Mid-Day Market Update: Allergan Surges On Buyout Offer; Lexmark Shares Slip

By
A A A

Midway through trading Tuesday, the Dow traded up 0.57 percent to 16,543.40 while the NASDAQ surged 0.95 percent to 4,160.65. The S&P also rose, gaining 0.49 percent to 1,881.02.

Leading and Lagging Sectors In trading on Tuesday, healthcare shares were relative leaders, up on the day by about 1.50 percent. Meanwhile, top gainers in the sector included Allergan (NYSE: AGN ), up 15.7 percent, and Idera Pharmaceuticals (NASDAQ: IDRA ), up 16.5 percent. Non-cyclical consumer goods & services shares dropped around 0.05 percent in today's trading.

Top decliners in the sector included The Coca-Cola Company (NYSE: KO ), off 0.3 percent, and Kimberly-Clark (NYSE: KMB ), down 1.8 percent.

Top Headline McDonald's (NYSE: MCD ) reported a drop in its first-quarter profit. McDonald's posted its quarterly profit of $1.20 billion, or $1.21 per share, down from $1.27 billion, or $1.26 per share, in the year-ago period. Its total revenue rose to $6.70 billion versus $6.61 billion, while operating income slipped to $1.94 billion versus $1.95 billion. However, analysts were estimating earnings of $1.24 per share on revenue of $6.71 billion. McDonald's global same-store sales climbed 0.5%, while US same-store sales declined 1.7%. Equities Trading UP Revance Therapeutics (NASDAQ: RVNC ) shares shot up 14.01 percent to $32.63 after the company reported positive results from the RT002 Phase 1/2 study in glabellar (frown) lines.

Shares of Centene (NYSE: CNC ) got a boost, shooting up 12.72 percent to $64.58 on upbeat quarterly results. Centene reported its Q1 earnings of $0.57 per share on revenue of $3.46 billion.

Allergan (NYSE: AGN ) shares were also up, gaining 15.49 percent to $163.99 on buyout offer from Valeant Pharmaceuticals International (NYSE: VRX ).

Equities Trading DOWN Shares of Medidata Solutions (NASDAQ: MDSO ) were 27.49 percent to $38.21 after the company reported downbeat quarterly results.

Lexmark International (NYSE: LXK ) shares tumbled 10.80 percent to $41.72 after the company reported Q1 adjusted earnings of $0.92 per share on revenue of $877.70 million.

Koninklijke Philips NV (NYSE: PHG ) was down, falling 5.52 percent to $32.68 after the company reported a drop in its Q1 profit.

Commodities In commodity news, oil traded down 1.91 percent to $102.38, while gold traded down 0.52 percent to $1,281.80. Silver traded up 0.05 percent Tuesday to $19.36, while copper rose 0.10 percent to $3.03.

Eurozone European shares were higher today.

The Spanish Ibex Index rose 1.37 percent, while Italy's FTSE MIB Index jumped 1.46 percent.

Meanwhile, the German DAX climbed 1.98 percent and the French CAC 40 jumped 1.18 percent while U.K. shares gained 0.89 percent.

Economics The ICSC-Goldman same-store sales index gained 0.4% in the week ended Saturday versus the prior week.

The Johnson Redbook Retail Sales Index dropped 0.5% in the first two weeks of April versus March.

The FHFA house price index rose 0.60% in February, versus economists' expectations for a 0.50% growth.

The Richmond Fed manufacturing index rose to 7.00 in April, versus a prior reading of -7.00. However, economists were expecting a reading of 2.00.

Sales of existing homes declined 0.2% to an annual rate of 4.59 million in March, versus a rate of 4.6 million in February, the National Association of Realtors said. However, economists were projecting a sales rate of 4.55 million.

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Free Trading Education - Check out the free events taking place on Marketfy this week. Spaces are limited. Sign up today.



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.



This article appears in: Investing , Commodities , Economy , Futures , International

Referenced Stocks: IDRA , MDSO , AGN , CNC , KMB

Benzinga


More from Benzinga:

Related Videos

Author Roger Martin LIVE
Author Roger Martin LIVE            

Stocks

Referenced

Most Active by Volume

138,049,808
  • $5.405 ▼ 18.60%
103,234,958
  • $17.05 ▲ 1.67%
86,188,925
  • $42.05 ▼ 1.27%
33,318,959
  • $101.79 ▲ 0.21%
30,936,649
  • $4.35 ▲ 12.11%
30,026,801
  • $17.05 ▼ 3.18%
29,918,450
  • $46.705 ▲ 0.40%
26,889,860
  • $26.22 ▲ 0.65%
As of 9/18/2014, 03:59 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com