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Mid-Day Market Update: Dow Tumbles 250 Points; Liberty Media Shares Spike Higher

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Midway through trading Tuesday, the Dow traded down 1.38 percent to 18,072.19 while the NASDAQ declined 1.32 percent to 5,143.34. The S&P also fell, dropping 1.51 percent to 2,126.47.

Leading and Lagging Sectors

On Tuesday, non-cyclical consumer goods & services shares slipped by just 0.5 percent.

In trading on Tuesday, basic materials shares tumbled 2.9 percent. Meanwhile, top losers in the sector included LSB Industries, Inc. (NYSE: LXU), down 11 percent, and Freeport-McMoRan Inc (NYSE: FCX), down 10 percent.

Top Headline

Japan's Renesas Electronics announced plans to buy Intersil Corp (NASDAQ: ISIL) for $3.22 billion.

Renesas expects to complete the transaction by June 2017.


Equities Trading UP

WPCS International Incorporated (NASDAQ: WPCS) shares shot up 7 percent to $1.39. WPCS reported Q1 earnings of $0.14 per share, versus a year-ago loss of $2.84 per share.

Shares of Liberty Media Group (NASDAQ: LMCA) got a boost, shooting up 14 percent to $27.33. Citigroup upgraded Liberty Media from Neutral to Buy and raised the price target from $22.00 to $32.00.

Intersil Corp (NASDAQ: ISIL) shares were also up, gaining 10 percent to $21.74 after Renesas Electronics announced plans to buy the company for $3.22 billion.


Equities Trading DOWN

Applied Genetic Technologies Corp (NASDAQ: AGTC) shares dropped 33 percent to $8.82. Applied Genetic Technologies reported Q4 earnings of $0.15 per share on revenue of $12.1 million. Janney Capital downgrades Applied Genetic Tech from Buy to Sell, while Wells Fargo downgraded the stock from Outperform to Market Perform.

Shares of Marrone Bio Innovations Inc (NASDAQ: MBII) were down 8 percent to $1.73. Marrone Bio Innovations hired Ruben Ramos for its growing Latin American business.

Internap Corp (NASDAQ: INAP) was down, falling around 11 percent to $1.93. Internap named Peter Aquino as its new president and chief executive officer.


Commodities


In commodity news, oil traded down 2.73 percent to $45.56 while gold traded up 0.22 percent to $1,328.50.

Silver traded up 0.16 percent Tuesday to $19.03, while copper fell 0.07 percent to $2.10.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 1.03 percent, the Spanish Ibex Index dropped 1.61 percent, while Italy’s FTSE MIB Index declined 1.74 percent. Meanwhile the German DAX dropped 0.43 percent, and the French CAC 40 slipped 1.19 percent while U.K. shares fell 0.53 percent.

Economics

The NFIB small business optimism index declined 0.2 points to 94.4 in August.

The Johnson Redbook Retail Sales Index dropped 0.3 percent during the second week of September versus August.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

The Treasury budget report for August is schedule for release at 2:00 p.m. ET.

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

 

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