Skip to main content

Market Overview

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

Share:

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. (NASDAQ: RGCO), up 4 percent, and Brookfield Infrastructure Partners L.P. (NYSE: 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. (NYSE: AXL), down 16 percent, and Halozyme Therapeutics, Inc. (NASDAQ: HALO), down 16 percent.

Top Headline

CSX Corporation (NASDAQ: CSX) reported better-than-expected earnings for the fourth quarter, but the company's revenue missed analysts' estimates.

Equities Trading UP

Cyberark Software Ltd (NASDAQ: CYBR) shares shot up 22 percent to $46.35. Haaretz reported that Check Point Software Technologies Ltd. (NASDAQ: CHKP) is in talks to acquire the company.

Shares of Nobilis Health Corp (NYSE: 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 (NASDAQ: QUNR) shares were also up, gaining 6 percent to $40.26. Ctrip.com International, Ltd. (ADR) (NASDAQ: 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. (NASDAQ: MFLX) shares dropped 20 percent to $13.14 after the company reported weak preliminary Q4 revenue.

Shares of Intelsat SA (NYSE: I) 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. (NYSE: 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.

 

Related Articles (RGCO + BIP)

View Comments and Join the Discussion!

Posted-In: Earnings M&A News Guidance Eurozone Commodities Global Intraday Update

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com