Market Overview

Mid-Day Market Update: Dow Drops Over 100 Points; Arena Pharmaceuticals Shares Plummet

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Midway through trading Tuesday, the Dow traded down 0.52 percent to 20,529.28 while the NASDAQ declined 0.26 percent to 5,841.70. The S&P also fell, dropping 0.35 percent to 2,340.71.

Leading and Lagging Sectors

On Tuesday, the non-cyclical consumer goods & services sector proved to be a source of strength for the market. Leading the sector was strength from GNC Holdings Inc (NYSE: GNC) and Core-Mark Holding Company, Inc. (NASDAQ: CORE).

In trading on Tuesday, healthcare shares fell by 1.01 percent. Meanwhile, top losers in the sector included Cleveland BioLabs, Inc. (NASDAQ: CBLI), down 23 percent, and AcelRx Pharmaceuticals Inc (NASDAQ: ACRX), down 6 percent.

Top Headline

Goldman Sachs Group Inc (NYSE: GS) reported weaker-than-expected earnings for its first quarter on Tuesday.

Goldman Sachs said it earned $5.15 per share in the quarter on revenue of $8.03 billion; Analysts were expecting the company to earn $5.31 per share on revenue of $8.45 billion.

The company also raised its quarterly dividend from $0.65 per share to $0.75 per share and authorized the repurchase of an additional 50 million shares of its stock.

Equities Trading UP

Interpace Diagnostics Group Inc (NASDAQ: IDXG) shares shot up 51 percent to $3.25. Interpace Diagnostics reported the coverage of ThyraMIR with UnitedHealthcare.

Shares of GNC Holdings Inc (NYSE: GNC) got a boost, shooting up 22 percent to $8.85 after the company reported stronger-than-expected results for its first quarter.

Motif Bio plc - ADR (NASDAQ: MTFB) shares were also up, gaining 16 percent to $8.34 after the company reported positive results for iclaprim, in the REVIVE-1 Phase 3 study.

Equities Trading DOWN

Cleveland BioLabs, Inc. (NASDAQ: CBLI) shares dropped 24 percent to $3.67 after surging 194.48 percent on Monday.

Shares of Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) were down around 17 percent to $1.23. Arena Pharmaceuticals priced its 60 million share offering at $1.15 per share.

Barracuda Networks Inc (NYSE: CUDA) was down, falling around 17 percent to $19.42. Barracuda posted upbeat earnings for its fourth quarter, but issued a disappointing forecast.

Commodities

In commodity news, oil traded up 0.02 percent to $52.66 while gold traded down 0.19 percent to $1,289.40.

Silver traded down 1.45 percent Tuesday to $18.245, while copper fell 2.74 percent to $2.5385.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.95 percent, the Spanish Ibex Index fell 0.39 percent, while Italy’s FTSE MIB Index tumbled 1.24 percent. Meanwhile the German DAX fell 0.64 percent, and the French CAC 40 fell 1.41 percent while U.K. shares fell 2.23 percent.

Economics

U.S. housing starts dropped 6.8 percent to an annual rate of 1.22 million in March. However, economists were expecting a 1.25 million rate.

The Johnson Redbook Retail Sales Index rose 1.2 percent for the first two weeks of April versus March.

U.S. industrial production increased 0.5 percent for March, versus economists’ expectations for a 0.7 percent growth.

Posted-In: Earnings News Eurozone Commodities Global Intraday Update Markets Movers

 

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