Mid-Day Market Update: Inogen Jumps On Upbeat Results; Foresight Energy Shares Decline

Midway through trading Tuesday, the Dow traded down 0.13 percent to 17,206.09 while the NASDAQ declined 0.55 percent to 4,724.24. The S&P also fell, dropping 0.48 percent to 2,009.86. Leading and Lagging Sectors On Tuesday, technology shares slipped by just 0.22 percent. Top gainers in the sector included RadiSys Corporation RSYS, PDF Solutions, Inc. PDFS, and Sohu.com Inc SOHU. In trading on Tuesday, basic materials shares dipped by 2.23 percent. Meanwhile, top losers in the sector included Cliffs Natural Resources Inc CLF, down 12 percent, and Endeavour Silver Corp EXK, down 9 percent. Top Headline Valeant Pharmaceuticals Intl Inc VRX reported downbeat earnings for the fourth quarter and lowered its full-year outlook. Valeant reported quarterly adjusted earnings of $2.50 per share, missing analysts' estimates of $2.61 per share. Valeant now projects 2016 adjusted earnings of $9.50 to $10.50 per share, versus its earlier forecast of $13.25 to $13.75 per share. The company now expects revenue of $11.0 billion to $11.2 billion, versus its prior outlook of $12.5 billion to $12.7 billion. Equities Trading UP Celator Pharmaceuticals Inc CPXX shares shot up 352 percent to $7.60 following announcement Monday of positive results in Phase 3 trial for Vyxeos in patients with high risk acute myeloid leukemia. Shares of Solazyme Inc SZYM got a boost, shooting up 29 percent to $2.45 following the announcement of the company's fourth quarter results. The micro-cap renewable oils and bioproducts producer delivered adjusted loss of $(0.32) per share, on revenue of $10.39 million Inogen Inc INGN shares were also up, gaining 17 percent to $41.19 after the company reported better-than-expected Q4 results. Equities Trading DOWN Foresight Energy LP FELP shares dropped 18 percent to $1.79. Foresight Energy reported Q4 adjusted loss of $0.05 per share on revenue of $241.7 million Shares of Valeant Pharmaceuticals Intl Inc VRX were down 45 percent to $37.74 after the company reported downbeat earnings for the fourth quarter and lowered its full-year outlook. Peak Resorts Inc SKIS was down, falling around 13 percent to $3.08 after the company reported weaker-than-expected Q3 results. Commodities In commodity news, oil traded down 2.61 percent to $36.21, while gold traded down 1.15 percent to $1,230.80. Silver traded down 1.49 percent Tuesday to $15.29, while copper fell 0.36 percent to $2.23. Eurozone European shares were lower today. The eurozone's STOXX 600 declined 1.04 percent, the Spanish Ibex Index fell 1.43 percent, while Italy's FTSE MIB Index tumbled 0.99 percent. Meanwhile, the German DAX dropped 0.54 percent, and the French CAC 40 dropped 0.81 percent, while U.K. shares fell 0.51 percent. Economics The Federal Open Market Committee begins its two-day meeting today. U.S. wholesale prices declined 0.2 percent in February, versus economists' expectations for a 0.2 percent drop. U.S. retail sales slipped 0.10 percent in February, versus economists' expectations for a 0.20 percent decline. The New York Empire State manufacturing index rose to a reading of 0.62 in March, versus a prior reading of -16.64. However, economists expected a reading of -10.00. The prior reading was -16.64. The NAHB Housing Market Index came in unchanged at 58 in March, versus economists' estimates of a reading of 59. US business inventories rose 0.10 percent in January, versus economists' expectations for a 0.10 percent decline.