Stocks fell Tuesday, turning south for good mid-way through
today's session as investors took to the sidelines in the absence
of market-moving data and more worries over the standoff in
Ukraine. All 10 industry sectors in the S&P 500 ended in the
red, with several sectors giving back moderate gains earlier in the
day. Energy stocks had the steepest declines, falling about 1.3% as
a group, after crude oil continued its recent slide, with the April
contract falling below $100 per barrel mark for the first time in
over four weeks in New York Mercantile Exchange trading.
Small-business owners are growing increasingly nervous about the
current economy with the National Federal of Small Business today
reporting a sharp downturn in its optimism index during February,
declining to a 91.4 score from a 94.1 reading in January. The slide
also exceeded the market consensus looking for little change in the
business-owner attitudes and a 94.0 reading last month.
Also today, wholesale inventories rose 0.6% in January against a
1.9% decline for sales, driving the manufacturing sector's
stock-to-sales ratio 2 notches higher to a 1.20 reading, the
Commerce Department said today. The largest builds were in the
auto, metals and machinery sectors, three groups also experiencing
weak monthly sales.
Commodities were mostly lower. Crude oil for April delivery fell
$1.09 to settle at $100.03 per barrel while April natural gas slid
5 cents to finish at $4.60 per 1 million BTU. April gold rose $4.90
to $1,346.50 per ounce while May silver slid 9 cents to $20.82 per
ounce. May copper lost 8 cents to finish at $2.95 per pound.
Here's where the markets stand at mid-day:
Dow Jones Industrial Average down 67.43 (-0.41%) to
S&P 500 down 9.54 (-0.51%) to 1,867.63
Nasdaq Composite Index down 27.26 (-0.63%) to 4,307.19
Hang Seng Index up 0.02%
Shanghai China Composite Index up 0.10%
FTSE 100 Index down 0.14%
(+) LJPC, Announces positive, top-line results from Phase II
testing of its GCS-100 in patients with chronic kidney disease,
with a 1.5 milligram per square meter dose resulting in
statistically significant improvement in kidney function.
(+) FCEL, Narrows Q1 net loss compared to year-ago levels, aided
by increased power plant revenue and fuel-cell kit sales. Net loss
of $0.06 per share improves on $0.07 loss last year while revenue
jumps 22% year over year to $44.4 million.
(+) BYD, Elliott Associates and Elliott International discloses
owning 5.38 mln shares of the casino operator, equal to a combined
(-) AMZG, Announces plans to sell 10 mln shares of its common
stock, giving effect to a 1-for-4 reverse stock split slated to
occur concurrently with pricing of the offering.
(-) URBN, Q4 EPS of $0.59 beats by $0.04 per share. Revenue
climbs 5.7% to $905.9 mln, in-line with Feb. 10 pre-announcement.
The prior consensus was looking for $925.66 mln in quarterly
(-) INUV, Narrows Q4 net loss compared to year-ago levels,
posting $253,000 loss, or $0.01 per share, on $11.4 mln in revenue.
Analysts, on average, were looking for a $0.02 per share quarterly