Market Overview

Mid-Afternoon Market Update: Dow Tumbles Over 300 Points; Crude Oil Down 5%

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Toward the end of trading Tuesday, the Dow traded down 1.90 percent to 16,137.20 while the NASDAQ dipped 2.16 percent to 4,520.65. The S&P also fell, dropping 1.91 percent to 1,902.32.

Leading and Lagging Sectors

On Tuesday, utilities shares slipped by just 0.5 percent. Meanwhile, top gainers in the sector included Pampa Energia S.A. (ADR) (NYSE: PAM), up 2 percent, and Chesapeake Utilities Corporation (NYSE: CPK) up 3 percent.

In trading on Tuesday, energy shares fell by 3.5 percent. Meanwhile, top losers in the sector included Stone Energy Corporation (NYSE: SGY), down 12 percent, and Bristow Group Inc (NYSE: BRS), down 12 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 24 percent to $50.20 as the company reported stronger-than-expected quarterly earnings.

Interactive Intelligence Group Inc (NASDAQ: ININ) shares were also up, gaining 18 percent to $28.06 after the company reported stronger-than-expected quarterly results.

Equities Trading DOWN

Carbylan Therapeutics Inc (NASDAQ: CBYL) shares dropped 70 percent to $0.740 after the company announced top-line results from a Phase 3 trial, COR1.1.

Shares of Plantronics Inc (NYSE: PLT) were down 25 percent to $33.36. Plantronics reported better-than-expected third-quarter earnings, but the company's revenue missed analysts' expectations. The company announced a new 1 million share buyback plan and issued a weak earnings forecast for the fourth quarter.

Rent-A-Center Inc (NASDAQ: RCII) was down, falling around 26 percent to $9.88. Rent-A-Center reported upbeat quarterly earnings, but the company's sales missed analysts' estimates.

Commodities

In commodity news, oil traded down 5.06 percent to $30.02, while gold traded up 0.06 percent to $1,128.70.

Silver traded down 0.20 percent Tuesday to $14.32, while copper fell 0.22 percent to $2.05.

Eurozone

European shares closed lower today. The eurozone's STOXX 600 fell 2.05 percent, the Spanish Ibex Index dipped 2.96 percent, while Italy's FTSE MIB Index dropped 3.05 percent. Meanwhile, the German DAX dropped 1.81 percent, and the French CAC 40 slipped 2.47 percent, while U.K. shares fell 2.28 percent.

Economics

There were no major US economic releases Tuesday.

 

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