Market Overview

Mid-Day Market Update: Michael Kors Surges On Earnings Beat; Carbylan Therapeutics Shares Slide

Share:

Midway through trading Tuesday, the Dow traded down 1.25 percent to 16,243.93 while the NASDAQ dipped 1.09 percent to 4,570.11. The S&P also fell, dropping 1.20 percent to 1,916.15.

Leading and Lagging Sectors

On Tuesday, utilities shares slipped by just 0.3 percent. Meanwhile, top gainers in the sector included Targa Resources Corp (NYSE: TRGP), up 3 percent, and Chesapeake Utilities Corporation (NYSE: CPK) up 3 percent.

In trading on Tuesday, energy shares fell by 2.67 percent. Meanwhile, top losers in the sector included Stone Energy Corporation (NYSE: SGY), down 10 percent, and Bristow Group Inc (NYSE: BRS), down 9 percent.

Top Headline

Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) reported stronger-than-expected results for its fourth quarter on Monday.

Alphabet reported a huge Q4 earnings beat of $8.67; consensus estimate called for earnings of $8.10 per share. The company also beat on revenue, coming in at $21.34 billion versus $20.76 billion estimates.

Equities Trading UP

LoJack Corporation (NASDAQ: LOJN) shares shot up 20 percent to $6.41 as CalAmp Corp. (NASDAQ: CAMP) announced plans to acquire LoJack for $6.45 per share in cash, in a deal valued at around $134 million.

Shares of Michael Kors Holdings Ltd (NYSE: KORS) got a boost, shooting up 23 percent to $49.79 as the company reported stronger-than-expected quarterly earnings.

Fabrinet (NYSE: FN) shares were also up, gaining 14 percent to $28.56 after the company reported stronger-than-expected quarterly results.

Equities Trading DOWN

Carbylan Therapeutics Inc (NASDAQ: CBYL) shares dropped 67 percent to $0.810 after the company announced top-line results from a Phase 3 trial, COR1.1.

Shares of Integrated Device Technology Inc (NASDAQ: IDTI) were down 24 percent to $19.26. Integrated Device Technology reported in-line earnings for its third quarter.

Rent-A-Center Inc (NASDAQ: RCII) was down, falling around 24 percent to $10.07. Rent-A-Center reported upbeat quarterly earnings, but the company's sales missed analysts' estimates.

Commodities

In commodity news, oil traded down 3.51 percent to $30.51, while gold traded down 0.11 percent to $1,126.80.

Silver traded down 0.13 percent Tuesday to $14.33, while copper fell 0.10 percent to $2.05.

Eurozone

European shares were lower today. The eurozone's STOXX 600 fell 2.12 percent, the Spanish Ibex Index dipped 3.15 percent, while Italy's FTSE MIB Index dropped 3.09 percent. Meanwhile, the German DAX dropped 2 percent, and the French CAC 40 slipped 2.61 percent, while U.K. shares fell 2.41 percent.

Economics

There were no major US economic releases Tuesday.

 

Related Articles (CPK + TRGP)

View Comments and Join the Discussion!

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