Following the market opening Tuesday, the Dow traded down 0.12
percent to 16,134.38 while the NASDAQ gained 0.15 percent to
4,250.19. The S&P also fell, dropping 0.08 percent to
Leading and Lagging Sectors Tuesday morning, the healthcare
sector proved to be a source of strength for the market.
Healthcare stocks surged 0.62% in today's trading.
Leading the sector was strength from Forest Laboratories
) and Chindex International (NASDAQ:
) on acquisition news. In trading on Tuesday, non-cyclical
consumer goods & services shares were relative laggards, down
on the day by 0.2%.
Top decliners in the sector included Fresh Del Monte Produce
), off 6.7%, and Coca-Cola Company (NYSE:
), down 4%. Shares of Fresh Del Monte tumbled after the company
reported weak quarterly earnings.
Top Headline Coca-Cola Co (NYSE:
) reported a drop in its fourth-quarter net profit. Coca-Cola's
quarterly profit declined to $1.71 billion, or $0.38 per share,
versus a year-ago profit of $1.87 billion, or $0.41 per share.
Its adjusted -profit came in at $0.46 per share. Its revenue
slipped to $11.04 billion versus $11.46 billion. However,
analysts were projecting earnings of $0.46 per share on revenue
of $11.31 billion.
Equities Trading UP Forest Laboratories (NYSE:
) shot up 30.07 percent to $92.86 after Actavis (NYSE:
) announced its
plans to buy
Forest Labs for $25 billion. Analysts at Morgan Stanley upgraded
Forest Labs from Equal-Weight to Overweight.
Shares of BlackBerry (NASDAQ:
) got a boost, shooting up 3.01 percent to $9.25 on report of
Loeb 10 million share stake. FBR Capital upgraded BlackBerry from
Underperform to Market Perform.
Actavis plc (NYSE:
) was also up, gaining 7.93 percent to $207.10 on deal for Forest
Equities Trading DOWN Shares of Dresser-Rand Group (NYSE:
) were down 9.49 percent to $53.13 after the company announced
its plans to suspend operations at its pig manure treatment
facilities in Spain due to a proposed Spanish regulation. Natixis
downgraded the stock from Neutral to Reduce.
The Coca-Cola Company (NYSE:
) shares tumbled 3.57 percent to $37.54 after the company
reported a drop
in its fourth-quarter net profit.
Waste Management (NYSE:
) was down, falling 3.50 percent to $42.14 after the company
Commodities In commodity news, oil traded up 1.01 percent to
$101.36, while gold traded up 1.38 percent to $1,318.10.
Silver traded up 5.81 percent Tuesday to $21.58, while copper
rose 0.78 percent to $3.28.
Eurozone European shares were mostly lower today.
The Spanish Ibex Index fell 0.88 percent, while Italy's FTSE
MIB Index declined 0.02 percent.
Meanwhile, the German DAX slipped 0.06 percent and the French
CAC 40 tumbled 0.27 percent while U.K. shares rose 0.34
Economics The Empire State manufacturing index fell to 4.48 in
February, versus a prior reading of 12.51. However, economists
were expecting a reading of 8.50.
The NAHB housing market index declined to 46.00 in February,
from a prior reading of 56.00. However, economists were
projecting a reading of 56.00.
The Treasury is set to auction 3-and 6-month bills.
(c) 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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