Mid-Morning Market Update: Markets Open Lower; Xerox Profit Misses Views

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Following the market opening Monday, the Dow traded down 0.48 percent to 17,916.84 while the NASDAQ declined 0.22 percent to 4,895.43. The S&P also fell, dropping 0.40 percent to 2,083.14.
Leading and Lagging Sectors
On Monday, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from
pSivida Corp.PSDV
and
Valeant Pharmaceuticals Intl IncVRX
. In trading on Monday, basic materials shares fell by 1.13 percent. Meanwhile, top losers in the sector included
Resolute Forest Products IncRFP
, down 5 percent, and
POSCO (ADR)PKX
, down 5 percent.
Top HeadlineXerox CorpXRX
reported weaker-than-expected earnings for its first quarter on Monday. The company's net income declined to $34 million, or $0.03 per share, compared to $225 million, or $0.19 per share, in the year-ago period. On an adjusted basis, the company earned $0.22 per share. Its revenue dropped to $4.28 billion from $4.47 billion. However, analysts were projecting a profit of $0.23 per share on revenue of $4.24 billion.
Equities Trading UP Tribune Publishing CoTPUB
shares shot up 57 percent to $11.83 as
Gannett Co Inc
GCI
offered to buy Tribune Publishing for $12.25 per share in cash. Shares of
Laboratory Corp. of America HoldingsLH
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got a boost, shooting up 4 percent to $126.65 as the company reported better-than-expected results for the first quarter and raised its guidance for the full year.
Valeant Pharmaceuticals Intl IncVRX
shares were also up, gaining 4 percent to $37.43. Valeant named Joseph Papa as its new CEO and Chairman.
Equities Trading DOWN TrovaGene IncTROV
shares dropped 15 percent to $5.27. TrovaGene named Bill Welch as its CEO, effective immediately. Shares of
Perrigo Company plc Ordinary SharesPRGO
were down 10 percent to $108.91 as the company named John T. Hendrickson as its CEO. The company reported weak preliminary Q1 financial results, and also lowered its full year outlook.
First Foundation IncFFWM
was down, falling around 11 percent to $20.00 on Q1 results. First Foundation reported Q1 earnings of $0.23 per share on revenue of $26.3 million.
Commodities
In commodity news, oil traded down 1.03 percent to $43.28 while gold traded up 0.50 percent to $1,236.20. Silver traded up 0.32 percent Monday to $17.01, while copper fell 0.18 percent to $2.26.
Eurozone
European shares were lower today. The eurozone's STOXX 600 declined 0.51 percent, the Spanish Ibex Index fell 0.72 percent, while Italy's FTSE MIB Index fell 1.25 percent. Meanwhile, the German DAX dropped 0.85 percent, and the French CAC 40 dropped 0.71 percent, while U.K. shares fell 0.82 percent.
Economics
New home sales declined 1.5 percent to an annual rate of 511,000 in March. However, economists were expecting a 527,000 pace for the month.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversHealth CareHealth Care ServicesMid-Morning Market Update
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