Following the market opening Monday, the Dow traded down 0.95
percent to 16,166.97 while the NASDAQ tumbled 0.99 percent to
4,265.39. The S&P also fell, dropping 0.86 percent to
Leading and Lagging Sectors Energy shares declined by just
0.08 percent in Monday's trading. However, top gainers in the
sector included PrimeEnergy (NASDAQ:
) and Dresser-Rand Group (NYSE:
). In trading on Monday, financial shares were relative laggards,
down on the day by about 1.07 percent.
Among the financial stocks, Ashford Hospitality Trust (NYSE:
) was down more than 5.7 percent, while The Central Europe,
Russia and Turkey Fund (NYSE:
) tumbled around 5 percent.
Top Headline Tyco International (NYSE:
) announced its plans to sell its South Korean security business
to The Carlyle Group (NASDAQ:
) for around $1.93 billion. Tyco now projects Q2 earnings from
continuing operations of $0.39 to $0.41 per share, versus its
earlier forecast of $0.44 to $0.46 per share. However, analysts
expected earnings of $0.46 per share. Tyco's board also
authorized an additional share buyback program of $1.75
Equities Trading UP Dendreon (NASDAQ:
) shot up 12.57 percent to $3.24 after the company posted
better-than-expected Q4 results and announced its plans to
available in Europe.
Shares of Tyco International (NYSE:
) got a boost, shooting up 1.25 percent to $42.71 after the
company announced its
plans to sell
its South Korean security business to The Carlyle Group (NASDAQ:
) for around $1.93 billion.
Magna International (NYSE:
) was also up, gaining 2.75 percent to $91.57 after the company
reported a 31% rise
in its fourth-quarter profit and lifted its dividend.
Equities Trading DOWN Shares of Akorn (NASDAQ:
) were down 12.28 percent to $22.65 after the company reported Q4
results and issued a weak FY14 guidance.
Magellan Health Services (NASDAQ:
) shares tumbled 2.93 percent to $59.35 after the company
in its fourth-quarter earnings.
Darden Restaurants (NYSE:
) was down, falling 3.15 percent to $49.45 after the company
issued a downbeat profit forecast.
Commodities In commodity news,
oil traded up 1.81 percent
to $104.45, while gold traded up 1.97 percent to $1,347.60.
Silver traded up 1.17 percent Monday to $21.49, while copper
fell 0.67 percent to $3.17.
Eurozone European shares today.
The Spanish Ibex Index fell 2.35 percent, while Italy's FTSE
MIB Index tumbled 2.37 percent.
Meanwhile, the German DAX slipped 2.96 percent and the French
CAC 40 fell 2.34 percent while U.K. shares declined 1.73
Economics US consumer spending climbed 0.4% in January, while
personal income rose 0.3%. However, economists were expecting a
0.1% rise in consumer spending and a 0.2% gain in income.
The final reading of Markit's PMI rose to 57.10 for February,
versus economists' expectations for a reading of 56.70.
The ISM manufacturing PMI rose to 53.20 in February, versus a
prior reading of 51.30. However, economists were expecting a
reading of 52.30. US construction spending rose 0.10% in January,
versus economists' expectations for a 0.50% decline.
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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