMid-Afternoon Market Update
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