Closing Update: Stocks Tumble in Broad Sell-Off; Few Sectors Spared As Equities Give Up All of July's Advance

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The U.S. stock markets staggered to steep declines Thursday, finishing near their session lows in a sell-off that erased all of July's gains for the Dow Jones Industrial Average and the S&P 500. There was no one catalyst triggering the sell-off, with investors giving in to negative sentiment over ongoing geo-political conflicts in the Middle East and Ukraine, the Argentine credit situation, as well as a batch of largely disappointing company earnings and mixed economic data.

It was the first monthly decline for the S&P 500 since January. All 10 sectors in the broad market gauge declined at least 1.7% as a group, with the steepest fall for energy stocks accompanying a sharp fall for front-month crude-oil futures.

Economic data today was somewhat downbeat. The Labor Department reported a larger-than-expected rise of 23,000 to 302,000 in first-time jobless claims while the Chicago purchasing managers index falling to a 52.6 reading, well under the 63.2 reading Wall Street was expecting. The government tomorrow will issue its monthly non-farm payrolls report for July.


Commodities were mixed. Crude oil for September delivery plunged today, settling $2.10 lower at $98.17 per barrel while September natural gas rose 6 cents to finish at $3.84 per 1 million BTU. December gold declined $13.80 to $1,283.10 per ounce while September silver slid 18 cents to $20.41 per ounce. September copper fell 1 cent to $3.23 per pound.

Here's where the U.S. markets stood at the end-of-day:

Dow Jones Industrial Average down 317.06 (-1.88%) to 16,563.30

S&P 500 down 39.40 (-2.00%) to 1,930.67

Nasdaq Composite Index down 93.13 (-2.09%) to 4,369.77

GLOBAL SENTIMENT

Hang Seng Index up 0.10%

Shanghai China Composite Index up 0.93%

FTSE 100 Index down 0.64%

UPSIDE MOVERS

(+) EVRY, Receives $20 mln equity investment by Monomoy Capital Partners in return for Series A senior redeemable preferred stock with $21.2 mln mln liquidation preference and warrants to buy 4.43 mln shares of common stock.

(+) AAVL, Prices an upsized initial public offering of 6 million shares of its common stock at $17 apiece, the top of a recently increased range. Prior to pricing, the firm added an extra 600,000 shares to the deal, generating $102 mln in gross proceeds.

(+) JRN, Climbs to seven-year high after agreeing to merge with E.W. Scripps ( SSP ), with the combined companies planning to keep their broadcast properties while spinning off their newspaper companies in a separate firm. SSP hit its best price since 1988.

DOWNSIDE MOVERS

(-) EHTH, Q2 revenue climbs 7% to $42.6 mln, trailing consensus by $4.7 mln. Adjusted net income of $0.22 per share beats by $0.04. Projected FY14 EPS and revenue lags Street view by at least $0.01 and $15.5 mln, respectively.

(-) EDAP, FDA advisory panel votes 3-to-5 with one abstention against the safety and 0-to-9 for the efficacy of its Ablatherm-HIFU prostate cancer drug candidate. Vote on the risk-benefit ratio was 0-to-8 against with one abstention.

(-) CBMG, Shutters its consulting business segment, saying the unit "no longer fits into (the company's) long-term strategy and vision." The division is expected to classified as discontinued operation as of June 30, with the company taking $840,000 Q2 pre-tax charge.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: SSP

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As of 12/19/2014, 04:15 PM


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